Despite Barrage of Headwinds, Wide-Moat P&G Poised to Stay the Course; Shares a Touch Rich

We came away from Procter & Gamble's investor event, held in Cincinnati on Nov. 17, with conviction that the company should maintain its competitive prowess even as it battles a weakening macro backdrop. Over the past eight years, management has taken a more holistic approach to brand investments—how a product performs, the packaging, brand messaging, execution in stores and online, and the value a product offers to its retail partners and end consumers. We don’t think it is content with recent gains, including an impressive 17 consecutive quarters of mid- to high-single-digit organic sales growth.