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Dividend Stocks From The Bond Refugee Screen Recently Citi Equity Research released an updated list of global bond refugee stocks. Stocks with higher dividends ands lower volatility as an alternative to bond investments. Among companies making the cut is Altria (NYSE:MO) with a current dividend yield of 5.0%. Previously we reviewed MO's sister company Philip Morris International (PMI) We continue below with Part VIII of this series. Bond Refugee Recommend Actions: Overall Bond Refugee Rating: BuyValuation: AttractiveDividend Stability: Highly Stable(click to enlarge) MO engages in the manufacturing and sale of tobacco products. MO markets many of the most widely recognized brands in the sector including its flagship Marlboro cigarettes and smokeless tobacco Skoal and Copenhagen brands. In addition MO markets a number of tables wines, engages in leasing and retains an economic interest in SAB Miller. MO has a dominant market position in the cigarettes business generating 80% of profits in the category driven by its flagship Marlboro brand. As the chart below indicates Altria has substantial opportunity in the non-cigarette tobacco product lines. Tobacco product pricing increases, much due to taxes, combine with shifting consumer preferences has led to a persistent decline in volume. MO's ability to manage volume declines in its core cigarette business will be key. Volumes have declined substantially over the last seven years but have stabilized in the negative 3 to 4% range. To date volume declines have been managed through improved operations and share buybacks to maintain and grow EPS. (click to enlarge) (click to enlarge) Valuation MO has a $77.8 billion market capitalization and enterprise value of $87.8 billion. MO trades at a modest premium to the S 500 on trailing and forward P/E basis. MO trades at a modest discount to the consumer staples sector on both a trailing basis. In financial measures MO has a debt to EBITDA ratio of 1.69. The current debt levels are easily managed with existing and projected cash flow. MO paid 81% of earnings on a trailing basis. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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