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Philip Morris CR A.S. (TABAK) Fair Value & Analysis

Consumer Defensive · CZ · Market cap 51.2B CZK (≈ $2.5B) · ISIN CS0008418869

What is Philip Morris CR A.S. really worth?

PM Philip Morris CR A.S. TABAK · PR
Price18,840 CZK
Fair Value23,215 CZK
Upside+23.2%
Quality85/100

A strong business, trading 19% below our fair value of 23,215 CZK.

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Strengths

Solidly profitable · 14.0% net margin
generates free cash flow
Wide moat 79/100

Risks

!Mixed Growth (revenue 5y +3.9 %/yr)
!Mixed vs. peers (7/13)
!Evidence only medium, so the estimate is less certain
Evidence: Medium Range 17,411 CZK – 29,019 CZK

Fair value as of: Sep 1, 2026

From 23 valuation models · updated 4 days ago

Share price +1.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits in the lower half of our model range, the side with the larger margin of safety.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

19,122 CZK 9,780 CZK Fair Value 23,215 CZK Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.

How to read this chart

60‑month range 9,780 CZK – 19,122 CZK · fair‑value band 17,411 CZK – 29,019 CZK · the 18,840 CZK price screens below the 23,215 CZK fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.

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Analysis

Philip Morris CR A.S. (TABAK) currently trades at 18,840 CZK, while our model-based Fair Value estimate is 23,215 CZK, implying the stock looks roughly 18.8% undervalued today. The Quality Score stands at 85/100 (high quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of 39,115 CZK per share, and 13 of the 23 models we run sit above the 18,840 CZK price. Bear case: the Economic Profit group reads lowest at 11,703 CZK, and 10 of the 23 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Philip Morris CR A.S. generated revenue of 21.7B CZK at a net margin of 14.0%. Revenue declined 2.0% year over year. It earns a return on equity of 36.3%. The stock trades on a trailing P/E of 17.0. Fundamentals as of Sep 1, 2026

Our scenario range runs from 17,411 CZK (bear case) to 29,019 CZK (bull case); at 18,840 CZK, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −18% fair-value upside, at 23%, TABAK screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 751.95 CZK per share, which is 3.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence 50,437 CZK 70,915 CZK 99,963 CZK 79
Growth DCF 51,857 CZK 70,975 CZK 96,978 CZK 76
Owner Earnings 16,256 CZK 21,848 CZK 29,780 CZK 75
All 23 models by family
DCF Models
FCF DCF best evidence 50,437 CZK 70,915 CZK 99,963 CZK 79
Owner Earnings 16,256 CZK 21,848 CZK 29,780 CZK 75
5Y Revenue Exit 25,476 CZK 30,720 CZK 36,613 CZK 71
5Y EBITDA Exit 29,249 CZK 37,403 CZK 46,099 CZK 74
5Y P/E Exit 30,215 CZK 39,115 CZK 47,707 CZK 69
10Y Revenue Exit 34,193 CZK 40,588 CZK 47,581 CZK 66
10Y EBITDA Exit 36,785 CZK 45,096 CZK 54,469 CZK 67
10Y P/E Exit 37,388 CZK 46,251 CZK 55,636 CZK 63
Earnings-Based
Graham-Dodd 7,517 CZK 17,187 CZK 22,035 CZK 65
PEG = 1.0 2,863 CZK 4,090 CZK 5,317 CZK 57
EPV 13,584 CZK 15,279 CZK 16,762 CZK 68
Multiples
P/E Multiple 17,411 CZK 23,215 CZK 29,019 CZK 63
P/S Multiple 9,478 CZK 12,638 CZK 15,797 CZK 58
P/B Multiple 12,339 CZK 16,452 CZK 20,565 CZK 55
EV/EBIT 20,647 CZK 26,390 CZK 32,133 CZK 63
EV/EBITDA 19,089 CZK 24,314 CZK 29,538 CZK 64
EV/Revenue 11,711 CZK 15,265 CZK 18,819 CZK 52
Asset-Based
NCAV (Graham) 1,496 CZK 2,004 CZK 2,991 CZK 51
Growth DCF
Growth DCF 51,857 CZK 70,975 CZK 96,978 CZK 76
Rev-Margin DCF 25,476 CZK 31,276 CZK 36,436 CZK 71
Economic Profit
Residual Income 8,046 CZK 11,703 CZK 117,055 CZK 64
ROIC Compounder 13,584 CZK 15,279 CZK 16,762 CZK 70
Growth Earnings
Growth-Adj P/E 13,076 CZK 18,680 CZK 24,284 CZK 67

