P&G: IOI Tear Sheet - A Valuation and Investment Evaluation

Note: This research was released to IOI's members in early June.  To receive our research when it is fresh, please become an IOI member by clicking the link above or visiting http://hvst.co/28G1HWz .

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.

To get a primer on how to read and use our proprietary IOI Tear Sheet format:   http://hvst.co/1XV4nMZ