PZ Cussons (PZC), owner of international brands including Imperial Leather soap and St Tropez sun lotion, has had a rough time in recent years. Nigeria was once the personal goods provider’s biggest market, but macroeconomic conditions in the country have worsened – and will be further hit by cratering oil prices. PZ’s other core geographies – Europe, the Americas and Asia – have faced competition from lower-priced rivals. Group revenues have shrunk, investor sentiment has waned. The value of PZ’s stock fell by more than a third over the 12 months to December 2019 with coronavirus fears providing a fresh knock.
Strong established brands in multiple markets
Should benefit from surging demand for soap
Star fund manager Nick Train has bought in
Ongoing challenges in Nigeria