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Share Name | Share Symbol | Market | Stock Type |
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Unilever Plc | ULVR | London | Ordinary Share |
Open Price | Low Price | High Price | Close Price | Previous Close |
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4,565.00 | 4,560.00 | 4,697.00 | 4,692.00 | 4,542.00 |
Industry Sector |
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FOOD PRODUCERS |
Top Posts |
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Posted at 22/11/2024 14:16 by philanderer Investor Event today must be going well.-------------------- Unilever invests to build world-class fragrance expertise in-house |
Posted at 08/11/2024 10:10 by anhar As an income investor and very long term holder I'm well aware that unfortunately quarterly divis remained unchanged at 42.68 eurocents for as long as 14 quarters between Q4 2020 and Q1 2024. In Q2 2024 it was raised 3% to 43.96€¢, which nowhere near makes up for the lengthy 3 1/2 year stasis of the payouts during which inflation did its business.Naturally this history is way better than cuts but imo ULVR is perhaps not quite the divi hero. The sterling values will differ due to fluctuating FX rates but it's the euro values that tell us the company's policy. |
Posted at 24/10/2024 10:07 by anhar What matters most to me as purely an income investor:Q3 divi 36.63p xd 07 Nov pd 06 Dec This is maintained at the raised Q2 level in euros, being their accounting currency. The sterling values will therefore fluctuate. |
Posted at 20/9/2024 17:56 by xtrmntr As befits their role as 'bond proxies', the attractions of consumer staples shares were damaged when interest rates have increased from record lows. At the same time, inflationary pressures have led consumers to trade down to private label options in the hunt for cheaper products.Companies have struggled to strike the right balance between volume and price; Procter & Gamble's (US:PG)'s sales volumes were flat in its latest financial year, while Nestlé's (CH:NESN) preferred real internal growth metric grew by just 0.1 per cent in its first half. But as base rates start to drop, some businesses are also starting to see belated operational progress. Unilever (ULVR) has delivered quarter-on-quarter volume growth over the past three periods, as chief executive Hein Schumacher (in post since July 2023) implements a fresh growth strategy in an attempt to improve earnings and margins after an underwhelming few years.A turnaround story under new management understandably excites the market, and the Marmite and Dove owner's share price has risen by almost a quarter over the past year. Change was badly needed; Schumacher's promise of "no major or transformational acquisitions" came after the attempted £50bn acquisition of GSK's (GSK) consumer arm in 2022 went down like a lead balloon with investors.The new plan has several parts: a focus on top brands (which deliver three-quarters of revenue and are higher-growth than the rest of the portfolio), a spin-off of the underperforming ice-cream arm, and a cost-cutting and productivity package. On the face of it, this looks encouraging. But rejuvenation narratives can sometimes deceive. Analysts at Bernstein have pointed to "the low odds of turnaround in this space", and Unilever's "own history of repeated turnaround hopes for at least the last 28 years". Saying that, the latest trading figures contained encouraging signs. Half-year results to 30 June saw a big operating profit margin beat and raised guidance. The gross margin was boosted by 420 basis points as management tries to return the metric to pre-pandemic levels. However, it remains the case that competitiveness needs to improve, judging by a turnover-weighted market share metric that remains flat.The question for income investors is what the new strategy means for dividends. Unilever's reliable payouts have made it an income stalwart. It has grown dividends per share at a compound annual growth rate of 5 per cent over the last decade nicely ahead of competitors.It's important to note that Unilever reports in euros, with investors holding the London-listed shares receiving dividends in pounds and those holding the Amsterdam-listed shares paid in euros. Dividend payments in pounds have, unsurprisingly, fluctuated because of currency movements. But a fully-fledged cut is essentially unheard of.Payouts are backed up by chunky free cash flow generation and a resilient balance sheet. Unilever delivered 7.1bn (£6bn) of free cash flow last year, allowing the return of 5.9bn to investors in dividends and buybacks. Analysts expect 6.9bn and 7.8bn of free cash flow to be posted in 2024 and 2025, respectively, rising to over 8bn in 2026. Net debt of around 25bn at the end of June, translating to a leverage ratio of 2 times, is manageable and doesn't present a risk to these plans.Combine these factors with the new strategy's hoped-for improved growth and earnings, and the conclusion might be that the payout outlook is rock solid. We expect dividends to grow in the coming years. There is some uncertainty about what Schumacher's new strategy means for future demands on capital expenditure and research and development spend, and the context of the planned hive-off of the ice cream