Volume Decline Points to Price Sensitivity in Unilever's Core Categories; Wait for Margin of Safety
Unilever's full-year decline in sales of 1% was a whisker below our assumption of a 0.6% decline, but margins were in line with our forecast. Nothing in the earnings release indicated any material divergence from our cash flow forecasts, and any change to our EUR 40 fair value estimate for the Amsterdam-traded shares is likely to be limited to the impact of the time value of money. Unilever is going through a period of slightly subpar performance, with sluggish organic volume growth raising ques...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.
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