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

Unilever NV

Unilever NV

Virginie Roumage

UNILEVER: Still expected to outperform food peers in 2019 | BUY | EUR55

UNILEVER - BUY | EUR55(+16%) Still expected to outperform food peers in 2019 Q4 miss due to Argentina Top line outlook on the low side vs consensus Confirmation of 2020 EBIT margin guidance Minor change in estimates

Philip Gorham

Morningstar | Sales Growth Still Sluggish, but Unilever Makes Progress on Profitability in 2018

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 its current market price, although currencies and inflation in several commodities including packagi...

Philip Gorham

Sales Growth Still Sluggish, but Unilever Makes Progress on Profitability in 2018

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 NV

Unilever NV

Virginie Roumage

UNILEVER: Still expected to outperform food peers in 2019 | BUY | EUR55

UNILEVER - BUY | EUR55(+16%) Still expected to outperform food peers in 2019 Q4 miss due to Argentina Top line outlook on the low side vs consensus Confirmation of 2020 EBIT margin guidance Minor change in estimates

Philip Gorham

Morningstar | Sales Growth Still Sluggish, but Unilever Makes Progress on Profitability in 2018

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 its current market price, although currencies and inflation in several commodities including packagi...

Philip Gorham

Sales Growth Still Sluggish, but Unilever Makes Progress on Profitability in 2018

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 ...

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. reduced its risk exposure resulting in an upgrade to Slightly Positive

UNILEVER DUTCH CERT. (NL), a company active in the Personal Products industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date January 11, 2019, the closing price was EUR 46.88 and its potential was estimated at EUR 51.52.

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/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...

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

Coffee, Croissants & Credit/UK banks stress test, Uniper, EDF and Unilever

The Bank of England published its stress test results for UK banks yesterday. All banks cleared the tests but Lloyds Banking Group (LLOYDS) and Barclays (BACR) come out looking weaker versus their UK peers. Barclays and Lloyds will not be required to raise additional capital, however, as they clear the hurdle rates set by the Bank due to the strategic management actions and AT1 conversion. Lloyds and Barclays were also among the weakest banks in the EBA stress tests, the results of which were published earlier this month. We would avoid especially the more risky debt instruments of these issue...

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

Coffee, Croissants & Credit/Unilever, Nestlé, Carrefour, Pernod Richard, Telia and ArcelorMittal

Unilever (UNANA) reported on 3Q18 sales, which we see as broadly neutral for spreads. Turnover came in at €12,529m with underlying sales growth (USG) of 3.8%. Sales were down 4.8% on a reported basis due to a 5.2% negative FX impact and a negative 3.3% impact from disposals (mainly the Spreads business). Price growth in Argentina was excluded from the growth figures provided today due to its hyperinflationary environment. (For full story, download report)

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

Coffee, Croissants & Credit/Unilever abandons simplification plan

Following strong opposition from (mainly) UK investors, Unilever (UNANA) decided to abandon its plan to move to a single headquarters located in the Netherlands. Unilever stated that despite a period of engagement with shareholders and widespread support for simplification, the plan did not receive support from a significant group of investors. The move would have involved delisting from the FTSE100, which investors feared would cause forced selling. One of the reasons for simplification was that it would have made it easier to engage in M&A, which was complicated by having two sets of shares....

Loic Morvan ...
  • Virginie Roumage

HPC: Favouring L’Oréal and Unilever in 2019

HPC Favouring L’Oréal and Unilever in 2019 Beauty: strong dynamism driven by emerging markets The Home Care market: Asia Pacific and automatic dishwashing driving growth

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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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