Stock in Altria (MO) has fallen about 20% from its summer highs, struck by potential regulation and disappointment among traders hoping for a quick merger with PM Int'l (NYSE:PM). I have added to my holdings in MO over the past week on the view that, despite these issues the company will grow its cash flows with the same success it has throughout its remarkable history as a public company.
There have been a few articles on Seeking Alpha in the past week where the bullish case for Altria is presented with style and readability but comparatively light on substance and invest-ability. And while pictures of menacing gladiators and colored maps are tasty eye candy, I felt hungry for home-cooked after reading those reports. After all, a great company like Altria deserves a thorough vetting.
This article lays out the foundations of Altria's fundamental, long-term strength.
