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 PLC

Unilever is a consumer goods manufacturing group based in the United Kingdom. Co. is engaged in supplying consumer goods in the refreshments, foods, home and personal product categories. Co. supplies its consumers product for nutrition, hygiene and personal care and is active in emerging markets in Asia, Africa, Central & Eastern Europe and Latin America. Co.'s portfolio includes such well-known brands as Knorr, Lipton, Hellmann's, Magnum, Omo, Dove, Lux and Axe/Lynx. Co. manages its brands under the following four category headings: savoury, dressings and spreads; ice cream and beverages; personal care; and home care. Co.'s products are sold in over 190 countries around the world.

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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