MO goes ex-div, 2 metrics to keep track
MO $Altria(MO)$ goes ex-div tomorrow 14SEP
First dividend at new level of $0.98 /share
• Dividend yield: 8.8%
• 4 yrs dividend growth (CAGR): 4%
• Latest dividend increase 4%
• Dividend (FCF) payout: 77%
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FY18 to FY22
• FCF per share +1% CAGR, all of it through share count reduction -1% CAGR ,Total FCF remained flat ($8.1 B for FY18 and FY22)
• Dividend per share +6%
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cash flow picture
From previous tweet
FY18 and FY22 ; FCF is the same $8.1 B
With dividend/share outpacing FCF/share growth the consequence is in the payout ratio (from 66% to 82%)
TTM dividend payout (FCF improve for H1´23) is now at 77%
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2 metrics to keep track
Smokeable erosion and retail share
Volume has declined at -5% CAGR since FY08
This has accelerated over the last 2 years (-7.5% and -9.7%)
FY22 retail share lowest since 1996
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