Summary
- Altria is a dividend champion which has managed to increase dividends to shareholders for 44 years in a row.
- Currently, this dividend champion is attractive at 16.30 times earnings, yields 5.20%, and has a high but sustainable payout ratio. Constant threats to tobacco result in low valuation.
- The low valuation, coupled with high yields and consistent earnings and dividend increases could result in compounding miracles for long-term investors.
Many databases show reductions in dividend payments in 2007 and 2008, which is due to the spin-offs of Kraft Foods and Philip Morris International (PM). As a result, Altria was kicked out of what I used to believe was the elite dividend aristocrat index. The investors in Altria from early 2007 would have received shares in Kraft and Philip Morris International, and therefore their total dividend income would not have suffered at all. It actually increased, because all three companies raised dividends in 2008. Those original Kraft shares were further split into Mondelez International (MDLZ) and Kraft (KRFT). This is why one should not focus on purely quantitative characteristics, but should also take the time to understand companies by analyzing them in detail one at a time. By focusing too much on screening, you might miss out on important information.
The debate on the total smoking ban in Bulgaria would be rekindled again.
According to reports in Bulgarian-language media, several MPs are planning to table amendments for the liberalization of the restrictions on indoor smoking by the end of this month.
Such attempts are being made every several months, only to be shot down by various committees in Parliament. The most recent attempt to lighten up the restrictions was made in early December 2013. Back then the motion of Bulgarian Socialist Party (BSP) MP Spas Panchev was overruled by Parliament's Health Committee.
The new amendments would again be proposed by Panchev.
Meanwhile, the Health Ministry is proposing harsher punishments for the violators of the indoor smoking ban. They include higher fines and the closing of bars, restaurants and cafes where the ban is repeatedly ignored. - See more at: http://www.novinite.com/articles/158835/Bulgaria%27s+Smoking+Ban+Debate+To+Be+Rekindled+Again#sthash.WGHD6TaG.dpuf
According to reports in Bulgarian-language media, several MPs are planning to table amendments for the liberalization of the restrictions on indoor smoking by the end of this month.
Such attempts are being made every several months, only to be shot down by various committees in Parliament. The most recent attempt to lighten up the restrictions was made in early December 2013. Back then the motion of Bulgarian Socialist Party (BSP) MP Spas Panchev was overruled by Parliament's Health Committee.
The new amendments would again be proposed by Panchev.
Meanwhile, the Health Ministry is proposing harsher punishments for the violators of the indoor smoking ban. They include higher fines and the closing of bars, restaurants and cafes where the ban is repeatedly ignored. - See more at: http://www.novinite.com/articles/158835/Bulgaria%27s+Smoking+Ban+Debate+To+Be+Rekindled+Again#sthash.WGHD6TaG.dpuf
The debate on the total smoking ban in Bulgaria would be rekindled again.
According to reports in Bulgarian-language media, several MPs are planning to table amendments for the liberalization of the restrictions on indoor smoking by the end of this month.
Such attempts are being made every several months, only to be shot down by various committees in Parliament. The most recent attempt to lighten up the restrictions was made in early December 2013. Back then the motion of Bulgarian Socialist Party (BSP) MP Spas Panchev was overruled by Parliament's Health Committee.
The new amendments would again be proposed by Panchev.
Meanwhile, the Health Ministry is proposing harsher punishments for the violators of the indoor smoking ban. They include higher fines and the closing of bars, restaurants and cafes where the ban is repeatedly ignored. - See more at: http://www.novinite.com/articles/158835/Bulgaria%27s+Smoking+Ban+Debate+To+Be+Rekindled+Again#sthash.WGHD6TaG.dpuf
According to reports in Bulgarian-language media, several MPs are planning to table amendments for the liberalization of the restrictions on indoor smoking by the end of this month.
Such attempts are being made every several months, only to be shot down by various committees in Parliament. The most recent attempt to lighten up the restrictions was made in early December 2013. Back then the motion of Bulgarian Socialist Party (BSP) MP Spas Panchev was overruled by Parliament's Health Committee.
The new amendments would again be proposed by Panchev.
Meanwhile, the Health Ministry is proposing harsher punishments for the violators of the indoor smoking ban. They include higher fines and the closing of bars, restaurants and cafes where the ban is repeatedly ignored. - See more at: http://www.novinite.com/articles/158835/Bulgaria%27s+Smoking+Ban+Debate+To+Be+Rekindled+Again#sthash.WGHD6TaG.dpuf
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