Financials Unilever PLC Euronext Amsterdam

Equities

UNA

GB00B10RZP78

Personal Products

Market Closed - Euronext Amsterdam Other stock markets 09:05:23 10/05/2024 pm IST			5-day change	1st Jan Change
49.8 ^EUR	+0.61%		+2.05%	+13.56%

09/05	Fitch Affirms, Withdraws Unilever's Ratings	MT
07/05	Selloff Across Sectors Drag Indian Equities to End Lower on Tuesday	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,35,748	1,28,993	1,20,184	1,19,465	1,09,473	1,24,693	-	-
Enterprise Value (EV) ¹	1,58,913	1,49,921	1,45,694	1,43,141	1,33,130	1,48,479	1,47,767	1,46,093
P/E ratio	24 x	23.2 x	20.2 x	15.8 x	17.1 x	19.7 x	18.4 x	17.2 x
Yield	3.19%	3.37%	3.7%	3.54%	3.9%	3.55%	3.76%	3.99%
Capitalization / Revenue	2.61 x	2.54 x	2.29 x	1.99 x	1.84 x	2.04 x	1.97 x	1.9 x
EV / Revenue	3.06 x	2.96 x	2.78 x	2.38 x	2.23 x	2.43 x	2.33 x	2.22 x
EV / EBITDA	13.3 x	13.2 x	12.8 x	12.5 x	11.6 x	12.3 x	11.6 x	11 x
EV / FCF	23.8 x	19.5 x	22.8 x	25.3 x	18.8 x	20.8 x	19.4 x	18.1 x
FCF Yield	4.2%	5.12%	4.39%	3.95%	5.33%	4.82%	5.14%	5.52%
Price to Book	-	8.44 x	7.03 x	6.28 x	6.05 x	6.36 x	6.03 x	5.53 x
Nbr of stocks (in thousands)	26,41,716	26,24,898	25,60,390	25,28,909	24,99,012	25,02,650	-	-
Reference price ²	51.45	49.14	46.94	47.24	43.81	49.82	49.82	49.82
Announcement Date	30/01/20	04/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	51,980	50,724	52,444	60,073	59,604	61,052	63,398	65,742
EBITDA ¹	11,911	11,385	11,382	11,408	11,510	12,040	12,710	13,287
EBIT ¹	9,947	9,367	9,636	9,683	9,931	10,390	10,991	11,543
Operating Margin	19.14%	18.47%	18.37%	16.12%	16.66%	17.02%	17.34%	17.56%
Earnings before Tax (EBT) ¹	8,289	7,996	8,556	10,337	9,339	9,610	10,296	10,514
Net income ¹	5,625	5,581	6,049	7,642	6,487	6,444	6,879	7,351
Net margin	10.82%	11%	11.53%	12.72%	10.88%	10.56%	10.85%	11.18%
EPS ²	2.140	2.120	2.320	2.990	2.560	2.528	2.714	2.893
Free Cash Flow ¹	6,680	7,671	6,393	5,655	7,091	7,152	7,602	8,061
FCF margin	12.85%	15.12%	12.19%	9.41%	11.9%	11.71%	11.99%	12.26%
FCF Conversion (EBITDA)	56.08%	67.38%	56.17%	49.57%	61.61%	59.4%	59.81%	60.67%
FCF Conversion (Net income)	118.76%	137.45%	105.69%	74%	109.31%	110.98%	110.52%	109.67%
Dividend per Share ²	1.640	1.658	1.736	1.674	1.707	1.767	1.873	1.988
Announcement Date	30/01/20	04/02/21	10/02/22	09/02/23	08/02/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	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 Q2	2024 S1	2024 Q3	2024 Q4	2024 S2
Net sales ¹	25,854	25,714	25,010	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	14,177	29,176	16,012	30,956	15,583	14,504	29,828
EBITDA	-	-	5,314	5,707	-	-	5,675	-	-	5,886	-	-	5,522	-	-	5,962	-	-	5,548	-	6,189	-	-	5,673
EBIT	4,893	5,084	4,283	4,847	-	-	4,789	-	-	5,044	-	-	4,639	-	-	5,208	-	-	4,723	-	5,374	-	-	4,861
Operating Margin	18.93%	19.77%	17.13%	18.79%	-	-	17.97%	-	-	17.03%	-	-	15.23%	-	-	17.12%	-	-	16.19%	-	17.36%	-	-	16.3%
Earnings before Tax (EBT)	-	-	-	4,369	-	-	4,187	-	-	4,359	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	3,121	-	-	-	-	-	2,905	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	12.1%	-	-	-	-	-	9.81%	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	0.8800	-	-	0.8536	-	-	0.8568	-	-	0.8536	-	-	0.8536	-	0.9000	-	-	0.9000
Announcement Date	30/01/20	23/07/20	04/02/21	22/07/21	21/10/21	10/02/22	10/02/22	28/04/22	26/07/22	26/07/22	27/10/22	09/02/23	09/02/23	27/04/23	25/07/23	25/07/23	26/10/23	08/02/24	08/02/24	-	-	-	-	-

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	23,165	20,928	25,510	23,676	23,657	23,786	23,075	21,401
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.945 x	1.838 x	2.241 x	2.075 x	2.055 x	1.976 x	1.815 x	1.611 x
Free Cash Flow ¹	6,680	7,671	6,393	5,655	7,091	7,152	7,602	8,061
ROE (net income / shareholders' equity)	54.4%	45.9%	42.3%	36.4%	35.5%	35.4%	35.4%	34.6%
ROA (Net income/ Total Assets)	10.6%	9.86%	9.58%	8.59%	8.61%	8.55%	9.12%	9.44%
Assets ¹	52,952	56,590	63,129	88,961	75,370	75,390	75,425	77,892
Book Value Per Share ²	-	5.820	6.680	7.520	7.240	7.840	8.270	9.010
Cash Flow per Share ²	3.090	3.440	3.050	2.880	3.720	3.330	3.450	3.690
Capex ¹	1,429	932	1,239	1,627	1,703	1,826	1,930	1,995
Capex / Sales	2.75%	1.84%	2.36%	2.71%	2.86%	2.99%	3.04%	3.04%
Announcement Date	30/01/20	04/02/21	10/02/22	09/02/23	08/02/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

49.82 EUR

Average target price

49.91 EUR

Spread / Average Target

+0.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Personal Products

	1st Jan change	Capi.
PROCTER & GAMBLE COMPANY	+13.86%	394B
COLGATE-PALMOLIVE COMPANY	+19.31%	78.02B
HINDUSTAN UNILEVER LIMITED	-11.50%	66.3B
ESTEE LAUDER	-9.74%	47.33B
KENVUE INC.	-4.60%	39.33B
BEIERSDORF	+8.51%	35.5B
ESSITY AB	+11.64%	18.09B
GODREJ CONSUMER PRODUCTS LIMITED	+16.77%	16.17B
DABUR INDIA LIMITED	-1.15%	11.68B

Other Personal Products