Report
Pierre Tegner

Unilever Nv : Back to business! End of distractions, 3 years after KHC – Buy vs Neutral

>Buy vs Neutral: back to business and unprecedented lag in valuation - Buy vs Neutral with a target price of € 59 (DCF and target PER of 20x for 2021e). Three years after the rejection of KHC’s bid (17 February 2017), we think that the stock is set to emerge from two years of inertia. Unilever allowed itself to become too distracted by the solution it needed to find after rejecting KHC’s takeover bid at a time when some of its peers were accelerating their transforma...
Underlying
Unilever NV

Unilever is engaged in the supply of consumer goods in foods, household care and personal products. Co.'s activities are carried out through four categories: Personal Care, sales of skin care and hair care products, deodorants and oral care products; Home Care, sales of home care products, such as powders, liquids and capsules, soap bars and a range of cleaning products; Foods, sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads; and Refreshment, sales of ice cream and tea-based beverages. Co.'s products are sold in over 190 countries around the world.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Pierre Tegner

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