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Unilever PLC
UL.NISIN: US9047677045SEDOL: 2416520 |
Rating: BUY |
Target Price: 38.20 USD |
Investment Horizon: 6 to 12 months |
4Q 09 News Alert
Despite broad-based volume growth, Unilever Plc (Unilever) reported a y-o-y decline in revenues in 4Q 09, primarily due to negative currency impact, and in line with our estimate. In addition, while adjusted1 operating margin was below our estimate due to higher-than-anticipated operating cost as a percentage of revenues, adjusted net margin was above our estimate due to higher-than-anticipated income from investments and lower-than-anticipated effective tax rate....
3Q 09 Update Report
In 3Q 09, top-line registered a y-o-y decline as an increase in volumes was offset by price decreases. Going forward, we expect the company to register y-o-y increases in top-line, driven by increasing volumes limited by further price reductions from 4Q 09 until 1H 10, reflecting the company's;focus on achieving volume growth and the easing of commodity costs, as identified by Management. However, Management expects the benefit of easing commodity costs to end…
3Q 09 News Alert
Despite broad-based volume growth, Unilever Plc (Unilever) reported a y-o-y decline in revenues, below our estimate. However, adjusted1 operating and net margin were significantly above our estimates due to lower-than-anticipated operating costs as a percentage of revenues, and effective tax rate. As the results were broadly above expectations we are likely to revise our estimates and target price upwards....
2Q 09 Update Report
In 2Q 09, Asia Africa registered strong growth in revenues. Going forward we expect the company to register y-o-y increases in revenues from Asia Africa CEE operations in 2H 09 and FY 2010 driven by an increase in volumes as marketing initiatives continue to pay off and economies improve. We also expect the company to register y-o-y growth in revenues from the Americas in 2H 09 and FY 2009 driven by ongoing growth in volumes from Latin America and supported by a respectable…
2Q 09 News Alert
Unilever Plc (Unilever) reported flattish y-o-y increase in revenues, marginally above our estimate. However, adjusted operating margin and net margin was below our estimates due to higher-thananticipated operating costs, as a percentage of revenues, and effective tax rate. Hence, in light of mixed results and as the target price supports a hold rating at current levels, we maintain our HOLD rating for the common stock. We will reassess our target price…
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