Unilever’s 1Q Good Enough in Low-Growth Environment; Shares Fairly Valued
Unilever reported 2.9% underlying sales growth in first-quarter 2017, a rate that exceeded consensus estimates and keeps the firm on track to meet our full-year estimate of 3% organic growth. We reiterate our EUR 50 and GBX 4,200 respective fair value estimates for the Amsterdam- and London-traded share classes, as well as our wide economic moat rating. It is a sign of the times that an organic growth rate of under 3% is exceeding investors’ expectations. In Unilever’s case, it is volumes that a...
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