£50 is valuation based on P&G selling at PE 26. Take a while to reach that as long as volume growth Q1 & buyback starts in April hopefully £45 later in year. Shares can be undervalued for a long time many factors economy interest rates etc but ULVR seem on track with new team & great subsidiaries in India China & USA. UK only 2% of revenue. |
Is £50 your 1-year forecast? The dividend yield would drop to 3% with a valuation of £50. £50 is a realistic projection only if dividends are increased by 25%, which I doubt will happen. |
Sorry typo 2023 volume increase of course & projected to increase in 2024 as well. |
Regarding valuation, ULVR grew volumes in 2024, despite ice-cream slowdown in comparison P&G & Nestle did not I believe EPS about £2.50 so 20x not unreasonable for a quality global operation = £50 target. |
lol wad I totally agree with you |
How can the forecasts be so disparate? £34 or £49.60. It is almost as if the analysts are guessing as much as I am. |
UBS raises Unilever price target to 3,430 (3,400) pence - 'sell'
Jefferies raises Unilever price target to 3,400 (3,300) pence - 'underperform'
Berenberg cuts Unilever price target to 4,960 (5,110) pence - 'buy' |
To conclude on the dividend point that they didn't respond to my email on, the first mention of dividend per share in the 2022 Annual Report is on page 172.
"Four quarterly interim dividends were declared and paid during 2022, totalling £1.45 (2021: £1.48) per PLC ordinary share."
Talk about burying the bad news.... very very poor financial disclosure.
You like to get the dividend signal on a company. Is the dividend per share increased or held. You have to dig around in Euro and pence and discover its held, because they haven't got the decency to tell something as it is. Unfortunately, it sums them up pretty badly. Might sell.
Also, holding the dividend over this timeframe when they have been passing on inflation at a rapid pace of speed, shows what they think of shareholders. Probably doesn't help their remuneration to increase the dividend, so they do the buybacks instead irrespective of price paid. Not that impressed. |
I've been building a position here now we have a CEO who is less interested in the painfully ethical strategy followed by the last boss, and who's interested in growing the power brands this company has.Inflation in input costs is slowly decreasing, and if Labour gets in this year, as anticipated, they will move closer to the EU in trade which will be viewed by the markets and the Ftse index positively imho.After the chaos of the last Tory 5-year term a Labour majority government will provide more stability for international investors to look more favourably at the Ftse.That doesn't mean the UK economically is out of the woods with the many challenges it has, but investors like more certainty than this government has been able to achieve with its yo-yo economic policy moves. |
wc: I'll settle for the capital gain instead....
They're not mutually exclusive. I've held this share for a very long time and right now it is something like 2.5 times my original cost. Plus I've had all the divis over the years too. But it's still disappointing to an income investor like me that there has been no divi increase for two years.
I've found across my widely diversified port that investing for income and holding very long term results in a decent ovwerall gain on balance, despite the few duds, though that's not my reason for investing. |
Depending on when you bought the capital gain is not that great or is even negative over the last few years. |
I'll settle for the capital gain instead.... |
The full annual report will have to show the divi figures.
But I agree they should have shown this in the preliminary announcement today, nearly all companies do so. They ought to be embarrassed about a divi that's been been the same for three years from a major blue chip like ULVR. I'm purely an income investor so this is particularly relevant for me. |
alotto - well, its not rocket science, but no other company makes you route around to work out the total dividend particularly when it euro denominated anyway. Its shambolic to not state a total dividend in a final results announcement. It's almost as though they are embarrased about the dividend. I was an external auditor for blue-chips for 35 years. |
On dividends, the payout for 23 is, disappointingly, unchanged on 22 in €¢, 4 x 42.68 = 170.72.
In sterling it differs a little. 22 was 147.57p and 23 is 148.45p making a rise of 0.6% but that's just the FX effect. It is the euro figure that shows the company's policy.
Even more disappointingly, the 2021 divi was also €¢ 170.72. So it's been the same for three years now. |
SYME IS NOW READY TO FLY |
Pleasing, and back avove 4000p |
Topvest, it it is not rocket science. You just add the 4 quarterly dividends to have the annual figure. |
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." |
Tbf their cash flow has been pretty robust throughout the last decade.
Got to raise those market share numbers at 37% winning or maintaining share. |
Good to see a share actually go up on results day. Makes a change for my p/f! |
Return to volume growth Q4 better than peers, so now both volume & price growth. Market likes, now over £40 with buyback to come. Cashflow was great improvement as well, Looking positive with new team. |
The fall in the diluted EPS is because of the big Tea disposal last yr inflating last yrs figures. The diluted EPS was E2.32 for 2021 , so up on this at E2.56.
Not much to be critical about in these results, whilst acknowledging the headwinds they seem to have a plan that is working. Hold and prosper in my book.FWIW |
111% cash conversion caught my eye. Looks like they are restoring gross margins too - about time that happened! |
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