Unilever PLC : Operating margin more resilient than expected in H1, poorly anticipated by the consensus
>Outperform maintained - Outperform maintained with a target price of € 58 based on a 12-mth fwd target PER of 20x. The 2022e PER of 18x is justifiable for a hybrid group but upside hinges on the credibility of the strategic refocus. In this regard, the recent appointment of Nelson Peltz to the board (effective as of 20 July) is an additional signal of the determination to refocus which will put an end to the group's strategic dispersion (food, personal care, home car...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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