Procter & Gamble, the world’s largest consumer-products company, should consider breaking itself up if it doesn’t improve earnings this year, an analyst at Sanford C. Bernstein & Co. said.

Procter & Gamble, based in Cincinnati, would have a market value of as much as $208 billion in a breakup based on 2013 earnings estimates, according to analyst Ali Dibadj’s sum-of-parts analysis.

The company has a current market value of about $171 billion.

A split would also improve focus within the separate units, wrote Dibadj, a New York-based analyst.