Altria: The Reasons Why I Am Not Selling Yet
Altria remains an attractive dividend payer, but its overreliance on declining smokable products tempers my previous bullish outlook. MO's Q2 and H1 results revealed flat real revenue growth and continued struggles to diversify meaningfully into e-vapor and oral tobacco. Despite failed diversification attempts, MO's strong cash generation and pricing power support a fair value estimate of $76 per share—12% upside.
