Joshua Novick’s Post

🚀 Procter & Gamble vs. Unilever: Who is the master of #ConsumerGoods sector❓ 📊 Revenue: 🥇P&G’s revenue ($84B TTM) is 27% above Unilever’s ($66B TTM). 🥈Unilever is still only about half the size of P&G (if you exclude their business in food/nutrition where they compete with giants like Nestlé and Danone , with brands like Lipton -correction-sold to CVC in 2022-, Hellmann's, or Ben & Jerry's). 📊 Growth Rates: P&G (Tide , Pantene , Olay , Crest , Gilette, etc)  has grown faster Unilever (Dove , Axe , Pond's , Vaseline, etc) in the past 5 years: 4.5% CAGR vs. 3% % CAGR but slower in the past decade: 1.1% versus 1.7% 🥉Other Players: Henkel: $24B (Persil, Schwarzkopf, Fa) Kimberly-Clark: $20B (Kleenex, Huggies, Scott) Colgate-Palmolive: $20B (Ajax, Colgate, Palmolive) Reckitt: $19B (Durex, Lysol, Finish) The sum ($83B) is less than the billings of P&G ($84B) 💸 #Profitability: 🥇P&G (almost $15B Net Profit) is substantially more profitable than 🥈Unilever ($7B Net Profit), more than 2❎. 📈 #MarketCap: 🏆P&G is the sweetheart of investors. Its market cap is 3X Unilever ($390B versus $135B). 🤑Unilever is currently trading at 14X EV/EBITDA (TTM) and 2.5X Sales (TTM). P&G is trading at a premium 17X EV/EBITDA (TTM) and 5X Sales (TTM). 🌍 #Global Presence: Both companies have a global footprint but with brands and products often adapted to the local tastes of consumers. They have grown through a combination of #acquiring existing successful brands and developing their own new brands. 🔍 Differences: #Procter: A pure player in home care and personal care. P&G's Sales Breakdown: 🔹Fabric & Home Care: 35% 🔹Baby, Feminine & Family Care: 25% 🔹Beauty: 18% 🔹Health Care: 14% 🔹Grooming (Gillette): 8% Geographic Sales: 🔹North America: 50% 🔹Europe: 21% 🔹Greater China: 9% 🔹Asia Pacific: 8% 🔹Latin America: 7% 🔹India, Middle East & Africa (IMEA): 5% #Unilever: Formed in 1929 from the merger of Margarine Unie and Lever Brothers. Unilever's Sales Breakdown (2023): 🔹Personal Care: 23% 🔹Home Care: 21% 🔹Beauty and Wellbeing: 21% 🔹Food Segment, Ice Creams, and Nutrition: 35% Geographic Sales: 🔹Asia/Pacific/Africa: 44% 🔹Americas: 36% (USA 20%) 🔹Europe: 20% 🔬 R&D Investment: 💊Both companies invest substantially in R&D, but P&G invests $2B (2023), twice as much as Unilever’s $1B.

💥Meet the heavyweights of consumer goods – Procter & Gamble 🥇 and 🥈Unilever Let’s dive into the showdown 🤼 between these titans and see what sets them apart. Let's start with what the have in common: ✅They are worldwide leaders in consumer goods. P&G’s revenue ($82B in 2022) is equal to the sum of Henkel ($22B revenue), Kimberly-Clark ($20B), Colgate-Palmolive ($18B), Reckitt ($17B) revenue. ✅They have a global footprint but with brands and products often adapted to the local tastes of consumers. ✅Both companies have grown through a combination of #acquiring existing successful brands and developing their own new brands. ✅Both build brands through titanic investments in #marketing. In 2022, Unilever spent $7.8B (13% of revenue) on Brand and Marketing, while P&G spent $8B (10% of revenue). ✅Both are huge #freecash flow machines: Unilever ($5.2B in 2022) and P&G ($16.8B in 2022). How are they different? ❎P&G is a pure player in home care and personal care. It was founded by two brothers-in-law, William Procter, a candle maker, and James Gamble, a soap maker when they formed a partnership back in the early 19th century. P&G's breakdown of sales: 🔸Fabric & Home Care: 35% of sales 🔸Oral Beauty and Personal Health Care: 32% of sales 🔸Baby, Feminine & Family Care: 25% of sales 🔸Grooming (Gillette): 8% of sales ❎Unilever, on the other hand, was the merger of two companies in 1929: Margarine Unie, a Dutch margarine producer, and Lever Brothers, a British soap maker. It competes with P&G in 🔸 Personal Care (23% of sales), 🔸Home Care (21%), Beauty (20%), 🔸but also has a strong presence in the food segment (36% of sales) as an inheritance of its margarine maker origin. ❎Both companies invest substantially in R&D, but P&G invests ($2B in 2022), twice as much as Unilever ($1B). ❎Both companies are global, but P&G is still very US-dependent (44% of 2022 revenue). North America represents 50% of all sales, Europe 21%, China 9%, Asia & Pacific 8%, Latin America 7%, India + Middle East + Africa 5%. ❎Unilever's revenue is more global: the US is only 20% of sales. Asia/Pacific/Africa represents 46% of sales, Americas 34%, and Europe 20%. ❎Unilever is still only about half the size of P&G (if you exclude their business in food/nutrition where they compete with giants like Nestlé, Danone, etc...) ❎P&G (almost $15B Net Profit in 2022) is substantially more profitable than Unilever ($8B Net Profit). Almost 2X ❎P&G has grown almost 3 times faster than Unilever in the past 5 years: respectively 7.25% CAGR and 2.5% CAGR. ❎P&G is the sweetheart of investors. Its market cap is 3X Unilever. 💵Unilever is currently trading at 12X EV/EBITDA (TTM) and 2.2X Sales (TTM) 💰P&G is trading at a super premium 17X EV/EBITDA (TTM) and 4.5X Sales (TTM) Investors seem to believe P&G has a clear edge over Unilever going forward. Is #Procter really such a a good #gamble❓