business provides more complexity when thinking about future investor returns. This introduces some new risks into the equation, but the overall picture is promising.Dividend policy: A payout ratio above 60 per cent of underlying earnings. Yield: 3 per centPayment: QuarterlyLast cut: naAlternativeLike Unilever, Diageo (DGE) also has relatively new management. But the drinks giant's share price has moved in the opposite direction over the last year, as chief executive Debra Crew remains under pressure on the back of inventory headwinds in Latin America and weaker demand in the key North America market. In the latest annual results, revenue went backwards for the first time in four years and operating profits fell in four out of five markets. Despite these significant hangovers, analysts expect dividends to continue to grow, backed up by expectations for free cash flow to rise by almost $1bn (£766mn) between 2024 and 2027. |
Posted at 04/8/2024 12:58 by xtrmntr From Investors Chronicle Consumer staples giants Reckitt Benckiser (RKT) and Unilever (ULVR) are both attempting to divest from underperforming business areas as they focus on their top "power brands" in a bid to build market share, cut costs and fend off investor pressure.Last week, Reckitt announced plans to streamline operations and focus on a "high-growth, high-margin" core brand portfolio which delivered a 61 per cent gross margin in 2023 and a five-year like-for-like net revenue compound annual growth rate of 7 per cent.It aims to sell a portfolio of home care brands, including Air Wick, Mortein, Calgon and Cillit Bang, which contributed 13 per cent of net revenue last year. It is also examining "all strategic options" around its infant formula nutrition business Mead Johnson, which suggests a sale of the struggling unit it acquired for $17bn (£13bn) in 2017. The subsidiary posts almost a fifth of the company's net revenue.The fresh strategy under new chief executive Kris Licht is similar to the transformation plan at Unilever. Boss Hein Schumacher, who like Licht took the reins last year, is spearheading a growth plan which focuses on the company's 30 biggest brands. In the latest half, these contributed three-quarters of revenue and outperformed the rest of the business on underlying sales and volume growth. Unilever is also trying to split off its ice cream business, its smallest unit which delivers 15 per cent of revenue between brands Wall's, Magnum and Ben & Jerry's.Both companies have also taken the axe to employee numbers. Reckitt is aiming to cut its fixed cost base from 22 per cent to 19 per cent of net revenue, while Unilever is slashing 7,500 jobs and has guided for $800mn of cost reductions over three years. Restructuring charges are guided to come in £1bn in the three years to 2027 at Reckitt, and 1.2 per cent of revenue this year at Unilever.Plan potentialReckitt is the higher-margin business, which is the context in which Unilever's goal of achieving "a structurally higher margin" must be seen. For the six months to 30 June, Reckitt recorded an underlying operating margin of 24 per cent and gross margin of 61 per cent, compared to 20 per cent and 46 per cent, respectively, at its competitor.But the big question mark over Reckitt's strategy comes from ongoing legal headaches at Mead Johnson. Reckitt's shares were hit this week after infant formula rival Abbott Laboratories (US:ABT) lost a $500mn court case in Missouri over allegations it refused to warn that its products can cause the necrotising enterocolitis (NEC) bowel disease. Reckitt lost a $60mn case in Illinois on the issue in March, and more cases are incoming. It is increasingly uncertain if there will be interested buyers queuing up for the division.Analysts at Jefferies estimated that Reckitt's share price "is already discounting for $3.5bn of liability risk" for NEC issues in 2025. But with an NEC trial involving Reckitt kicking off in Missouri in September and multidistrict litigation (MDL) action building up, "that risk may be extended".By contrast, the removal of Unilever's ice cream arm is more straightforward, and would take out a low-margin part of the business which has caused internal legal headaches through subsidiary Ben & Jerry's attempts to stop sales in Israel. It could also help boost underlying sales growth to the higher end of management's 3-5 per cent target range, given the unit's relatively weak performance.Unilever reported a 420 basis point rise in gross margin alongside an increase to annual underlying operating margin guidance in its first half, and boosted brand investment ahead of peers, but margin recovery looks more difficult in the near-term.Analysts at Berenberg said that "while execution remains key [including innovation activity], we think that the recovery in US prestige beauty, easing competition in China, better weather in Europe and easing boycotts on western brands in Indonesia" could boost the company's growth next year.The new strategies come as price hike rates slow across consumer staples as inflation subsides. Nestlé (CH:NESN) said this week that price growth of 2 per cent in its half-year results had come "down faster than expected". Unilever's underlying price growth of 1 per cent in its second quarter was similarly lower than expected by analysts.ValuationsU |
