Altria Group Inc (MO) is overvalued and RLX Technology Inc ADR (RLX) is slightly undervalued.
Against our estimates of intrinsic value, RLX trades at the wider discount: a margin of safety of +5%, against -33% for MO.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.6% (average of 3 methods) values the shares at $51.57; the price of $68.64 is 33% above that value, and 80% of that value comes from beyond year five.
Leak Score 54/100 on 8 of 12 signals
Discounting its cash flows at 10.3% (average of 3 methods) values the shares at $1.85; the price of $1.75 is 5% below that value, and 71% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | MO | RLX |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $68.64 | $1.75 |
| Intrinsic value | $51.57 | $1.85 |
| Margin of safety | -33% | +5% |
| Leak Score | 54/100 (8/12) | 0/100 (2/12) |
| Market cap | $114.6B | $1.6B |
| Revenue growth, 5 years | -0.7% | -1.9% |
| Operating margin | 71.6% | 13.1% |
| Net margin | 38.9% | 21.9% |
| Return on equity | — | 6.2% |
| Debt to equity | — | 0.02 |
| P/E | 14.4x | 16.0x |
| Forward P/E | 11.7x | 11.4x |
| P/B | — | 0.9x |
| Dividend yield | 6.3% | 7.4% |