Unilever N.V.

Unilever is engaged in the supply of consumer goods in foods, household care and personal products. Co.'s activities are carried out through four categories: Personal Care, sales of skin care and hair care products, deodorants and oral care products; Home Care, sales of home care products, such as powders, liquids and capsules, soap bars and a range of cleaning products; Foods, sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads; and Refreshment, sales of ice cream and tea-based beverages. Co.'s products are sold in over 190 countries around the world.
  • TickerA0JMQ9
  • ISINNL0000388619
  • ExchangeEuronext Amsterdam
  • SectorPersonal Goods
  • CountryNetherlands
Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2020

The cost-cutting plan helps address the group’s underlying weaknesses, but we do not think it is enough given the prospect of volumes remaining under persistent pressure. Our 2022 estimates, which are ~20% below the consensus, are still well short of the already weak 2019 level for most metrics, particularly the auto margin and FCF. Against this backdrop, the valuation argument alone does not carry enough weight and we are maintaining our Neutral rating, as we prefer Volkswagen and Pe...

Pierre Tegner

Unilever Nv : Le Board propose une simplification de la structure duale en faveur des titres PLC. Enfin ! Risque à CT de flow-back des titres NV

>Simplification : enfin ! - Achat maintenu. Le degré de diversification opérationnelle est un facteur de résilience pour Unilever (diversification géographique, portefeuille élargi de marques, de produits, de canaux de distribution et de prix sur le mass consumer). Mais le manque de focalisation stratégique explique en partie la décote du titre par rapport à des groupes de taille similaire tels que Nestlé ou P&G qui sont plus focalisés stratégiquement (sur le Food et...

Pierre Tegner

Unilever Nv : The board proposes a simplification of the dual structure in favour of PLC shares. At last! Short term risk of flow back on NV shares

>Simplification: At last! - Buy rating maintained. Unilever’s degree of operational diversification is a factor of resilience (geographic diversification, broader portfolio of brands, products, distribution channels and price in the mass consumer segment). However, the lack of strategic focus partly explains the stock’s discount vs groups of a similar size such as Nestlé and P&G which have a greater strategic focus (in food and HPC). Announcing this morning that...

Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2020

Le plan de réduction de coûts répond, certes, aux faiblesses du constructeur mais ne nous semble pas suffisamment tenir compte d’un environnement volumes durablement dégradé. Ainsi, nos estimations 2022, ~20% inférieures au consensus, restent largement inférieures à 2019 sur la plupart des agrégats, notamment la MOP Auto et le FCF. Dans ce contexte, l’argument de la valorisation ne nous semble pas, seul, pertinent et nous maintenons notre opinion Neutre, préférant Volkswagen et Peugeo...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

...

Pierre Tegner

Unilever Nv : Le Board propose une simplification de la structure duale en faveur des titres PLC. Enfin ! Risque à CT de flow-back des titres NV

>Simplification : enfin ! - Achat maintenu. Le degré de diversification opérationnelle est un facteur de résilience pour Unilever (diversification géographique, portefeuille élargi de marques, de produits, de canaux de distribution et de prix sur le mass consumer). Mais le manque de focalisation stratégique explique en partie la décote du titre par rapport à des groupes de taille similaire tels que Nestlé ou P&G qui sont plus focalisés stratégiquement (sur le Food et...

Pierre Tegner

Unilever Nv : The board proposes a simplification of the dual structure in favour of PLC shares. At last! Short term risk of flow back on NV shares

>Simplification: At last! - Buy rating maintained. Unilever’s degree of operational diversification is a factor of resilience (geographic diversification, broader portfolio of brands, products, distribution channels and price in the mass consumer segment). However, the lack of strategic focus partly explains the stock’s discount vs groups of a similar size such as Nestlé and P&G which have a greater strategic focus (in food and HPC). Announcing this morning that...

Pierre Tegner

ODDO : Coty professional haircare: the choice of KKR

>Agreement with KKR for a 60/40 joint venture - At its Q3 2019-20 results release (FY ends 30 June), Coty announced yesterday that it had entered into a twofold agreement with KKR: 1/ a memorandum of understanding for the sale to KKR of a 60% stake in the professional beauty and retail hair businesses (Wella, Clairol, OPI and ghd) based on an EV of $ 4.3bn. Coty will own the remaining 40% and as part of the transaction will receive nearly $ 3bn in cash. The asset...

Pierre Tegner

ODDO : Professional Haircare de Coty : le choix de KKR

>Accord avec KKR pour un JV à 60/40 - A l’occasion de la publication de ses résultats du T3 fiscal (clôture en juin), Coty a annoncé hier avoir passé un double accord avec KKR : 1/ un accord de principe pour la cession à KKR d’une participation de 60% dans l’entité de soins professionnels (Wella, Clairol, OPI et ghd) sur la base d’une VE de 4.3 Md$. Coty détiendra les 40% restants et recevra dans le cadre de cette transaction près de 3 Md$ de cash. Les actifs con...

Pierre Tegner

Unilever Nv : Q1 up +2% l-f-l excluding COVID effects and a relatively reassuring message on the margin

>Reassuring message on margins - The fall in the share price at the start of trading yesterday (-4% to -5%) illustrated the extent of the negative surprise caused by the stable organic growth in Q1 whereas forecasts were for +1% to +2% and P&G like its other food HPC peers had reported growth that showed that the lockdown measures had been favourable to them (hygiene shock, shift from out of home to at home, stockpiling). The management’s message on the different leve...

Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2020

The cost-cutting plan helps address the group’s underlying weaknesses, but we do not think it is enough given the prospect of volumes remaining under persistent pressure. Our 2022 estimates, which are ~20% below the consensus, are still well short of the already weak 2019 level for most metrics, particularly the auto margin and FCF. Against this backdrop, the valuation argument alone does not carry enough weight and we are maintaining our Neutral rating, as we prefer Volkswagen and Pe...

Alfred Glaser ...
  • Delphine Brault
  • Jean Sassus
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2020

Le plan de réduction de coûts répond, certes, aux faiblesses du constructeur mais ne nous semble pas suffisamment tenir compte d’un environnement volumes durablement dégradé. Ainsi, nos estimations 2022, ~20% inférieures au consensus, restent largement inférieures à 2019 sur la plupart des agrégats, notamment la MOP Auto et le FCF. Dans ce contexte, l’argument de la valorisation ne nous semble pas, seul, pertinent et nous maintenons notre opinion Neutre, préférant Volkswagen et Peugeo...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/12/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Pierre Tegner
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 12/05/2020

...

Alain William ...
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean Danjou
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Samantha Jeary
  • Sebastien Malafosse
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/24/2020

...

UNILEVER DUTCH CERT. sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of UNILEVER DUTCH CERT. (NL), a company active in the Personal Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date January 31, 2020, the closing price was EUR 52.70 and its potential was estimated at EUR 55.77.

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