Report
Pierre Tegner

Unilever Nv : Sales warning: an argument offered to those advocating a margin reset

>A heavily sanctioned sales warning - The sales warning of Tuesday, 17 December for 2019 and 2020 triggered a 6.5% fall in the share price with a de-rating in PE of 4% and an impact on the consensus of 2020e EPS of -2% (all other things being equal). This reaction may appear exaggerated if we place it in perspective with the share’s underperformance vs SXQE over the last two years. It looks less so in a context of a hyperpolarisation of the valuation of Food HPC stoc...
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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