Report
Philip Gorham, CFA, FRM
EUR 101.80 For Business Accounts Only

Unilever's Corporate Restructuring Neutral to Valuation; We Remain Constructive on Margin Expansion

We do not believe Unilever's decision to rationalize its equity structure into a single legal entity, to be based in the Netherlands, is material to the company's valuation, and we are reiterating our EUR 52 fair value estimate of the Amsterdam-traded shares. Unilever's beauty and personal care and home care divisions will remain located in London, and the firm will maintain its listings in the U.K. and the U.S.
There are several reasons why the decision to locate the single headquarters in the ...
Underlying
Unilever NV ADR

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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