Financials Unilever PLC

Equities

ULVR

GB00B10RZP78

Personal Products

Market Closed - London Stock Exchange Other stock markets 11:35:03 2023-12-01 am EST			5-day change	1st Jan Change
3,780.50 ^GBX	+0.29%		-0.51%	-9.60%

Nov. 29	JPMorgan Cuts Unilever PT, Keeps Underweight Rating	MT
Nov. 29	FTSE 100 underperforms ahead of US data	AN

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	121 931	135 748	128 993	120 184	119 465	110 251	-	-
Enterprise Value (EV) ¹	142 712	158 913	149 921	145 694	143 141	133 884	132 794	131 542
P/E ratio	13,1x	24,0x	23,2x	20,2x	15,8x	18,0x	17,3x	16,2x
Yield	3,39%	3,19%	3,37%	3,70%	3,54%	3,93%	4,14%	4,35%
Capitalization / Revenue	2,39x	2,61x	2,54x	2,29x	1,99x	1,84x	1,78x	1,71x
EV / Revenue	2,80x	3,06x	2,96x	2,78x	2,38x	2,23x	2,15x	2,04x
EV / EBITDA	12,8x	13,3x	13,2x	12,8x	12,5x	11,4x	10,8x	10,1x
EV / FCF	28,8x	23,8x	19,5x	22,8x	25,3x	20,2x	19,4x	17,7x
FCF Yield	3,48%	4,20%	5,12%	4,39%	3,95%	4,96%	5,16%	5,65%
Price to Book	-	-	8,44x	7,03x	6,28x	5,70x	5,29x	4,99x
Nbr of stocks (in thousands)	2 616 854	2 641 716	2 624 898	2 560 390	2 528 909	2 498 984	-	-
Reference price ²	45,7	51,4	49,1	46,9	47,2	44,1	44,1	44,1
Announcement Date	31/01/19	30/01/20	04/02/21	10/02/22	09/02/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	50 982	51 980	50 724	52 444	60 073	59 947	61 780	64 341
EBITDA ¹	11 106	11 911	11 385	11 382	11 408	11 707	12 304	12 999
EBIT ¹	9 359	9 947	9 367	9 636	9 683	9 910	10 482	11 132
Operating Margin	18,4%	19,1%	18,5%	18,4%	16,1%	16,5%	17,0%	17,3%
Earnings before Tax (EBT) ¹	12 383	8 289	7 996	8 556	10 337	9 054	9 588	10 295
Net income ¹	9 389	5 625	5 581	6 049	7 642	6 276	6 524	7 013
Net margin	18,4%	10,8%	11,0%	11,5%	12,7%	10,5%	10,6%	10,9%
EPS ²	3,48	2,14	2,12	2,32	2,99	2,45	2,56	2,73
Free Cash Flow ¹	4 962	6 680	7 671	6 393	5 655	6 640	6 849	7 431
FCF margin	9,73%	12,9%	15,1%	12,2%	9,41%	11,1%	11,1%	11,6%
FCF Conversion (EBITDA)	44,7%	56,1%	67,4%	56,2%	49,6%	56,7%	55,7%	57,2%
FCF Conversion (Net income)	52,8%	119%	137%	106%	74,0%	106%	105%	106%
Dividend per Share ²	1,55	1,64	1,66	1,74	1,67	1,73	1,83	1,92
Announcement Date	31.01.19	30.01.20	04.02.21	10.02.22	09.02.23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2019 S2	2020 S1	2020 S2	2021 Q1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2023 S2	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 S2
Net sales ¹	26 126	25 854	25 714	25 010	12 328	13 451	25 791	13 453	13 121	26 653	13 782	15 841	29 623	15 846	14 611	30 450	14 750	15 678	30 428	15 242	14 419	29 162	14 942	16 205	31 726	15 887	29 729
EBITDA	-	-	-	5 314	-	-	5 707	-	-	5 675	-	-	5 886	-	-	5 522	-	-	5 962	-	-	5 435	-	-	-	-	-
EBIT	5 054	4 893	5 084	4 283	-	-	4 847	-	-	4 789	-	-	5 044	-	-	4 639	-	-	5 208	-	-	4 678	-	-	-	-	-
Operating Margin	19,3%	18,9%	19,8%	17,1%	-	-	18,8%	-	-	18,0%	-	-	17,0%	-	-	15,2%	-	-	17,1%	-	-	16,0%	-	-	-	-	-
Earnings before Tax (EBT)	4 354	-	-	-	-	-	4 369	-	-	4 187	-	-	4 359	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	3 006	-	-	-	-	-	3 121	-	-	-	-	-	2 905	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	11,5%	-	-	-	-	-	12,1%	-	-	-	-	-	9,81%	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	1,14	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-	-	-	0,88	-	-	0,85	-	-	0,86	-	-	0,75	-	-	0,85	-	-	-	-	-
Announcement Date	07/25/19	01/30/20	07/23/20	02/04/21	04/30/21	07/22/21	07/22/21	10/21/21	02/10/22	02/10/22	04/28/22	07/26/22	07/26/22	10/27/22	02/09/23	02/09/23	04/27/23	07/25/23	07/25/23	10/26/23	-	-	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	20 781	23 165	20 928	25 510	23 676	23 634	22 543	21 292
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1,87x	1,94x	1,84x	2,24x	2,08x	2,02x	1,83x	1,64x
Free Cash Flow ¹	4 962	6 680	7 671	6 393	5 655	6 640	6 849	7 431
ROE (net income / shareholders' equity)	74,5%	54,4%	45,9%	42,3%	36,4%	33,8%	34,3%	35,3%
Shareholders' equity ¹	12 601	10 340	12 157	14 317	21 018	18 590	19 000	19 843
ROA (Net income/ Total Assets)	15,7%	10,6%	9,86%	9,58%	8,59%	8,20%	8,63%	9,07%
Assets ¹	59 870	52 952	56 590	63 129	88 961	76 505	75 601	77 327
Book Value Per Share ²	-	-	5,82	6,68	7,52	7,74	8,33	8,83
Cash Flow per Share ²	2,51	3,09	3,44	3,05	2,88	3,25	3,41	3,66
Capex ¹	1 424	1 429	932	1 239	1 627	1 847	1 973	2 027
Capex / Sales	2,79%	2,75%	1,84%	2,36%	2,71%	3,08%	3,19%	3,15%
Announcement Date	01/31/19	01/30/20	02/04/21	02/10/22	02/09/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Unilever PLC

Trading Rating :

Investor Rating :

ESG Refinitiv :

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

44.12EUR

Average target price

49.39EUR

Spread / Average Target

+11.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Personal Products

	1st Jan change	Capi.
UNILEVER PLC	-9.60%	120 B $
HINDUSTAN UNILEVER LIMITED	+0.14%	72 315 M $
COLGATE-PALMOLIVE COMPANY	-0.11%	64 799 M $
ESTEE LAUDER	-46.82%	47 214 M $
KENVUE INC.	0.00%	39 621 M $
BEIERSDORF	+21.04%	31 965 M $
ESSITY AB	-4.17%	17 721 M $
GODREJ CONSUMER PRODUCTS LIMITED	+17.32%	12 593 M $
DABUR INDIA LIMITED	-3.62%	11 514 M $
MARICO LIMITED	+5.33%	8 342 M $

Other Personal Products