💥Meet the heavyweights of consumer goods – Procter & Gamble 🥇 and 🥈Unilever Let’s dive into the showdown 🤼 between these titans and see what sets them apart. Let's start with what the have in common: ✅They are worldwide leaders in consumer goods. P&G’s revenue ($82B in 2022) is equal to the sum of Henkel ($22B revenue), Kimberly-Clark ($20B), Colgate-Palmolive ($18B), Reckitt ($17B) revenue. ✅They have a global footprint but with brands and products often adapted to the local tastes of consumers. ✅Both companies have grown through a combination of #acquiring existing successful brands and developing their own new brands. ✅Both build brands through titanic investments in #marketing. In 2022, Unilever spent $7.8B (13% of revenue) on Brand and Marketing, while P&G spent $8B (10% of revenue). ✅Both are huge #freecash flow machines: Unilever ($5.2B in 2022) and P&G ($16.8B in 2022). How are they different? ❎P&G is a pure player in home care and personal care. It was founded by two brothers-in-law, William Procter, a candle maker, and James Gamble, a soap maker when they formed a partnership back in the early 19th century. P&G's breakdown of sales: 🔸Fabric & Home Care: 35% of sales 🔸Oral Beauty and Personal Health Care: 32% of sales 🔸Baby, Feminine & Family Care: 25% of sales 🔸Grooming (Gillette): 8% of sales ❎Unilever, on the other hand, was the merger of two companies in 1929: Margarine Unie, a Dutch margarine producer, and Lever Brothers, a British soap maker. It competes with P&G in 🔸 Personal Care (23% of sales), 🔸Home Care (21%), Beauty (20%), 🔸but also has a strong presence in the food segment (36% of sales) as an inheritance of its margarine maker origin. ❎Both companies invest substantially in R&D, but P&G invests ($2B in 2022), twice as much as Unilever ($1B). ❎Both companies are global, but P&G is still very US-dependent (44% of 2022 revenue). North America represents 50% of all sales, Europe 21%, China 9%, Asia & Pacific 8%, Latin America 7%, India + Middle East + Africa 5%. ❎Unilever's revenue is more global: the US is only 20% of sales. Asia/Pacific/Africa represents 46% of sales, Americas 34%, and Europe 20%. ❎Unilever is still only about half the size of P&G (if you exclude their business in food/nutrition where they compete with giants like Nestlé, Danone, etc...) ❎P&G (almost $15B Net Profit in 2022) is substantially more profitable than Unilever ($8B Net Profit). Almost 2X ❎P&G has grown almost 3 times faster than Unilever in the past 5 years: respectively 7.25% CAGR and 2.5% CAGR. ❎P&G is the sweetheart of investors. Its market cap is 3X Unilever. 💵Unilever is currently trading at 12X EV/EBITDA (TTM) and 2.2X Sales (TTM) 💰P&G is trading at a super premium 17X EV/EBITDA (TTM) and 4.5X Sales (TTM) Investors seem to believe P&G has a clear edge over Unilever going forward. Is #Procter really such a a good #gamble❓

