Tough to premiumize Colgate. Why not elmex?

研报英文原文证据摘录

Tough to premiumize Colgate. Why not elmex?

Consumer | Global Household & Personal Care

July 13, 2026

Colgate-Palmolive Company Robert Ottenstein Javier Escalante 212-653-9020 212-446-9477

CL | $95.03 Robert.Ottenstein@evercoreisi.com Javier.Escalante@evercoreisi.com

Outperform | Target Price/Base Case: $100.00 JD Todd

Company Update - Commentary 212-812-2912

JD.Todd@evercoreisi.com

Tough to premiumize Colgate. Why not

Company Statistics

elmex? Market Capitalization (M) $72,780

Enterprise Value (M) $79,791

52-Week Range $74.55 - $100.18 On our correlations, Colgate North America will likely beat Street

Dividend/Share 2.06

Dividend Yield 2.3% expectations, which are low, and solve for N.A. OSG of 1% v.

Fiscal Year End Dec (1)% consensus, if retailer reorders hold and heavy couponing

allows (pages 3, 6). Emerging markets have held up well,

Europe is steady, and China is progressing; global OSG of 2%

Earnings Summary and 2Q EPS of $0.94 look doable. But our slides look beyond

2024 2025E 2026E 2Q and dive deeper into Colgate's growth challenge in U.S.

EPS Q1 $0.86 $0.91A $0.97A toothpaste, which accounts for ~7% of total sales, but receives

Q2 $0.91 $0.92A $0.94 disproportionate attention from investors.

Q3 $0.91 $0.91A $0.96

Q4 $0.91 $0.95 $0.98 The U.S. contributes just 15% of global toothpaste growth, and

FY $3.60 $3.69 $3.85 entirely through premiumization. U.S. toothpaste volumes are

P/E FY 25.1 24.5 23.5 down 2% but sales up a healthy 4%, with Haleon and the

insurgent brand Boka capturing ~85% of the growth (page 7). As

we understand it, Colgate is relaunching Optic White ─ a hard 1 Year Price History

switch ─ and the "purple" variant, developed in Asia, is rolling

out in the U.S. Both initiatives double down on U.S. whitening,