Ann: IMS Investor Presentation April 2018, page-9

There is very little downside risk to the SP here at these prices. Even if they do need to go back to the market for more loot at some point, it appears well factored in. The big question is however, whether PM has the sustainability in not only driving revenue growth (as in this preso) but whether it is enough to grow earnings after all liabilities taken into account. This qtr will be a big indicator. If yes, then I expect a substantial improvement in the SP.
On another note, investors after all these years can now see through the smoke and mirrors.
In the past I saw what i viewed as too much trying to bluff through hard to understand announcements and this no longer cuts it. Investors are far more savvy and wary now. That means the SP will now only 'blue sky' on genuine earnings value, not sentiment.