Unilever PLC : H1 better than expected with resilient volumes in Q2 and an unexpected improvement in the operating margin
>Positive reaction anticipated despite still timorous targets - Outperform rating maintained with a target price of € 58. The good operational performance in H1 remains a support but we above all see a medium/long-term refocusing movement based around consumer care (home care, personal care and consumer health) which should provide leverage for a re-rating on the share which remains valued as a hybrid stock with a 2024e PER of 16.5x. The very good H1 performance...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.
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.
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