Undervalued Unilever Posts Solid but Not Spectacular 1Q Sales Growth
Unilever's first-quarter sales update was very close to both our estimates and consensus, with underlying sales growth in the core business (excluding spreads) of 3.7%. The more significant news was the announcement of an 8% increase in the dividend, above our expectation, and a EUR 6 billion share-buyback program. We think this will create value for shareholders, as we regard Unilever as undervalued, with over 10% upside to our fair value estimate. We are reiterating our EUR 52 valuation and ou...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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