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...
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