Unilever N.V. CVA

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.
  • TickerUNA
  • ISINNL0000009355
  • ExchangeEuronext Amsterdam
  • SectorPersonal Goods
  • CountryNetherlands

Analysts

Virginie Roumage

UNILEVER: Q1 better than expected due to Americas | | EUR57

UNILEVER - | EUR57(+12%) Q1 better than expected due to Americas 3.1% organic sales growth in Q1 Americas improved Unchanged trend in Asia/AMET/RUB …and Europe Outlook

Philip Gorham

Morningstar | Home Care and Asia to the Rescue for Unilever in Otherwise In-Line 1Q

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 growth in developed markets, albeit modest growth. First-quarter consolidated organic sales growth ...

Philip Gorham

Home Care and Asia to the Rescue for Unilever in Otherwise In-Line 1Q

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 ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Nestle, Unilever, Pernod, Deutsche Bank

Nestlé (NESNVX) reported sales that beat estimates this morning. Revenue for the group came in at CHF22,183m (consensus: CHF22.1bn) Organic growth was 3.4% against consensus of 2.8% and FY18 growth of 3.0%. Real internal growth (RIG), i.e. volumes, were up 2.2% (cons.: 1.7%), while pricing added 1.2% on the back of increases in Brazil and the US. Guidance for the year ahead was confirmed with a continued improvement in organic sales growth. The underlying trading operating margin is expected to grow towards the 2020 target of 17.5-18.5% (FY18: 17.0%). We view today's announcement as neutral fo...

ING
Research Department

Benelux Morning Notes

Aedifica and Cofinimmo: Korian goes Dutch. Arcadis: Nice start to the year, cash and profit pivotal. Basic-Fit: beat on revenues and support for FY19 consensus. Beter Bed: Top line trend in Germany still negative. Gecina: Still 2% organic growth, ‘confidence' in guidance. Proximus: CEO says to expect no cut in dividend. Recticel: More information required from Kingspan. Sligro: Weak 1Q. Unilever: Good 1Q19 trading update

Virginie Roumage

UNILEVER: Q1 better than expected due to Americas | | EUR57

UNILEVER - | EUR57(+12%) Q1 better than expected due to Americas 3.1% organic sales growth in Q1 Americas improved Unchanged trend in Asia/AMET/RUB …and Europe Outlook

Philip Gorham

Morningstar | Home Care and Asia to the Rescue for Unilever in Otherwise In-Line 1Q

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 growth in developed markets, albeit modest growth. First-quarter consolidated organic sales growth ...

Philip Gorham

Home Care and Asia to the Rescue for Unilever in Otherwise In-Line 1Q

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 ...

ING
Research Department

Benelux Morning Notes

Aedifica and Cofinimmo: Korian goes Dutch. Arcadis: Nice start to the year, cash and profit pivotal. Basic-Fit: beat on revenues and support for FY19 consensus. Beter Bed: Top line trend in Germany still negative. Gecina: Still 2% organic growth, ‘confidence' in guidance. Proximus: CEO says to expect no cut in dividend. Recticel: More information required from Kingspan. Sligro: Weak 1Q. Unilever: Good 1Q19 trading update

ING
Reginald Watson, CFA

Unilever/1Q19 preview, target price reduced

With the publication of company compiled consensus ahead of the 1Q19 trading update, we summarise the difference between INGF and consensus expectations in the table below. We also reduce our 2020 EPS forecast as we no longer factor in any further share buybacks. This leads us to reduce our 12-month target price from €62.00 to €57.38.

1 director sold

A director at Unilever N.V. sold 12,000 shares at 49.910EUR and the significance rating of the trade was 98/100. 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 showing Close periods where trading activity is restricted under listing rules. The names of board ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/31/2019

This report assesses the consequences for BMW and Daimler of a “possible” scenario: an increase in US tariffs on imports from Europe (from 2.5% to 15%) and a decline in Chinese tariffs (from 25% to 15% irrespective of the origin). We estimate: i) the impact on EBIT at -€ 1.2bn for both, i.e. respectively 15% and 10%, and ii) the impact on the valuation at -€ 13.9bn and -€ 14.9bn, which are impressive figures but not realistic. Any increase in US tariffs would result in the relocation ...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Olivier Lebrun
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/29/2019

The stock has significantly underperformed the sector since the end of 2017, following the acquisition of XL Group. We believe that the current discount to the sector (over 25%) is unjustified. The prospect of favourable 2019 results and the group’s deleveraging should support its re-rating. AXA is part of our Oddo BHF Large Cap Convictions List; we revised our target price up to € 28 at the end of 2019. - See report published this morning. - ...

Alfred Glaser ...
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Olivier Lebrun
  • Pierre Tegner
  • Samantha Jeary
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 29/01/2019

Le titre a fortement sous-performé le secteur depuis fin 2017, du fait de l’acquisition de XL Group. La décote actuelle par rapport au secteur (de plus de 25%) nous semble injustifiée. Les perspectives de résultats 2019 favorables et le désendettement du groupe devraient favoriser le re-rating du titre. AXA fait partie de notre liste de Convictions Oddo BHF large cap et nous avons un objectif de cours à fin 2019 revu à 28 €. Cf étude publiée ce matin. - ...

