Unilever - Sales growth beating, FY guidance maintained

Underlying sales growth exceeded expectations with both volume growth and price beating. Unilever maintained its FY24 guidance, expecting an increasing contribution from volume growth.Based on the Q1 trading update we expect to marginally raise our estimate for underlying sales, and also CSS to move up, but bottom line impact to be limited.We maintain our Hold rating and TP of EUR 51 p/s

Unilever - Separating Ice Cream, more restructuring

Unilever announced to separate Ice Cream in order to accelerate its Growth Action Plan. It also announces a new restructuring plan.We welcome the separation, but regret more restructuring charges. We also would have liked Unilever to step up its growth ambitions.We maintain our Hold rating. 

Benelux Morning Notes

ArcelorMittal: 4Q23 EBITDA beats by 5%, solid FCF. Ayvens: Messier than expected. Barco: 2H23 results, less topline decline, weak cash generation. Flow Traders: Low Flow. KBC: 4Q reasonable, DPS low, new targets show cost drive, NII 2024 guidance in line. Lotus Bakeries: Opening of its first production facility for Näkd. Montea: FY results in line, further fiscal one-offs might drive more generous dividend. Ontex: Out of the shadow, into the light. Recticel: Peer Rockwool FY23 re...

Unilever - Solid volumes, gross margin recovering

Sales and margins exceeded expectations, offset by a higher than expected forex impact. Outlook in line with our expectation, but consensus could move up by some 2%. Despite the progress on volumes and gross margin, the company is not happy with the performance and is aiming for further improvement.  We maintain our Hold rating and TP of EUR 51. 

Orkla ASA - Mergers & Acquisitions (M&A), Partnerships & Alliances

Summary Marketline's Orkla ASA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Orkla ASA - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a...

Unilever N.V.: 1 director

A director at Unilever N.V. bought 1,411 shares at 43.840EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

Benelux Morning Notes

Arcadis: Good results, Places reasonably solid. Belysse: A decent quarter, outlook revised down slightly. BESI: 2H23 in line, strong 2024 prospects. CM.com: 3Q23 trading update, continued gross profit growth. Corbion: Death by a thousand cuts. Flow Traders: Strong revenue capture overpowers lower volumes. Fugro: Strong 3Q and resumption of dividend. Kinepolis: Very strong 3Q23, net debt down €28m, EBITDAL YTD in excess of 2019. Unilever: New management, new strategy. Xior Stude...

Unilever - Sales in line, new action plan and new CFO

Underlying sales growth was in line with expectations although volumes were somewhat weakFernando Fernandez becomes the new CFO, Hanneke Faber (Nutrition) will leave the company. Unilever also announced a new action plan, to improve its performanceWe maintain our Hold rating but lower our TP to EUR 51 to reflect lower peer group multiples

Unilever/Turning the corner/BUY

Unilever reported its first half results today and upgraded its Underlying Sales Growth (USG) guidance for 2023 while maintaining its margin guidance. We have updated our estimates for the year with a 6.3% increase in revenue and 4% increase in net profit. We believe that the company is being overly conservative on the margin outlook and maintain our 12-month target price of €58.90. At €58.90, Unilever would be trading on a 2023F PER of 20.9x, comparing favourably with the peer group average of ...

Unilever - Sales and margins beating

Q2-23 underlying sales growth and H1-23 underlying margin exceeded expectation, resulting in a 38% beat in adj EPS for H1-23.We expect the margin outlook to be the key focus point of today's conference call, and we expect estimates for operating profit to go up by at least 5%We maintain our Hold rating but raise our 12m TP to EUR 55

Orkla ASA - Strategy, SWOT and Corporate Finance Report

Summary Orkla ASA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Orkla ASA (Orkla) is a supplier of branded consumer goods and concept solutions to grocery, bakery and out-of-home markets. The company’s products portfolio includes margarine and butter blends, mar...

Benelux Morning Notes

DWS: Positive inflows, but lower margins. Kinepolis: Strong start to the year confirmed. Telenet Group: Weak start to the year but guidance confirmed. Unilever: Raising the volume. Universal Music Group: 2% better sales and EBITDA, helped by strong physical sales

Bryan, Garnier & Co Consumer Daily | HFG, DHER, PERP, BIC, AVQ, ULVR

Bryan, Garnier & Co Consumer Daily | RBREW, SFER, French Food

Heading towards an 18-20% peak in French food inflation by June

As the annual negotiations round is closing in France with price increases of c.10% granted by food retailers to food manufacturers, we foresee a food inflation peak of 18-20% by June. This inflation level fuels our cautious stance on French food retailers with mounting risks of: i) further volume

New York's Always Hopeful: CAGNY Feedback

CAGNY is back, providing insight into the Consumer Sector! In this note, we summarise the key takeaways for Staples and read-across for the Food, HPC, Beauty and Ingredients companies that we cover.

Bryan, Garnier & Co Consumer Daily | RBREW, ABI, CAGNY, BEI, TKWY, Eye...

Benelux Morning Notes

AEGON: 4Q22 - unexpected SBB, strong RBC US ratio at 428%. Arcadis: Prestigious contract in Germany. ArcelorMittal: In-line 4Q22 EBITDA, strong beat on cash and supportive outlook. Barco: Beat on top line/profitability but weak FCF. Fagron: 2H22 REBITDA beat on limited Boston dilution, organic growth stalls in 4Q22. Flow Traders: American Beat. KBC: 4Q22 beat, 2025 targets well above consensus, capital distributions to wait to 1Q23. Marel: 4Q22 EBIT beats, dividend lower, keeps 202...

Credit Outlook: Our 23 calls for 2023/A kind of magic

This year the title a kind of magic represents the sparkle that is present in credit markets. Turbulence will be the name of the game driven by energy prices, inflation, recession, a changing rate environment and a cost-of-living crisis. It's a kind of magic which compensates all that misery, and that magic is quite simply valuations.

Benelux Morning Notes

AB InBev: The Bee's Knees. AEGON: Spin-off of Dutch ops, becoming more of a US company. Arcadis: Early retirement overshadows good numbers. ASR: Buying AEGON's Dutch ops: a great deal unlocking potential. Belysse: A new name but a familiar picture. Corbion: Sugar fuelled. Healthcare real estate: Update on Orpea, implications for Cofinimmo and Aedifica. Kinepolis: Visitors on the low side, as feared. Shell plc: Results as expected but gas gets the focus. Telenet: 3Q22 slightly ...