After the Netherlands Relocation Debacle, Unilever Reports in Line 3Q
Unilever is on track to meet our full-year forecasts, with underlying sales growth of 3.8% in the third quarter. On a reported basis, underlying sales have grown by 3% year-to-date, and are down 3.6% on a reported basis (excluding spreads), 40 basis points above our full-year estimates. We are reiterating our wide moat rating, our EUR 52 fair value estimate for the Amsterdam-traded shares, and we have not made any material changes to our cash flow estimates. We believe Unilever offers modest ups...
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