PG has a history of splitting in the 100 to 110 range, so I think your wrong at this level. I started buying PG just after a split (DRIP). I was young and had only so much money to spend on my "porfolio". Over the years this stock and others I started to buy (again through a DRIP) I have built what I think is a nice range of divey paying stock into my retirement years.
Value is always relative. Look outside the stock market and understand the definition of value is changing. Where can you park money that is safer than a company that keeps raising the dividend to be in the range of 3% and has a rock solid product portfolio?
I know - a bank in Cyprus! Or munies in Stockton California! Or maybe the T-bills balloon drifting towards the cactus with the needles.