It's no secret that big U.S. firms in stable -- or, should I say, slowing -- markets are setting their sights on overseas enterprises to capitalize on growth that's tougher to come by on these shores. That's why the likes of GM
And it's why Altria
That may seem rich to those of you familiar with the usual enterprise value-to-sales ratios of better-known tobacco companies. For what it's worth, stateside, you have to go to a more diversified UST
Altria's purchase price undoubtedly takes into account the estimated 36% operating margins that it says the firm produced last year, a figure that's double the mark achieved by Altria as a whole, not to mention Reynolds American
As our Foolish dividend hound Mathew Emmert is fond of reminding us, serial payers like Altria can make patient investors rich. Sometimes it takes a while, and sometimes -- as over the past year -- you can get a lot more bang for your buck. While Altria isn't the bargain it was a few months back, strategic moves like this one, and a 4.5% dividend yield, provide plenty of reasons for long-term investors to hold, if not continue to buy.
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