Unilever's Wide Moat and Category Leadership Support Growth in a Challenging Market Environment

Although Unilever exhibited strong top-line performance during the coronavirus, the primary factor behind this was pricing in response to inflationary pressures and low demand elasticity in key categories. While we anticipate pricing to remain a driver of top-line growth in 2024 and beyond, its impact should diminish in subsequent years. As the company shifts focus toward volume growth and mix, we expect organic growth to decelerate below 4% by the end of our explicit forecast period.