Report
Philip Gorham, CFA, FRM
EUR 147.86 For Business Accounts Only

Unilever is a secular share gainer, but intracategory competition may continue to grow.

Unilever's second-quarter organic sales growth of 4.7% was bang in line with our forecast and the first quarter, although we slightly underestimated the extent to which currency movements would drag down reported results. We are reiterating our EUR 40 and $44 respective fair value estimates for the Amsterdam-traded shares and their ADR counterparts, as well as our GBX 3,250 and $44 respective fair value estimates for the London-traded PLC shares and their ADR counterparts. Unilever's wide moat r...
Underlying
UNILEVER N.V.

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.

Provider
Morningstar
Morningstar

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.

Analysts
Philip Gorham, CFA, FRM

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