Unfortunately, they have rarely been cheap and currently on a P/E round 20 are way outside value territory.

I think you have to be a bit careful here to make sure you compare against the sector and not the whole market. IMO consumer brand companies, esp big caps with a portfolio of Global brands, are amongst the safest companies out there. The brands offer a very deep moat that affords protection against everything from the inevitable period of bad management to competition. Contrast that with the specific vulnerabilities of companies in many sectors and there is good reason consumer brand companies will often trade at a premium.

Having said that it's worth noting that RB currently (digitallook) trade on a P/E of 12.7 with a 3.9% yield. So maybe a better value candidate?

lfc (holds DGE, RB and ULVR)