Solid First Half With Margin Expansion for Unilever; Raising FVE Slightly
Unilever's first-half performance showed that our margin expansion thesis is intact, and strong sales growth in Asia meant that the company modestly exceeded our expectations on the top line. Significantly, this flowed through the income statement to earnings, and we are raising our fair value estimate a touch to EUR 52 per Amsterdam-traded ordinary share. Although organic growth remains below historical levels, Unilever's entrenched position in the supply chain of its retailers, the source of i...
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