Activist Investor Peltz's P&G Stake Fails to Sway Our Take on Its Prospects; Shares Fairly Valued
Activist investor Nelson Peltz is reported to have amassed a stake of more than $3 billion in Procter & Gamble (which equates to around 1% of shares outstanding). We don’t intend to alter our $92 fair value estimate (which calls for operating margins to expand more than 300 basis points to nearly 25% by 2026 and for 4% annual sales growth in the longer term) based on this news. Shares are trading higher on the announcement of Peltz’s stake, and appear fairly valued, but if the firm struggles...Procter & Gamble provides consumer packaged goods. The company's products are sold primarily through mass merchandisers, e-commerce, grocery stores, membership club stores, drug stores, department stores, distributors, wholesalers, baby stores, beauty stores, other stores and pharmacies. The company has five reportable segments: Beauty, which includes hair care, and skin and personal care products; Grooming, which includes shave care products; Health Care, which includes oral care and personal health care products; Fabric and Home Care, which includes fabric care and home care products; and Baby, Feminine and Family Care, which includes baby care, feminine care and family care products.
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