Home Dividends Analysis Dividend Ideas Consumer Staples Analysis Summary Philip Morris International is reiterated as a 'Buy,' offering high income, robust dividend growth, and capital appreciation at a modest discount to fair value. PM’s smoke-free segment now comprises 43% of revenue, with IQOS surpassing Marlboro as the leading nicotine brand in key markets. PM targets a 2x net debt/EBITDA by end-2026, likely prompting a credit upgrade and enabling share buybacks to further boost EPS. With a 3.6% yield and sustainable payout ratios, PM is positioned for high single-digit dividend growth and potential 12% annual total returns. This idea was discussed in more depth with members of my private investing community, The Dividend Kings. Learn More » Getty Images Co-authored by Kody's Dividends Value investing is frequently misunderstood as the quest for the “cheapest” stock on the board.…