Unilever - Sales and margins beating
Q2-23 underlying sales growth and H1-23 underlying margin exceeded expectation, resulting in a 38% beat in adj EPS for H1-23.We expect the margin outlook to be the key focus point of today's conference call, and we expect estimates for operating profit to go up by at least 5%We maintain our Hold rating but raise our 12m TP to EUR 55Unilever 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.
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