Antoine Boivin-Champeaux ...
  • Christophe Chaput
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/30/2018

...

Antoine Boivin-Champeaux ...
  • Christophe Chaput
  • Pierre Tegner
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/11/2018

...

UNILEVER DUTCH CERT. loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of UNILEVER DUTCH CERT. (NL), active in the Personal Products industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date April 16, 2019, the closing price was EUR 50.85 and its potential was estimated at EUR 53.58.

Unilever NV

Unilever NV

Unilever NV

Unilever NV

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Nestle, Unilever, Pernod, Deutsche Bank

Nestlé (NESNVX) reported sales that beat estimates this morning. Revenue for the group came in at CHF22,183m (consensus: CHF22.1bn) Organic growth was 3.4% against consensus of 2.8% and FY18 growth of 3.0%. Real internal growth (RIG), i.e. volumes, were up 2.2% (cons.: 1.7%), while pricing added 1.2% on the back of increases in Brazil and the US. Guidance for the year ahead was confirmed with a continued improvement in organic sales growth. The underlying trading operating margin is expected to grow towards the 2020 target of 17.5-18.5% (FY18: 17.0%). We view today's announcement as neutral fo...

ING
Hendrik Wiersma ...
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Benelux Credit Digest/Issuer Profiles

Once again, it is with great pleasure that we present the eleventh edition of our Benelux Credit Digest, our annual overview of the key fundamentals and credit metric developments of the most important corporate and financial credits in Belgium, the Netherlands and Luxembourg.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/E.ON, Unilever and Nestlé

Consumer Products: According to reports on Bloomberg, Unilever (UNANA) has been invited to participate in the second round of bidding for Nestlé's (NESNVX) Skin-Health unit. Also L'Oreal and several private equity firms are still in the race. The unit was put up for strategic review last October as it is viewed as non-core to Nestlé's business and is suffering from competition from generics. The unit is said to fetch between US$8bn and US$10bn. Assuming the unit runs at the same EBITDA margin as Nestlé overall, a sale at the high end of the price range would increase Unilever's net leverage fr...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Marcel Klok
  • Nadège Tillier
  • Philippe Ledent

BNLX + /European and BeNeLux credit value mapping

Strategy and Supply . Retracement of 2018 sell-off almost complete . Supply surprisingly robust on the back of US issuers . BeNeLux supply dominated by ABIBB $ trade . We like the 2022-25 part of the curve, selective BBB exposure advised . TLTRO announcement increases the long odds of CSPP2

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Unilever, a.s.r., Royal Dutch, Engie and Orsted

Consumers: • Unilever (UNANA) has trumped other contenders in the contest to buy GlaxoSmithKline's Health Food Drinks portfolio in India, Bangladesh and 20 other countries in a deal that we view as credit neutral. The main part of the transaction involves Unilever's listed subsidiary Hindustan Unilever Limited (HUL) merging with publicly listed GSK Consumer Healthcare India in an all-equity deal. Due to the relatively small cash component of the deal (c.€639m), which is partly offset by the consolidation of GSK India, which has a net cash position of €457m according to Bloomberg data, we calcu...

MarketLine Department

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Summary Marketline's Coty Inc. 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 Coty Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights Thi...

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Mondelez International, Inc. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Mondelez International, Inc. 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 Mondelez International, Inc. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its compe...

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Tata Global Beverages Limited - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Tata Global Beverages Limited 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 Tata Global Beverages Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its com...

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Reckitt Benckiser Group plc - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Reckitt Benckiser Group plc 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 Reckitt Benckiser Group plc since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competi...

Expert Corporate Governance Service (ECGS)

Unilever NV - AGM 01 May 2019

In general, Unilever NV (Unilever) is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 3, approval is sought for the Company's remuneration report. As the maximum variable salary, in aggregate corresponding to 852% of annual base salary, substantially exceeds the threshold of 300% of annual base salary under its guidelines, ECGS recommends to vote OPPOSE. Under ITEMS 6-19, it is proposed to (re-)elect the board of directors. In view of concerns over aggregate time commitments, ECGS recommends to vote OPPOSE to the...

Unilever – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jérôme VINERIER

Short term view - UNILEVER NV : The trend is bullish.

The trend is bullish. The current fall looks like a consolidation. The support at €46.500 could cause a bullish reaction towards €48.600. The break of €44.778 would endanger the trend.

Jérôme VINERIER

Analyse court terme - UNILEVER NV : La tendance est haussière.

La tendance est haussière. La baisse en cours s'apparente à une consolidation. Le support à 46,500 € pourrait relancer le mouvement haussier vers 48,600 €. La rupture de 44,778 € mettrait la tendance en danger.

Matthieu DRIOL

Analyse court terme - UNILEVER NV : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, mais la tendance manque de puissance pour le moment. Le prochain support est à 46,850 €.

Matthieu DRIOL

Short term view - UNILEVER NV : The trend is uncertain.

The trend is uncertain. Prices are falling, but the trend is lacking power for the time being. The next support is at €46.850.

Matthieu DRIOL

Analyse moyen terme - UNILEVER NV : La correction gagne en vigueur.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 41,483 €.

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