Few companies can match a dividend track record stretching over a century. This industry giant has consistently rewarded shareholders for more than 135 years while maintaining a market cap above $300 billion. In a market chasing growth stories, such stability is often overlooked. The key question now is whether this reliability comes at a discount or if the market is finally pricing it correctly.

Procter & Gamble $PG is not a topic that has generated enthusiasm on investor forums or in the comments below a post about returning growth stocks. Yet the company is one of the key building blocks of defensive portfolios around the world. Toothpaste, shaving products or baby diapers. These are just a small list of products that sell in good times and in crises, at high and low interest rates. It is from this model that the investor premium that the company has built up on the markets over decades has stemmed.

Today, however, the picture is changing. Organic growth is slowing, consumers are…