Execution and Pricing

研报英文原文证据摘录

Execution and Pricing

Consumer | Global Household & Personal Care

June 29, 2026

The Procter & Gamble Company Robert Ottenstein Javier Escalante 212-653-9020 212-446-9477

PG | $149.02 Robert.Ottenstein@evercoreisi.com Javier.Escalante@evercoreisi.com

In Line | Target Price/Base Case: $162.00 JD Todd

Company Update 212-812-2912

JD.Todd@evercoreisi.com

Company Statistics

Market Capitalization (B) $339

Enterprise Value (B) $365 Procter's turnaround runs in two tracks: 1) a reorganization to

52-Week Range $137.62 - $170.99 reassert scale and create a new competitive moat through data,

Dividend/Share 4.08 as discussed last week; 2) "interventions" to regain share. Dividend Yield 2.9%

Fiscal Year End Jun Procter's share losses are fractional and the latest Circana

scanner read is promising, as U.S. sales rebounded to +2.8% in

the four weeks ending mid-June, with the prospect of lower gas

Earnings Summary prices easing pressure on the consumer. With two weeks to go,

2025 2026E 2027E QTD U.S. retail sales are trending ~2%, one point below the

EPS Q1 $1.93 $1.99A .. March quarter, and two factors should weigh on reported 4Q

Q2 $1.88 $1.88A .. organic sales in the U.S.: 1) Easter pulled sales forward ~100

Q3 $1.54 $1.59A .. basis points; 2) couponing to support the detergent and diaper

Q4 $1.48 $1.44 ..

FY $6.83 $6.90 $7.05 interventions, while readying a third one around tissue ─

EPS (Calendar) CY $6.73 $6.88 $7.30 recalibrating, in aggregate, 43% of Procter’s U.S. sales.

P/E (Calendar) CY 22.1 21.7 20.4 Our analyses focus on the interventions along two axes: macros

and execution. Macros and volatility of course are a headwind

but not the dominant factor: the complex retail shifts, and the

1 Year Price History

competitive trade-offs they trigger, are. Tactically, Procter is