My latest column is up at RealMoney.

In summary, I think Colgate (CL) looks good relative to its peers on the basis of cash flow, earnings quality and estimate revisions.

Downside from current stock levels seems fairly limited. Colgate’s earnings are expected to reach $3.81 this year and $4.27 next year, assuming that no further positive revisions are in the cards. The lowest trailing P/E ratio over the last five years has been 18 times, so even if valuations sink to those levels, the company could grow into its current share price.

Better yet, if the stock can maintain its current P/E ratio, it could reach $100 in the next 12 to 18 months, for a 28% gain from current levels.

It doesn’t quite amount to one of Cramer’s $80-to-$120 plays, but in today’s market environment, slow and steady may well win the race.

Disclosure: At time of publication, William Trent has no financial position in the companies mentioned.