Volume Growth Evaporates in 3Q for Unilever, but Operating Changes Should Help
We have confidence in Unilever's ability to deliver on its 2020 growth and profitability objectives, but the company's third-quarter update showed that it remains a long way from achieving those targets. Organic growth of 2.6% on 0.2% volume growth just missed our forecast, and we have lowered our full-year growth assumptions to the low end of management's 3%-5% guidance, although the change does not affect our EUR 52 fair value estimate for the Amsterdam-traded shares. Although organic growth r...
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