Analyst Note| Philip Gorham, CFA, FRM |
Unilever reported a solid first half to the year, all things considered, with flat sales and impressive margin expansion. We are making minor alterations to our forecasts but reiterate our EUR 50 fair value estimate for the Amsterdam-traded share class and wide moat rating. After a positive market reaction to the results in early trading July 23, the shares are now trading at our fair value estimate. We see greater value in other categories such as brewing and tobacco.