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Unilever PLC ULVR

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Unilever's Abandonment of its GSK Pursuit Shouldn't Paper Over the Cracks of its Weak Categories

Analyst Note

| Philip Gorham, CFA, FRM |

Unilever has abandoned its pursuit of the consumer health joint venture owned by GSK and Pfizer, with a statement saying it will not improve the GBP 50 billion offer, or 17.4 times EBITDA, it had already made that has been rejected by GSK. We believe that these assets would have improved the quality of the business model, but that a higher offer would have destroyed Unilever shareholder value. At the close of trading on Thursday, Unilever's Amsterdam-traded shares offered more than 10% upside to our EUR 50 fair value estimate; a fairly attractive entry point.

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Company Profile

Business Description

Unilever, plc is a diversified personal product (42% of 2020 sales by value), home care (20%), and packaged-food (38%) company. The firm's brands include Knorr soups and sauces, Hellmann's mayonnaise, Lipton teas, Axe and Dove skin products, and the TRESemme hair-care brand. The firm has been acquisitive in recent years, and high-profile purchases include the mail-order men's grooming business Dollar Shave Club and Seventh Generation cleaning and personal-care products.

100 Victoria Embankment
London, EC4Y 0DY, United Kingdom
T +44 2078225252
Sector Consumer Defensive
Industry Household & Personal Products
Most Recent Earnings Dec 31, 2010
Fiscal Year End Dec 31, 2021
Stock Type
Employees 149,000