Procter & Gamble ( PG ) We contend that Procter & Gamble represents an attractive investment opportunity in the consumer products space. Like others in the industry, P&G has been challenged over the past several years by intense competitive pressures and muted consumer spending. However, we further surmise that lacklustre innovation and an attempt to overextend its geographic reach has had a more pronounced negative impact on P&G's financial performance and subsequently its share price. Despite this, recent investments behind new products, a more disciplined expansion plan and efforts to rightsize the brand mix while improving the efficiency of operations appear to be gaining traction. As such, we contend that P&G is poised to post accelerating top-line growth as well as improving profitability metrics over the next several years.