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%


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%


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%


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


# US Stocks Opportunities

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