Sales Growth Still Sluggish, but Unilever Makes Progress on Profitability in 2018
Unilever reported sales growth for 2018 that was slightly softer than our assumptions, but a strong margin performance meant that EBIT came in above our forecast. The variance to our forecasts has no material impact on our EUR 52 fair value estimate for the Amsterdam-traded shares, although we may lower our near-term forecasts to account for the strength of the euro. Our view that Unilever is playing the hand it has been dealt quite well is unchanged. We believe Unilever offers modest upside to ...
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