Report
Pierre Tegner

Unilever Nv : 2018 EPS forecast up +3.6% due to forex and the exit from the spreads business. Wait-and-see on pricing and margin growth in 2019

>Two uncertainties: the magnitude of the improvement in operating margin in 2019 and the impact of price increases - The group is due to report its 2018 results on 31 January (before the market open). Over and above the high valuation (not in terms of P/E but EV/EBITDA!), at this stage upside on the share price appears to depend upon two areas of uncertainty: 1/ the scale of the price increases with their impact on volumes and 2/ the pace of the improvement in the ope...
Underlying
UNILEVER N.V.

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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