Nama: P&G
Kode Ticker: NYSE:PG
Harga: 143.51 $ (per 8-Sep-2021)
Kategori: Large-Core
Sejak didirikan pada tahun 1837, Procter & Gamble telah menjadi salah satu produsen produk konsumen terbesar di dunia, menghasilkan lebih dari $75 miliar dalam penjualan tahunan. Perusahaan ini beroperasi dengan jajaran merek terkemuka, termasuk 21 merek yang masing-masing menghasilkan lebih dari $1 miliar dalam penjualan global tahunan, seperti deterjen cucian Tide, kertas toilet Charmin, sampo Pantene, dan popok Pampers. P&G tidak lagi memiliki merek makanan dengan melepasnya ke perusahaan lain dan yang terakhir, Pringles, ke Kellogg pada 2012. Penjualan di luar AS mewakili sekitar 55% dari total konsolidasi perusahaan, dengan sekitar sepertiga berasal dari pasar negara berkembang. P&G beroperasi dalam lima segmen: Kecantikan; Perawatan diri; Kesehatan; Kain & Perawatan Rumah; dan Perawatan Bayi, Wanita & Keluarga.
Tinjauan Industri
- Kecantikan (Beauty) : 19% dari penjualan bersih perusahaan dengan market share 15%. Avon (11%) adalah pesaing utama Procter & Gamble dan dikenal sebagai salah satu perusahaan kecantikan, rumah tangga, dan perawatan pribadi dengan penjualan langsung terbesar di dunia. Pesaing lainnya adalah Colgate-Palmolive, Estee Lauder, Revlon, and Unilever.
- Kain & Perawatan Rumah (Fabric & Home Care): Segmen bisnis terlaris perusahaan, mewakili 33% dari penjualan bersihnya dengan nama-nama seperti Tide, Bounce, Downy, dan Febreeze, dengan market share 10.7%. Pesaing utama Procter & Gamble di segmen ini termasuk nama merek seperti Palmolive, Ajax, dan Fleecy dari Colgate-Palmolive, Surf and Persil dari Unilever, dan lini produk Oxi Clean dan Arm & Hammer dari Church and Dwight Co.
- Perawatan Diri (Grooming): Gillette adalah pemain pasar yang dominan di segmen perawatan. Segmen ini menyumbang 9% dari penjualan bersih Procter & Gamble dengan market share 70%. Tetapi Bic adalah salah satu pesaing utamanya dengan kehadiran internasional yang besar. Segmen ini juga melihat peningkatan startup—terutama, di ruang cukur dengan nama seperti Dollar Shave Club (sekarang dimiliki oleh Unilever). P&G membeli perusahaan perawatan berbasis langganan Billie—salah satu yang pertama untuk wanita—pada Januari 2020 dengan jumlah yang tidak diungkapkan.
- Kesehatan (Healthcare): Segmen ini menyumbang 12% dari penjualan bersih dengan market share 4.8%.Anda mungkin akan mengenali nama-nama populer seperti Vicks, Pepto Bismol, dan Prilosec. Tetapi ada banyak perusahaan lain yang memberi P&G persaingan ketat. Pesaing utama seperti Colgate-Palmolive, Church and Dwight Co., Ecolab, Stepan Company, dan United-Guardian.
- Perawatan Bayi, Wanita & Keluarga (Baby, Feminine dan Family Care): P&G memiliki market share 35% di segmen perawatan bayi, wanita, dan keluarga. Pesaing utama termasuk Colgate-Palmolive—dengan nama merek seperti Tender Care—Zwitsal dari Unilever, dan Viviscal and Rephresh dari Church and Dwight Co. Segmen ini menyumbang 27% dari penjualan bersih Procter & Gamble dengan merek seperti Luvs, Bounty, dan Charmin.
Ringkasan Keuangan
P&G telah melewati semua kriteria daftar checklist kami, kecuali Current Ratio dan Quick Ratio. Hal ini karena P&G memiliki program kerjasama dengan supplier dan bank untuk perpanjangan jangka waktu pembayaran (extended payment terms) [1] Namun dengan interest coverage yang tinggi serta long term debt yang rendah, ini tidak menimbulkan kekhawatiran.
Ringkasan Investasi
Sebagai yang menjual barang-barang dasar kebutuhan sehari-hari, P&G bisa disebut sebagai defensive stock karena produknya selalu dibutuhkan. Meskipun ada beberapa pesaing namun dengan branding dan kualitas yang baik, P&G mampu mendapat profit margin yang cukup baik. PG tetap tangguh dalam lingkungan yang sulit, dengan fokusnya pada produktivitas dan penghematan biaya, yang telah meningkatkan keuntungan bagi marginnya. Penghematan biaya produksi didorong oleh program produktivitas lima tahun kedua (fiskal 2017-2021) yang mentargetkan penghematan $10 miliar.
Seluruh segmen usaha membukukan pertumbuhan penjualan organik, kecuali segmen Baby, Feminine dan Family Care. Penjualan organik masing-masing naik 6% di Beauty dan Grooming, 14% di Health Care, dan 2% di Fabric & Home Care. Namun, penjualan organik turun 1% di Baby, Feminine and Family Care.
