Unilever - Solid volumes, gross margin recovering
Sales and margins exceeded expectations, offset by a higher than expected forex impact. Outlook in line with our expectation, but consensus could move up by some 2%. Despite the progress on volumes and gross margin, the company is not happy with the performance and is aiming for further improvement. We maintain our Hold rating and TP of EUR 51.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.
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