💥Meet the heavyweights of consumer goods – Procter & Gamble 🥇 and 🥈Unilever Let’s dive into the showdown 🤼 between these titans and see what sets them apart. Let's start with what the have in common: ✅They are worldwide leaders in consumer goods. P&G’s revenue ($82B in 2022) is equal to the sum of Henkel ($22B revenue), Kimberly-Clark ($20B), Colgate-Palmolive ($18B), Reckitt ($17B) revenue. ✅They have a global footprint but with brands and products often adapted to the local tastes of consumers. ✅Both companies have grown through a combination of #acquiring existing successful brands and developing their own new brands. ✅Both build brands through titanic investments in #marketing. In 2022, Unilever spent $7.8B (13% of revenue) on Brand and Marketing, while P&G spent $8B (10% of revenue). ✅Both are huge #freecash flow machines: Unilever ($5.2B in 2022) and P&G ($16.8B in 2022). How are they different? ❎P&G is a pure player in home care and personal care. It was founded by two brothers-in-law, William Procter, a candle maker, and James Gamble, a soap maker when they formed a partnership back in the early 19th century. P&G's breakdown of sales: 🔸Fabric & Home Care: 35% of sales 🔸Oral Beauty and Personal Health Care: 32% of sales 🔸Baby, Feminine & Family Care: 25% of sales 🔸Grooming (Gillette): 8% of sales ❎Unilever, on the other hand, was the merger of two companies in 1929: Margarine Unie, a Dutch margarine producer, and Lever Brothers, a British soap maker. It competes with P&G in 🔸 Personal Care (23% of sales), 🔸Home Care (21%), Beauty (20%), 🔸but also has a strong presence in the food segment (36% of sales) as an inheritance of its margarine maker origin. ❎Both companies invest substantially in R&D, but P&G invests ($2B in 2022), twice as much as Unilever ($1B). ❎Both companies are global, but P&G is still very US-dependent (44% of 2022 revenue). North America represents 50% of all sales, Europe 21%, China 9%, Asia & Pacific 8%, Latin America 7%, India + Middle East + Africa 5%. ❎Unilever's revenue is more global: the US is only 20% of sales. Asia/Pacific/Africa represents 46% of sales, Americas 34%, and Europe 20%. ❎Unilever is still only about half the size of P&G (if you exclude their business in food/nutrition where they compete with giants like Nestlé, Danone, etc...) ❎P&G (almost $15B Net Profit in 2022) is substantially more profitable than Unilever ($8B Net Profit). Almost 2X ❎P&G has grown almost 3 times faster than Unilever in the past 5 years: respectively 7.25% CAGR and 2.5% CAGR. ❎P&G is the sweetheart of investors. Its market cap is 3X Unilever. 💵Unilever is currently trading at 12X EV/EBITDA (TTM) and 2.2X Sales (TTM) 💰P&G is trading at a super premium 17X EV/EBITDA (TTM) and 4.5X Sales (TTM) Investors seem to believe P&G has a clear edge over Unilever going forward. Is #Procter really such a a good #gamble❓

💥Meet the heavyweights of consumer goods – Procter & Gamble 🥇 and 🥈Unilever Let’s dive into the showdown 🤼 between these titans and see what sets them apart. Let's start with what the have in common: ✅They are worldwide leaders in consumer goods. P&G’s revenue ($82B in 2022) is equal to the sum of Henkel ($22B revenue), Kimberly-Clark ($20B), Colgate-Palmolive ($18B), Reckitt ($17B) revenue. ✅They have a global footprint but with brands and products often adapted to the local tastes of consumers. ✅Both companies have grown through a combination of #acquiring existing successful brands and developing their own new brands. ✅Both build brands through titanic investments in #marketing. In 2022, Unilever spent $7.8B (13% of revenue) on Brand and Marketing, while P&G spent $8B (10% of revenue). ✅Both are huge #freecash flow machines: Unilever ($5.2B in 2022) and P&G ($16.8B in 2022). How are they different? ❎P&G is a pure player in home care and personal care. It was founded by two brothers-in-law, William Procter, a candle maker, and James Gamble, a soap maker when they formed a partnership back in the early 19th century. P&G's breakdown of sales: 🔸Fabric & Home Care: 35% of sales 🔸Oral Beauty and Personal Health Care: 32% of sales 🔸Baby, Feminine & Family Care: 25% of sales 🔸Grooming (Gillette): 8% of sales ❎Unilever, on the other hand, was the merger of two companies in 1929: Margarine Unie, a Dutch margarine producer, and Lever Brothers, a British soap maker. It competes with P&G in 🔸 Personal Care (23% of sales), 🔸Home Care (21%), Beauty (20%), 🔸but also has a strong presence in the food segment (36% of sales) as an inheritance of its margarine maker origin. ❎Both companies invest substantially in R&D, but P&G invests ($2B in 2022), twice as much as Unilever ($1B). ❎Both companies are global, but P&G is still very US-dependent (44% of 2022 revenue). North America represents 50% of all sales, Europe 21%, China 9%, Asia & Pacific 8%, Latin America 7%, India + Middle East + Africa 5%. ❎Unilever's revenue is more global: the US is only 20% of sales. Asia/Pacific/Africa represents 46% of sales, Americas 34%, and Europe 20%. ❎Unilever is still only about half the size of P&G (if you exclude their business in food/nutrition where they compete with giants like Nestlé, Danone, etc...) ❎P&G (almost $15B Net Profit in 2022) is substantially more profitable than Unilever ($8B Net Profit). Almost 2X ❎P&G has grown almost 3 times faster than Unilever in the past 5 years: respectively 7.25% CAGR and 2.5% CAGR. ❎P&G is the sweetheart of investors. Its market cap is 3X Unilever. 💵Unilever is currently trading at 12X EV/EBITDA (TTM) and 2.2X Sales (TTM) 💰P&G is trading at a super premium 17X EV/EBITDA (TTM) and 4.5X Sales (TTM) Investors seem to believe P&G has a clear edge over Unilever going forward. Is #Procter really such a a good #gamble❓