Philip Morris International ( PM ), the largest of the tobacco giants, enjoys very strong margins in both its structurally declining cigarette business and its high-growth "smoke-free" segment. This profitability has allowed it to consistently increase dividends overInternational analyst focused on finding great companies with durable competitive advantages and strong balance sheets, and aiming to buy their shares when they are being offered by the market at irrational prices.Analyst’s Disclosure:I/we have ...