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Pierre Sookiew
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Graduated from Audencia Nantes School of Management (France). CFA Level I passed in December 2012. I have developed a strong interest in finance through my curriculum and I am particularly interested in equities. I have work experience in corporate and investment banking and in financial... More
  • Unilever, Geographical Mix And Food Divestments As Catalysts  0 comments
    Jul 4, 2013 4:04 PM | about stocks: UN

    Elevator Pitch

    Hybrid food and home and personal care company, with a strong exposure to emerging markets (55% of sales)

    Thesis & Catalyst For Unilever NV (NYSE:UN)

    •Unilever aims to grow by 5-7% annually amid the benefit of geographical mix as well as a focus on innovation and improve margin expansion and cash flow

    •Its personal care business is very dynamic, which has posted double-digit growth for the last few quarters.

    •While developing markets growth was up an impressive 10.4%, developed market was sluggish due to a tough macro environment, with like-for-like sales falling by 1.9%. Sales in North America were up just 0.3% and sales in Europe declined by 3.1%.

    •The disposal of its food division, which, along with the recent activity surrounding Heinz, is likely to support the stock (indeed, ultimately see a rump business focused on emerging markets and personal care listed in India or China). Foods contribution continues to decline, now accounting for just 27.7% of group sales, down from 29.4% last year,

    Variant View

    •Headwinds: commodity cost inflation, uncertain macro-economic environment



    Per share data in EUROS 2008 2009 2010 2011 2012
    EPS adjusted 1.23 1.20 1.43 1.46 1.61
    % Change -18.2% -2.7% 19.2% 2.3% 10.5%
    EPS adjusted and fully diluted 1.19 1.16 1.38 1.41 1.57
    % Change -18.1% -2.7% 19.3% 2.3% 10.7%
    EPS reported 1.79 1.21 1.51 1.51 1.58
    % Change 32.3% -32.6% 25.2% 0.1% 4.9%
    EPS Consensus          
    Cash flow per share 1.38 2.06 1.95 1.94 3.01
    Book value per share 3.54 4.31 5.15 5.08 5.36
    DPS 0.77 0.82 0.88 0.90 0.97
    Number of shares, YE (m) 3,024.9 3,024.9 3,024.9 3,024.9 3,024.9
    Number of shares, fully diluted, YE (m) 2,885.6 2,909.0 2,905.1 2,908.1 2,908.1
    Stocks: UN
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