PG 被低估且管理层实力强劲；公允价值 167 美元，而股价为 146 美元，意味着 12-18 个月内存在 14% 的上行空间。
逐段跳播
Procter & Gamble 是下一只我认为你现在就可以买入并长期持有的被低估的股息股。可以说，就管理层而言，这是我在全球跟踪的公司中最好的一家。管理层非常出色，他们培养新领导者的培训流程也非常出色。
他们培育品牌，并以出色的方式将其交付给分销合作伙伴，而且他们已经这样做了很长时间。可以合理地假设，他们在未来数十年里能够复制这一模式。
Procter & Gamble is the next undervalued dividend stock that I think you can buy now and hold for a very long time. It can be said that this is one of the best companies I follow in terms of management in the world.
The management was excellent, and their training process for developing new leaders was also excellent. They grow brands and deliver them to their distribution partners in an excellent way, and they have been doing so for a long time .
It is reasonable to assume that they will be able to repeat this formula for decades to come.
我计算出 Procter & Gamble 的合理价值为 167 美元。当前市场价格为 146，因此我认为在未来 12 到 18 个月内有 14% 的增长机会。
I calculated a fair value of $167 for Procter & Gamble. The current market price is 146, so I see an opportunity for 14% growth over the next 12 to 18 months.
高收入消费者表现非常好，因为资产价格在上涨，由于股票、房产和资产价格上涨，他们的整体财富也在增加。人工智能加快了这一上层群体资产估值的速度。另一方面，低收入者——或者更确切地说，我应该说下层群体、低收入者——可支配收入更少，因为他们的生活成本上涨速度快于工资增长速度。
因此，他们正在做出艰难的选择，而这些选择影响到了我提到的那四家公司，因为它们是面向消费者的公司，随着消费者转向更便宜的选择而面临逆风。消费者正在选择减少对这些产品的消费，因此这些逆风正在影响所有四家公司。
High-income consumers are doing very well because asset prices are rising, and they are seeing an increase in their overall wealth due to rising stock, home, and asset prices. Artificial intelligence contributes to accelerating the pace of asset valuations for that upper class.
On the other hand, low-income earners—or rather, I should say the lower class, low-income earners—have less disposable income because their living costs are increasing at a faster rate than their wages are growing.
Therefore, they are making difficult choices that affect these four companies I mentioned, because they are consumer-oriented companies and are facing headwinds as consumers move towards cheaper options .
Consumers are choosing to reduce their consumption of these products, and therefore these headwinds are affecting all four companies.
当然，如果你是一位寻求股息的投资者，你追求的是良好的回报，而这四家公司提供了有吸引力的回报，其中 General Mills 以 7.2% 领先，其次是 PepsiCo 的 4.5%、Procter & Gamble 的 3%，以及 McDonald's 的超过 3%。
Of course, if you are an investor looking for dividends, you are looking for a good return, and these four companies offer attractive returns, with General Mills leading the way at 7.2%, followed by PepsiCo at 4.5% , Procter & Gamble at 3%, and McDonald's at more than 3 %.
此外，我认为可以合理地假设，这些公司在未来许多年将继续提高其股息派发。因此，你不仅今年会收到一定金额的股息收入，明年很可能还会更多，后年还会更多，如此在未来许多年持续下去。
Furthermore, I think it is reasonable to assume that these companies will continue to increase their dividend payouts for many years to come. Thus, not only will you receive a certain amount of dividend income this year, but it is likely to be even greater next year, and even greater the year after that, and so on for many years to come.
因此，我认为这四只是被低估的股息股，投资者现在就可以买入，并且或许可以永远持有，或者持有数十年而无需卖出，只需坐享股息收入。
Therefore, I believe these are four undervalued dividend stocks that investors can buy now and hold perhaps forever or for decades without having to sell them, and simply benefit from the dividend income .
观察点
这个频道对 $PG 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。