The Procter & Gamble Company（PG）本質的価値とDCFバリュエーション

Household & Personal Products · NYSE

The Procter & Gamble Company の本質的価値はいくらですか？

2026-08-21 時点で、ベースケースDCFモデルは The Procter & Gamble Company（PG）の1株当たり本質的価値を $130.84 と試算しています。市場価格 $144.68 に対し、安全マージンは -10.6% です。ベースケースはフリーキャッシュフローの年成長率 2.9%、割引率 10.0% を前提としています。

感応度グリッド全体では、試算値は $106.67 から $158.66 の範囲に広がります。本質的価値は前提に基づく試算であり、事実ではありません。割引率の上昇や成長の鈍化は試算値を押し下げ、キャッシュフロー成長の加速は押し上げます。

DCFの仕組み · ご自身の前提で再計算 · 本質的価値とは？

The Procter & Gamble Company（PG）は割安ですか？

現在の株価 $144.68 では、PG はベースケース本質的価値の試算を 10.6% ほど上回っており、小幅なプレミアムです。このモデルでは価格は通常の水準に収まっていますが、前提を上回る成長があれば見方は変わります。

評価：Charlie Wang（元監査人）

会社概要

The Procter & Gamble Company, commonly referred to as P&G, is a global enterprise that supplies a broad spectrum of branded consumer products to markets worldwide. The company's operations are divided into five main business divisions: Beauty; Grooming; Health Care; Fabric & Home Care; and Baby, Feminine & Family Care. The Beauty segment offers an assortment of hair care products, including conditioners, shampoos, styling aids, and treatments, under popular names like Head & Shoulders, Herbal Essences, Pantene, and Rejoice. It also features antiperspirants, deodorants, personal cleansing solutions, and skin care items from brands such as Olay, Old Spice, Safeguard, Secret, and SK-II. Within the Grooming division, P&G provides a range of shave care products and grooming appliances, prominently featuring brands like Braun, Gillette, and Venus. The Health Care unit encompasses oral hygiene essentials, including toothbrushes, toothpastes, and other dental care products sold under the Crest and Oral-B brand names. This segment further extends to gastrointestinal remedies, rapid diagnostics, respiratory care, vitamins/minerals/supplements, pain relief, and various other personal health care items from brands such as Metamucil, Neurobion, Pepto-Bismol, and Vicks. In the Fabric & Home Care category, consumers find fabric enhancers, laundry additives, and laundry detergents through labels like Ariel, Downy, Gain, and Tide. Additionally, this division offers air care products, dishwashing solutions, professional cleaning supplies (P&G Professional), and surface cleaners, exemplified by brands such as Cascade, Dawn, Fairy, Febreze, Mr. Clean, and Swiffer. Finally, the Baby, Feminine & Family Care segment provides infant care products, including baby wipes, taped diapers, and pants, under the Luvs and Pampers brands. It also supplies adult incontinence and feminine hygiene products from Always, Always Discreet, and Tampax, along with paper towels, tissues, and toilet paper marketed as Bounty, Charmin, and Puffs. P&G distributes its extensive product portfolio through a vast commercial network, including large retail chains, e-commerce platforms, grocery stores, membership clubs, pharmacies, department stores, various distributors, wholesalers, specialty beauty retailers, high-frequency stores, electronics outlets, and professional channels, as well as direct-to-consumer sales. The Procter & Gamble Company was established in 1837 and its corporate headquarters are located in Cincinnati, Ohio.

財務指標 — PG バリュエーションデータ

過去12か月ベースで、PG は 1 株あたり $6.57 のフリーキャッシュフローと 15.7% の ROIC を生み出しており、いずれも DCF 評価の中心的な入力です。21.6x の P/FCF 倍率と 4.63% の FCF 利回りは、PG がキャッシュフロー面で同業他社に対しどう評価されているかを示します。

よくある質問

関連リンク

• PG のPERバリュエーションを見る → — 利益ベースのPERバリュエーション分析
• DCF法の解説 — 割引キャッシュフロー分析のステップ別ガイド
• PER法の解説 — PERバリュエーションのガイド
• WACC — DCFで用いる割引率の理解
• 安全マージン — 下方リスクの評価方法
• 本質的価値 — 株式の適正株価を評価する方法
• 本質的価値の計算方法 — 投資家向けの完全ガイド