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P&G - Structural Story Strong; Rich Valuation Limits Near Term Upside: Nirmal Bang

‘Best of breed’ return ratios and dividend payout, fair valuation of ~60 times FY25E has led us to maintain 'Accumulate' on P&G.

<div class="paragraphs"><p>P&amp;G range of products (Source: Procter &amp; Gamble X page)</p></div>
P&G range of products (Source: Procter & Gamble X page)
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