1. Philip Morris International reached a new all-time high after a strong Q3 earnings report, driven by double-digit net revenue growth and raised FY 2024 guidance. 2. The company's non-traditional products, especially IQOS and ZYN, are growing significantly faster than traditional tobacco, boosting overall gross profit growth. 3. PM raised its FY 2024 adjusted earnings guidance, expecting up to a 7.3% year-over-year growth, and the company maintains a strong dividend coverage ratio. 4. The author believes that Philip Morris is likely more than fairly valued and suggests waiting for a drop towards $107 per-share before buying.