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Unilever PLC ADR UL

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Morningstar’s Analysis

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Economic Moat




Market Reacts Positively to Unilever's H1 Beat, but Margin Preservation Strategy Not Without Risks

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.

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Company Profile

Business Description

Netherlands-based Unilever NV and U.K.-based Unilever PLC operate Unilever Group, a diversified household and personal product (60% of 2018 sales by value) and packaged-food and refreshments (40%) 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.

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, 2020
Stock Type
Employees 150,000