Besides the issues you flag in this very good write up, PM also has a staggering $40 billion in debt which could be an issue as interest rates climb, their free cashflow has been in significant decline. I think in the best case maybe ZYN just helps them maintain the status quo. Wish there was a pure play here, PM is not a great trading vehicle. PM does pay a nice dividend, but you won't even get that if you are just doing options (unless you go with covered calls). It will be interesting to see how the market reacts to the next earnings report.
Besides the issues you flag in this very good write up, PM also has a staggering $40 billion in debt which could be an issue as interest rates climb, their free cashflow has been in significant decline. I think in the best case maybe ZYN just helps them maintain the status quo. Wish there was a pure play here, PM is not a great trading vehicle. PM does pay a nice dividend, but you won't even get that if you are just doing options (unless you go with covered calls). It will be interesting to see how the market reacts to the next earnings report.