Penilaian
| Methode | Target Price | Potensi cuan | Periode |
| Discounted Cash Flow | 252.6 | 43% | 1-3 tahun |
| Residual Earning | 215.2 | 33% | 1-3 tahun |
| Technical Analysis | 152.0 | 5% | 3-6 bulan |
| Tipranks analyst average (reference) | 154.0 | 6% | NA |
| Artifical Intelligence Kosho AI (reference) | NA | -1% | 3 bulan |
[1] https://s1.q4cdn.com/695946674/files/doc_downloads/2021/08/PG_2021_Annual_Report.pdf
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#P&G (NASDAQ: PG) sesuai dengan persyaratan syariah. Kondisi bisnis, produk, dan utangnya memenuhi kriteria Hukum Islam dan halal untuk diinvestasikan, berdasarkan analisis aplikasi Zoya (https://zoya.finance/).
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Name: P&G
Ticker Code: NYSE:PG
Price: 143.51$ (as of 8-Sep-2021)
Category: Large-Core
Since its founding in 1837, Procter & Gamble has become one of the world’s largest manufacturers of consumer products, generating more than $75 billion in annual sales. The company operates under a range of leading brands, including 21 brands that each generate more than $1 billion in annual global sales, such as Tide laundry detergent, Charmin toilet paper, Pantene shampoo and Pampers diapers. P&G sold all food brands and most recently, Pringles, to Kellogg in 2012. Sales outside the US represent about 55% of the company’s consolidated total, with about a third coming from emerging markets. P&G operates in five segments: Beauty; Self care; Health; Fabrics & Home Care; and Baby, Women & Family Care.
Industry Overview
- Beauty : 19% of the company’s net sales with 15% market share. Avon (11%) is a major competitor to Procter & Gamble and is recognized as one of the largest direct selling beauty, home and personal care companies in the world. Other competitors are Colgate-Palmolive, Estee Lauder, Revlon, and Unilever.
- Fabrics & Home Care: The company’s best-selling business segment, representing 33% of its net sales with names such as Tide, Bounce, Downy and Febreeze, with a market share of 10.7%. Procter & Gamble’s main competitors in this segment include brands such as Palmolive, Ajax and Fleecy from Colgate-Palmolive, Surf and Persil from Unilever, and the Oxi Clean and Arm & Hammer product lines from Church and Dwight Co.
- Grooming: Gillette is a dominant market player in the grooming segment. This segment accounts for 9% of Procter & Gamble’s net sales with a market share of 70%. But Bic is one of its main competitors with a large international presence. This segment has also seen a rise in startups—notably, in barber shops with names like Dollar Shave Club (now owned by Unilever). P&G bought subscription-based care company Billie—one of its first for women—in January 2020 for an undisclosed amount.
- Health: This segment accounts for 12% of net sales with a market share of 4.8%. You may recognize popular names such as Vicks, Pepto Bismol, and Prilosec. But there are plenty of other companies that give P&G some tough competition. Major competitors include Colgate-Palmolive, Church and Dwight Co., Ecolab, Stepan Company, and United-Guardian.
- Baby, Feminine & Family Care: P&G has a 35% market share in the baby, women and family care segment. Key competitors include Colgate-Palmolive—with brand names such as Tender Care—Zwitsal from Unilever, and Viviscal and Rephresh from Church and Dwight Co. This segment accounts for 27% of Procter & Gamble’s net sales with brands such as Luvs, Bounty, and Charmin.
Financial Summary
P&G has passed all of our checklist criteria, except Current Ratio and Quick Ratio. This is because P&G has a cooperation program with suppliers and banks for extended payment terms [1] However, with high interest coverage and low long term debt, this is not a cause for concern.
Investment Summary
As a maker of basic daily necessities, P&G can be categorized as defensive stock because its products are always needed. Although there are several competitors, P&G has good branding and quality. P&G able to get a fairly good profit margin. PG has remained resilient in a difficult environment, with its focus on productivity and cost savings, which has increased its profit margins. Production cost savings were driven by the second five-year productivity program (fiscal 2017-2021) which targets $10 billion in savings.
All business segments recorded organic sales growth, except for the Baby, Feminine and Family Care segments. Organic sales increased by 6% in Beauty and Grooming, 14% in Health Care, and 2% in Fabric & Home Care, respectively. However, organic sales fell 1% at Baby, Feminine and Family Care.
Valuation
| Methode | Target Price | Potensi cuan | Period |
| Discounted Cash Flow | 252.6 | 43% | 1-3 years |
| Residual Earning | 215.2 | 33% | 1-3 years |
| Technical Analysis | 152.0 | 5% | 3-6 months |
| Tipranks analyst average (reference) | 154.0 | 6% | NA |
| Artifical Intelligence Kosho AI (reference) | NA | -1% | 3 months |
[1] https://s1.q4cdn.com/695946674/files/doc_downloads/2021/08/PG_2021_Annual_Report.pdf
*** This is the opinion of the author, please consult your financial advisor and do your own due diligence before investing. Pundireceh is not responsible for any obligations related to investment risk.
#P&G (NASDAQ:PG) complies with sharia requirements. The business conditions, products and debts meet the criteria of Islamic Law and are halal to invest in, based on the analysis of the Zoya application (https://zoya.finance/).