Widest divergence: DCF Models (39,115 CZK) versus Asset-Based (2,004 CZK). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 17.0
P/S ratio 2.38 P/E × margin
EPS (TTM) 1,107 CZK price ÷ EPS = P/E 17.0
Net margin 14.0% FY2025
Return on equity 36.3% TTM
Return on assets (EBIT) 24.0% avg 5y
More key figures
Profitability
Operating margin 16.4% TTM
Growth
Revenue (TTM) 21.7B CZK TTM
Revenue growth (YoY) −2.0% 3y avg +1.2%
EPS growth (YoY) −4.2%
Balance sheet & cash flow
Free cash flow 12.2B CZK FY2025

Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 85/100

Of which business quality 84 · Market factors (momentum, volatility) 67

Profitability 90
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 93
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 67
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Philip Morris CR a.s., through its subsidiary, Philip Morris Slovakia s.r.o., manufactures and markets tobacco products under the Marlboro, L&M, Philip Morris, Petra Klasik, and Sparta brands in the Czech Republic, the Slovak Republic, and internationally.

Full company description

Philip Morris CR a.s., through its subsidiary, Philip Morris Slovakia s.r.o., manufactures and markets tobacco products under the Marlboro, L&M, Philip Morris, Petra Klasik, and Sparta brands in the Czech Republic, the Slovak Republic, and internationally. It offers cigarettes and smoke-free products, including heated tobacco, e-vapor, and oral smokeless products. The company was founded in 1812 and is based in Prague, the Czech Republic. Philip Morris CR a.s. operates as a subsidiary of Philip Morris Holland Holdings B.V.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Philip Morris CR A.S. reported revenue of 21.7B CZK in FY2025 versus 18.9B CZK in FY2021, a compound +3.5%/yr. Reported net income was 3.0B CZK in FY2025, compounding −3.6%/yr from FY2021.

Growth Quality 76/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
21.7B CZK
Latest YoY
+0.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.2%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.9%
Avg. revenue growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.0%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−3.0% (−3.0 + 0.0)
Revenue +3.5%/yr
FY21 18.9B CZK
FY22 20.9B CZK
FY23 20.6B CZK
FY24 21.6B CZK
FY25 21.7B CZK
Net income −3.6%/yr
FY21 3.5B CZK
FY22 3.6B CZK
FY23 3.3B CZK
FY24 3.3B CZK
FY25 3.0B CZK

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Cite: Fair Value Calculator (2026). "Philip Morris CR A.S. Fair Value". https://www.fairvalue-calculator.com/stock/TABAK

Peer Group

Tobacco · 36 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 85 · Top 25%
Fair Value upside +23% · Above median
Return on equity (TTM) 36% · Top 25%
Return on assets 13% · Top 25%
Net margin (TTM) 14% · Above median
Operating margin (TTM) 16% · Above median
Revenue growth −2% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Tobacco median · lower = cheaper

P/E (TTM) 17.0× · Pricier than median
P/B 6.23× · Pricier than 75% of peers
P/S (TTM) 2.36× · Pricier than median
P/FCF 0.2× · Cheaper than 75% of peers
EV/EBITDA 9.9× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE64 · sector 38
FUTURE0 · sector 25
PAST100 · sector 51
HEALTH0 · sector 97
DIVIDEND0 · sector 78

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Tobacco

Similar stocks

10 more Tobacco stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).

Stock Price Fair Value vs Fair Value
British American Tobacco p.l.c. BTI $56.13 $61.07 +9%
Altria Group MO $68.65 $81.81 +19%
ITC Limited 500875 ₹279.50 ₹212.74 −24%
KT&G Corporation 033780 175,500 KRW 110,656 KRW −37%
PT Hanjaya Mandala Sampoerna Tbk, HMSP 745.00 IDR 1,041 IDR +40%
Smoore International Holdings 6969 HK$9.24 HK$4.19 −55%
Godfrey Phillips India Limited GODFRYPHLP ₹2,160 ₹1,194 −45%
PT Gudang Garam Tbk, GGRM 20,675 IDR 16,988 IDR −18%
China Tobacco International (HK) Company 6055 HK$23.86 HK$24.09 +1%
Turning Point Brands, Inc TPB $85.80 $44.89 −48%

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Frequently asked questions

Is Philip Morris CR A.S. (TABAK) overvalued or undervalued?
As of Sep 1, 2026, our model estimates a fair value of 23,215 CZK versus a price of 18,840 CZK, about +23% upside (undervalued).
What is the fair value of TABAK?
Our model-based fair value for Philip Morris CR A.S. is 23,215 CZK (as of Sep 1, 2026), built from audited fundamentals. The current price: 18,840 CZK.
What is the quality score of TABAK?
Philip Morris CR A.S. has a Quality Score of 85/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Philip Morris CR A.S. (TABAK)?
Philip Morris CR A.S. reported trailing-twelve-month revenue of about 21.7B CZK (latest available figure, as of Sep 1, 2026).
What is the net profit margin of TABAK?
The net profit margin of Philip Morris CR A.S. is about 14.0%, meaning it keeps roughly 14.0% of revenue as net income. Based on the latest reported figures.
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