Philip Morris (PM) recently announced a new three-year repurchase plan of $18 billion, beginning in August this year. This move can be considered one of the best uses of cash for shareholders' wealth if the buyback is repurchased at the discount to its intrinsic business value.
Over the past four years, the company has kept repurchasing its shares, as indicated in the shareholders' equity information in its financial statement.
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Over the past four years, the company has kept repurchasing its shares, as indicated in the shareholders' equity information in its financial statement.
| USD million | 2008 | 2009 | 2010 | 2011 |
| Treasury stock | -5154 | -10228 | -14712 | -19990 |
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