Altria Group Inc

MO: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$31.00	Pzb	Lgh

Despite Its Single Market Focus and Past Capital Allocation Missteps, Altria Still Dominates the US

Kristoffer Inton

Jun 25, 2024

Business Strategy and Outlook

Altria offers pureplay tobacco exposure to the US, where cigarette volumes declined 6% per year from 2018 to 2023, faster than the global market’s 1% annual loss, according to Euromonitor. Moreover, excise taxes are constantly increasing and regulations tightening (e.g., the prospective ban of menthol cigarettes).

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