Philip Morris International Inc

“Philip Morris is one of the strongest listed tobacco and nicotine businesses globally, with a durable moat, strong cash generation, and a credible smoke-free transition led by IQOS and ZYN. The business quality is high and the risk of permanent business impairment is moderate rather than severe, but the stock price already discounts much of the transition success. That makes PMI attractive to own, but not attractive enough to initiate aggressively at the current valuation.”