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Unilever N.V.
UN.NISIN: US9047847093SEDOL: 2416542 |
Rating: BUY |
Target Price: 27.79 USD |
Investment Horizon: 6 to 24 months |
1Q 09 Update Report
Until the previous quarter, the company had aggressively increased prices to maintain margin growth. As a result, Unilever has been experiencing declining sales volumes across all operating regions. Hence, going forward, given the challenging economic conditions and declining market share, the company is expected to soften its price increases to remain competitive. The company has indicated a focus on volume growth during FY 2009…
1Q 09 News Alert
Although Unilever N.V.’s (Unilever) 1Q 09 revenues and adjusted1 operating profit were marginally above our estimates, adjusted net income and EPS were in line with our estimates. Hence, in light of weak 1Q 09 results on a y-o-y basis and given the challenging economic environment, we maintain our HOLD rating. We will reassess our target price and rating in our 1Q 09 update report. We continue to anticipate a significant negative currency…
4Q 08 & FY 2008 Update Report
Until the previous quarter, the company had aggressively increased prices to offset cost inflation and maintain margin growth. As a result, Unilever has been experiencing declining sales volumes. The company has indicated to focus on volume growth to retain its market share. However, restoring volume growth will be a tough challenge for the company, as all of Unilever’s operating regions are facing recessionary conditions, forcing…
Company News Alert
Unilever N.V.’s (Unilever) common stock price has declined significantly since our last update report, reflecting volatility in the global stock markets. Furthermore, we believe the fall in the stock price was compounded by Management’s decision to withdraw its FY 2010 guidance. We expect a levelling off of product prices and falling consumer demand from the Americas and Europe to negatively impact revenues going forward....
4Q 08 & FY 2008 News Alert
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While Unilever N.V.’s (Unilever) 4Q 08 revenues were in line with our estimate, adjusted1 operating profit, adjusted net profit and EPS were all below our estimates. Although the common stock target price does not support a HOLD rating at current price levels, in light of disappointing 4Q 08 results and the challenging economic environment, we maintain our HOLD…
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