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“We have reviewed our model and maintain our Buy recommendation on PG plc (“PG” or the “Group”). After updating our expectations, we increased our 12-month price target from €1.52 to €1.90. The rebound in the share price since IPO, is attributable to the fact that the performance of the Group over recent years exceeded market expectations.
The current P/E level (21.1x) at which the Group is trading at, is considered to be relatively attractive in comparison to other international industry peers. In arriving at our price target, we utilised a P/E ratio of 23x, in which we deem to be in line with the foreign industry average, (P/E Sainsbury plc: 22.9x and P/E Walmart Inc: 23.91x) therefore we expect the share price to reflect such reality moving forward. This, coupled with the fact that PG is considered as a defensive stock, solidifies our Buy recommendation given the strong demand we are seeing for this sector. Over recent years the Group went from strength to st

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