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

With a more favourable environment, UNILEVER improves to Positive

UNILEVER (NL), a company active in the Personal Products & Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date September 18, 2020, the closing price was EUR 50.98 and its potential was estimated at EUR 55.79.

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Ayachi
  • Hana Jomni
  • Jean Danjou
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Olfa Taamallah
  • Oussema Ettaieb
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/10/2020

...

Pierre Tegner

Unilever Nv : Confident message from the CEO

>Transformation to core holding status - Buy recommendation maintained with a target price of € 58. We are still convinced that the improvement in operational agility and the reactivation of the streamlining of the portfolio are two factors that should help to rekindle investors’ interest in the stock, which has been somewhat forgotten since 2018. Unilever is one of the few consumer staples stocks to exhibit a very reasonable P/E whilst H1 reminded investors of the g...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Ayachi
  • Hana Jomni
  • Jean Danjou
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Olfa Taamallah
  • Oussema Ettaieb
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/09/2020

...

Pierre Tegner

Unilever Nv : Message de confiance du CEO

>Mutation vers le statut de core holding - Achat maintenu avec un OC de 58 €. Nous restons convaincus que l’amélioration de l’agilité opérationnelle et la relance du mouvement de rationalisation du portefeuille sont 2 facteurs qui devraient relancer l’intérêt des investisseurs vis-à-vis d’un titre qui est tombé dans l’oubli depuis 2018. Unilever est en effet l’une des rares grandes valeurs de Consumer Staples à afficher un PE très raisonnable alors que le S1 a rappel...

Pierre Tegner

Unilever Nv : Confident message from the CEO

>Transformation to core holding status - Buy recommendation maintained with a target price of € 58. We are still convinced that the improvement in operational agility and the reactivation of the streamlining of the portfolio are two factors that should help to rekindle investors’ interest in the stock, which has been somewhat forgotten since 2018. Unilever is one of the few consumer staples stocks to exhibit a very reasonable P/E whilst H1 reminded investors of the g...

Pierre Tegner

Unilever Nv : Message de confiance du CEO

>Mutation vers le statut de core holding - Achat maintenu avec un OC de 58 €. Nous restons convaincus que l’amélioration de l’agilité opérationnelle et la relance du mouvement de rationalisation du portefeuille sont 2 facteurs qui devraient relancer l’intérêt des investisseurs vis-à-vis d’un titre qui est tombé dans l’oubli depuis 2018. Unilever est en effet l’une des rares grandes valeurs de Consumer Staples à afficher un PE très raisonnable alors que le S1 a rappel...

Pierre Tegner

Unilever Nv : H1 set to underpin renewed credibility on operating performances

>Renewed credibility: Buy rating maintained with a higher target of € 58 - Buy rating reiterated with a higher target price of € 58. We have a target P/E 21e of 21x to reflect the expansion in market P/E multiples and for its Food HPC peers.Unilever's stock looks to have been largely forgotten in view of its relative P/E which shows one of the biggest lags in relation to its historical average. H1 and the high-quality conference call yesterday look set to underpi...

Pierre Tegner

Unilever Nv : Un S1 qui devrait soutenir un regain de crédibilité opérationnelle

>Regain de crédibilité : Achat maintenu avec un OC relevé à 58 € - Achat réitéré avec un OC relevé à 58 €. Nous visons un PE 21e cible de 21x pour tenir compte de l’expansion des multiples de PE du marché et de ses pairs du Food HPC.Unilever reste un titre tombé dans l’oubli au regard de son niveau de PE relatif qui est l’un des plus en retrait par rapport à sa moyenne historique. Le S1 et la grande qualité de la conf call d’hier soutiennent le regain de crédibil...

Pierre Tegner

Unilever Nv : Un S1 qui devrait marquer une inflexion sur le titre : très bonne surprise sur la croissance organique (-0.1%) et la progression de la marge (+60 pb)

>A contre-pied : réaction positive attendue - Contre toute attente, les résultats du S1 sont une véritable surprise tant en termes de croissance organique que de marge opérationnelle. Unilever est l’un des sous-performeur de la crise au sein des staples parce que le groupe a été rapidement identifié comme celui qui cumule le plus de vents contraires (restauration collective dans les glaces et le Food, Prestige Beauty exposé aux 2/3 à la distribution spécialisée, Inde/...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Ayachi
  • Hana Jomni
  • Jean Danjou
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Olfa Taamallah
  • Oussema Ettaieb
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/10/2020

...

Alain William ...
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Ayachi
  • Hana Jomni
  • Jean Danjou
  • Maissa Keskes
  • Martin Marandon-Carlhian
  • Olfa Taamallah
  • Oussema Ettaieb
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Slim Bouasker
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/09/2020

...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/24/2020

The shock caused by the COVID-19 pandemic is much bigger than the previous impacts seen since the Bureau Veritas IPO (October 2007), whether from the financial crisis (2008-2009), the sudden drop in oil prices (2014-2015) or the trade war (2019). Q2 2020 results will show historically large organic declines (double digits in some cases) even though sector groups theoretically have resilient and diversified profiles. Eurofins and Bureau Veritas are our Top Picks. We downgrade Applus to...

Antoine Boivin-Champeaux ...
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 24/07/2020

Le choc du COVID-19 dépasse largement les précédents impacts négatifs rencontrés depuis l’introduction en Bourse de Bureau Veritas (octobre 2007), que ce soit la crise financière (2008-2009), la chute brutale du cours du pétrole (2014-2015) ou la guerre commerciale (2019). Ces T2 2020 auront un caractère historique par l’ampleur de leur régression organique (à deux chiffres parfois) malgré des profils théoriquement résilients et diversifiés. Eurofins et Bureau Veritas sont nos valeurs...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/23/2020

...

With a more favourable environment, UNILEVER improves to Positive

UNILEVER (NL), a company active in the Personal Products & Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date September 18, 2020, the closing price was EUR 50.98 and its potential was estimated at EUR 55.79.

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