ALTRIA GROUP, INC. (MO)

Cigarettes

Latest Price

$68.33

TTM P/E

14.27

Normalized P/E

16.97

Div Yield

6.15%

Book Value

P/B Ratio

Valuation metrics

Norm. op. income: $11.2B (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$37.13

46% downside

Base FCF: $8.6B (median of recent 5yr)

Growth: 3%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$64.06

6% downside

EPS: $4.12

Target P/E: 17×

Formula: EPS × P/E

P/E Fair Value

$70.04

+3% upside

60.2% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	124.75M	$8.23B	7.46%	-5.06M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	108.84M	$7.18B	6.51%	--	2026-03-31
STATE STREET CORP	71.79M	$4.81B	4.29%	-1.04M	2026-03-31
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	54.28M	$3.58B	3.24%	-11.24M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	47.02M	$3.10B	2.81%	+1.04M	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	35.21M	$2.32B	2.10%	--	2026-03-31
Capital Research Global Investors	25.68M	$1.69B	1.53%	+13.53M	2026-03-31
MORGAN STANLEY	24.46M	$1.61B	1.46%	+2.15M	2026-03-31
GQG Partners LLC	23.84M	$1.57B	1.42%	-1.22M	2026-03-31
AMERIPRISE FINANCIAL INC	21.50M	$1.42B	1.29%	-295.3K	2026-03-31