Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Unilever PLC. Global Credit Research- 08 Jun 2020. Milan, June 08, 2020-- Moody's Investors Service has completed a periodic review of the ratings of Unilever PLC and other ratings that are associated with the same analytical unit.
Markets at key inflection point Global markets are at a key inflection point as investors await the first Fed rate cut since 2008 in an effort to keep the economy on track and stave off uncertainties relating to global growth and trade. Over the past couple of weeks the market has been in wait-and-see mode in anticipation of this Wednesday's Fed announcement. Earnings have been the focal point, but the S&P 500 has been virtually unchanged. That is all likely to change following the Fed rate cut...
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Unilever PLC. Global Credit Research- 18 Jul 2019. Milan, July 18, 2019-- Moody's Investors Service has completed a periodic review of the ratings of Unilever PLC and other ratings that are associated with the same analytical unit.
In the first quarter of 2019, Unilever grew its top line at a whisker below our forecast for the full-year rate, but at this early stage, we are maintaining our estimates and our EUR 52 fair value estimate. The market reaction to the update has been positive, and after a strong performance in the stock during the last 12 months, the market price is now close to our fair value estimate. We are reiterating our wide moat rating, which was evident this quarter through Unilever's ability to generate ...
In the first quarter of 2019, Unilever grew its top line at a whisker below our forecast for the full-year rate, but at this early stage, we are maintaining our estimates and our EUR 52 fair value estimate. The market reaction to the update has been positive, and after a strong performance in the stock during the last 12 months, the market price is now close to our fair value estimate. We are reiterating our wide moat rating, which was evident this quarter through Unilever's ability to generate ...
In the first quarter of 2019, Unilever grew its top line at a whisker below our forecast for the full-year rate, but at this early stage, we are maintaining our estimates and our EUR 52 fair value estimate. The market reaction to the update has been positive, and after a strong performance in the stock during the last 12 months, the market price is now close to our fair value estimate. We are reiterating our wide moat rating, which was evident this quarter through Unilever's ability to generate ...
Amid fragmentation in consumer profiles and retail and marketing channels, along with lower barriers to entry for startups, most consumer staples multinationals are fighting strong organic growth headwinds, and many are cutting costs in order to spend to drive growth. With value growth in most categories currently running at little more than 2%, not all of the large caps will be successful in regenerating growth to the 4%-5% range they used to enjoy. In the case of Unilever, however, we think th...
Unilever reported sales growth for 2018 that was slightly softer than our assumptions, but a strong margin performance meant that EBIT came in above our forecast. The variance to our forecasts has no material impact on our EUR 52 fair value estimate for the Amsterdam-traded shares, although we may lower our near-term forecasts to account for the strength of the euro. Our view that Unilever is playing the hand it has been dealt quite well is unchanged. We believe Unilever offers modest upside to ...
Unilever reported sales growth for 2018 that was slightly softer than our assumptions, but a strong margin performance meant that EBIT came in above our forecast. The variance to our forecasts has no material impact on our EUR 52 fair value estimate for the Amsterdam-traded shares, although we may lower our near-term forecasts to account for the strength of the euro. Our view that Unilever is playing the hand it has been dealt quite well is unchanged. We believe Unilever offers modest upside to ...
Unilever reported sales growth for 2018 that was slightly softer than our assumptions, but a strong margin performance meant that EBIT came in above our forecast. The variance to our forecasts has no material impact on our EUR 52 fair value estimate for the Amsterdam-traded shares, although we may lower our near-term forecasts to account for the strength of the euro. Our view that Unilever is playing the hand it has been dealt quite well is unchanged. We believe Unilever offers modest upside to ...
Unilever announced the acquisition of GSK's health food drinks portfolio for EUR 3.3 billion, payable primarily through its shares in its Indian subsidiary Hindustan Unilever, or HUL, as well as around EUR 470 million in cash. We think the deal is very rich, at a stated post synergy valuation of under 20 times EV/EBITDA, but the firm expects the acquisition to be accretive to ROIC by year 4. Separately, Unilever announced that CEO Paul Polman is retiring at the end of this year and will be repla...
Unilever announced the acquisition of GSK's health food drinks portfolio for EUR 3.3 billion, payable primarily through its shares in its Indian subsidiary Hindustan Unilever, or HUL, as well as around EUR 470 million in cash. We think the deal is very rich, at a stated post synergy valuation of under 20 times EV/EBITDA, but the firm expects the acquisition to be accretive to ROIC by year 4. Separately, Unilever announced that CEO Paul Polman is retiring at the end of this year and will be repla...
Unilever is on track to meet our full-year forecasts, with underlying sales growth of 3.8% in the third quarter. On a reported basis, underlying sales have grown by 3% year-to-date, and are down 3.6% on a reported basis (excluding spreads), 40 basis points above our full-year estimates. We are reiterating our wide moat rating, our EUR 52 fair value estimate for the Amsterdam-traded shares, and we have not made any material changes to our cash flow estimates. We believe Unilever offers modest ups...
Unilever is on track to meet our full-year forecasts, with underlying sales growth of 3.8% in the third quarter. On a reported basis, underlying sales have grown by 3% year-to-date, and are down 3.6% on a reported basis (excluding spreads), 40 basis points above our full-year estimates. We are reiterating our wide moat rating, our EUR 52 fair value estimate for the Amsterdam-traded shares, and we have not made any material changes to our cash flow estimates. We believe Unilever offers modest ups...
The number for CSPP yesterday showed that despite a decent weekly purchase amount at €848m it was still unable to stem the widening trend last week as curves steepened by up to 7bp and spreads in defensive names such as utilities also saw up to 10bp widening. The €848m was actually decent from a secondary perspective, primary activity that settled last week was close to €12bn and about €10bn was eligible, but only the new BMW deal ISINs were added to the list but other deals were absent....
Unilever's revenue growth over the first half of this year was disappointing, even after the company warned of lower growth in June due to a transport strike in Brazil. Positively, Unilever's underlying operating margin grew 80bp to 18.6% and is moving in on the 20% target set for 2020. We do not expect spreads to move against the market on the back of today's release.
Unilever narrowly missed our forecast due to a strong currency headwind in the first half of the year. Underlying trends were in line with our forecasts, but with second-quarter organic sales growth of just 1.9%, this is nothing to shout about, and is confirmation that the global consumer environment remains very challenging. We are not as bullish as we were on Unilever, following a rebound in the stock from its late-first-quarter lows, but we believe a modest amount of upside remains, and we th...
Unilever narrowly missed our forecast due to a strong currency headwind in the first half of the year. Underlying trends were in line with our forecasts, but with second-quarter organic sales growth of just 1.9%, this is nothing to shout about, and is confirmation that the global consumer environment remains very challenging. We are not as bullish as we were on Unilever, following a rebound in the stock from its late-first-quarter lows, but we believe a modest amount of upside remains, and we th...
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