PM is in a virtuous cycle. The growing profit potential in IQOS and other healthier alternatives to smoking cigs could lead to some unforeseen changes for shareholders. Like Korynd mentioned, the future sell/spin off of the "dirty" cigarette business. And once that happens, PM could possibly be attractive to the ESG crowd. And a whole new cohort of investors may want in on these attractive dividends. Wouldn't that be something!! At PM's website they disclose in detail their ESG initiatives. This was not discussed at the Investor Day (not to my knowledge) but for longevity of the business this maybe a strategic goal.
Sure makes MO look like a tortoise.