Posted at 02/8/2024 18:22 by xtrmntr From Investors ChronicleUnilever (ULVR) revealed lower-than-expected sales growth on the back of slower price hikes, but the consumer goods giant raised its margin guidance as chief executive Hein Schumacher proceeds with a project to spin off the ice cream business and focus on "power brands" such as Dove and Hellmann's. The company-compiled consensus forecast underlying sales growth of 4.2 per cent in the second quarter. In the end, price growth of 1 per cent was below the expectation of 1.6 per cent and this meant sales growth slowed to 3.9 per cent from 4.4 per cent quarter-on-quarter. The beauty and wellbeing unit led the way on sales growth in the half, helped by a 5.6 per cent rise in volumes, with an underlying increase of 7.1 per cent. Personal care sales rose 5.6 per cent, with home care and nutrition up 3.3 per cent and 3.2 per cent, respectively. Ice cream was the laggard, posting sales growth of only 0.6 per cent. Nutrition and ice cream volumes were weak. Gross margin was up 420 basis points to 45.7 per cent, helped by a higher-margin mix alongside lower commodity prices and previous price hikes. This supported increased brand investment, which climbed 180 basis points to 15.1 per cent of revenue.The companies with brand powerUnderlying operating profits came in higher than forecast, up 17.1 per cent to 6.1bn (£5.1bn). The related margin rose 250 basis points to 19.6 per cent, and management now forecasts an annual figure of over 18 per cent compared with the 16.7 per cent posted last year. The hive-off of the ice cream arm is on track to be completed by the end of 2025, and this will remove 15 per cent of revenue and the lowest-margin unit. It will also get rid of the Ben & Jerry's subsidiary, which has caused headaches for Unilever with its attempts to stop product sales in Israel. A new productivity programme is another part of the restructuring plan. Management expects this to save 800mn over three years and result in 7,500 job cuts. Meanwhile, the enhanced focus on power brands looks sensible given these products contribute around 75 per cent of revenue and outperform the rest of the portfolio. Power brands posted underlying sales growth of 5.7 per cent in the half, with volumes up 4 per cent. Market share on a rolling 12-month basis hasn't budged. But strategic progress is being made. A valuation of 18 times forward consensus earnings is in line with the 5-year average. Hold. |
Posted at 24/7/2024 14:36 by alotto Maybe investors are reducing their exposure to news.On other stocks, I've seen many times the share price spike the day before the TU, to collapse the following day on disappoinning news, and vice versa. I wouldn't read too much into it. |
Posted at 13/7/2024 14:36 by sunshine today 1/3 of the office workforce to go is about the same amount that will go across the board after the introduction of AI.Not just ULVR. What investors fail to realise,( in today’s boom stock market conditions), is that a good half a dozen events are unfolding which in my view will end up in nothing short of a depression. 1/ Debt is out of control 2/ The electric car fad is over 3/Jobs are being lost. 4/AI Massive miss placed capital 5/ Ongoing wars 6/ Markets always come off the boil. |
Posted at 13/5/2024 23:16 by philanderer Proactive Investors- Unilever (LON:ULVR) is the most compelling turnaround story in European staples, according to analysts at Barclays (LON:BARC), who have tweaked their price target up to £52 (£50 previously). After two consecutive strong volume quarters this year’s second quarter could see a sizeable margin beat. “We raise our topline, margin, and EPS estimates. Unilever is becoming a higher-growth, higher-margin business.” New management remuneration KPIs are more aligned with shareholder interests said Barclays, which is especially happy with the new 30% weighting of TSR [total shareholder return] in management LTIP [share incentive plan]. “Unilever has used a more demanding peer group and on the TSR element will get a zero payout if it is below the 50th percentile over three years. “This to us suggests management is very confident in delivering stepped-up EPS growth. “Unilever is doubling down on 'hard currency' EBIT and EPS growth and no longer willing to hide behind 'constant' currency which has put off many investors in the past.” Overweight is the investment rating. |
Posted at 08/2/2024 09:48 by topvest I have lost my patience with their results reporting - it always fails to give a simple summary...just sent this to investor relations..."Dear Sir / Madam, Congratulations on your annual results today. As a Chartered Accountant and 30yr+ private investor could I politely flag a frustration. Your results continue to not disclose the annual dividend in £ or Euro clearly. You just disclose the quarterly dividend. Many investors hold Unilever for dividends and your disclosure is beyond poor versus other companies. Could this be rectified? I would suggest that I am not alone in having to work out what your annual dividend is from an alternative source! It is very easily solved as most companies disclose the full year dividend in the summary. Your annual dividend is something that you should be proud of." |
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