Sale of Spreads Has No Impact to Valuation; Limited Upside Remains to Unilever
Unilever's disposal of its Spreads business was executed at a valuation in line with our forecasts, and we maintain our EUR 52 fair value estimate for the Amsterdam-traded share class. The operating environment remains challenging in commodified food and home and personal care categories, but we think Unilever is adopting the right approach to rise to the challenge of increasing competition, and that its wide economic moat should remain intact through ongoing channel shifts in some categories. A...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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