Procter and Gamble stock, live, through the tokenised share

Signals, right now

The business is a portfolio of habits, which is why the volatility reads low

Detergent, nappies, razors and toothpaste are bought on a schedule that a recession bends rather than breaks. That gives the revenue a predictability very few listed companies have, and it is the direct cause of the realised volatility figure below sitting well under the market's. A quiet reading on this share means something different from a quiet reading on a semiconductor company: here it is the normal state, not a lull.

Pricing power is the number to watch, and it only appears four times a year

Because volumes barely move, almost all of the growth argument is whether price increases stick without customers switching to a supermarket's own label. That is disclosed in quarterly results and nowhere else, so this share tends to sit still for weeks and then move once. When the chart above shows a single sharp step, a results day is almost always underneath it.

A long dividend record is part of the case, and the token pays none of it

This is one of a small group of companies that has raised its dividend every year for more than six decades, and a large share of its holders own it for that. A backed token does not pass the dividend through unless the issuer's terms say so. Over a quarter that gap is the single biggest difference between holding the token and holding the share.

The part we cannot verify, and the gap we measured

We read the token's price, its traded volume and the value of tokens in issue. We do not audit the custody behind it. When this page was built the token traded about two percent above the issuer's own reference quote for the share, which is normal for a token that trades around the clock against a reference taken at a market close, and larger than the gap on the most heavily traded tokenised shares. For the official price, use the NYSE or a broker.