P&G is undergoing the largest transformation in the Company’s history, shedding poor returning brands, jobs and restructuring its global supply chain. What does this mean for it’s investors? The Company has committed to returning $70Bn to shareholders by the end FY19. That’s nice, but to us the current price reflects outstanding execution across all these moving parts.
Valuation-only Tear Sheet. We do not see an opportunity to make an investment whose balance of risk and reward is tilted in our favor in P&G at this time.
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