Colgate-Palmolive (NYSE: CL ) is a stock that I've had some pretty bearish thoughts on in the past. This company sells general consumer goods on a huge scale and thus, its main value is the dividend it pays, not in the growth rates of the company. However, for quite some time now CL has traded for a growth multiple, something I lamented most recently back in November. I see a variety of factors that add up to a pretty obvious case of overvaluation but CL persists at its sky-high multiple. The stock continues to just chop around and not really move anywhere; is it finally growing into its lofty valuation? My issue with CL begins and ends with its valuation; there is nothing wrong with this business. In fact, it's a great business, it just sells for a terrible price. The company's growth rates are anemic at best and yet, the stock sells for 24 times this year's earnings.