Like Coca-Cola or McDonald's, Unilever does not belie the old stock market adage.

The owner of Dove soap, Signal toothpaste, Knorr soup and Miko ice cream has seen its sales increase by 7% - on a constant exchange rate basis - between the first quarter of this year and the first quarter of the previous year.

All geographies are growing. Revenues increased despite a strong dollar, which penalizes a group that is highly exposed to emerging markets - accounting for 60% of its sales.

There is one nuance, however: for the past two years, Unilever has relied entirely on price increases to ensure the stability of its results. Volumes, on the other hand, are declining. There is an urgent need to improve the image of certain brands, which is why the marketing budget has been increased. This will weigh on margins.

While Unilever's undeniable pricing power is to be welcomed - over the last two years, its prices have risen by an average of 25% - this performance does not exempt the new management team from pursuing the in-depth transformation of the brand portfolio.

The group is coming out of a difficult sequence after the tenure of Alan Jope, replaced last summer by Hein Shumarer. It is expected that the latter - a former Heinz employee - will undertake various asset disposals, following the model that has been particularly successful for P&G.

Unfortunately, this strategic review is taking place in a much less favorable M&A context than a few quarters ago.