Financials Unilever LIQUIDNET SYSTEMS

Equities

OXUNIA

NL0000388619

Personal Products

End-of-day quote LIQUIDNET SYSTEMS Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-.--%

Jul. 12	Unilever to axe 3,200 office jobs in Europe - AFP	AN
Jul. 12	European Equities Close Higher in Friday Trading; Unilever to Cut 3,200 European Jobs	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	135,748	128,993	120,184	119,465	109,473	131,642	-	-
Enterprise Value (EV) ¹	158,913	149,921	145,694	143,141	133,130	155,510	154,000	153,230
P/E ratio	24 x	23.2 x	20.2 x	15.8 x	17.1 x	20.8 x	19.4 x	18.3 x
Yield	3.19%	3.37%	3.7%	3.54%	3.9%	3.35%	3.55%	3.77%
Capitalization / Revenue	2.61 x	2.54 x	2.29 x	1.99 x	1.84 x	2.16 x	2.08 x	2.02 x
EV / Revenue	3.06 x	2.96 x	2.78 x	2.38 x	2.23 x	2.55 x	2.43 x	2.35 x
EV / EBITDA	13.3 x	13.2 x	12.8 x	12.5 x	11.6 x	12.9 x	12.1 x	11.6 x
EV / FCF	23.8 x	19.5 x	22.8 x	25.3 x	18.8 x	21.7 x	20 x	18.9 x
FCF Yield	4.2%	5.12%	4.39%	3.95%	5.33%	4.61%	5.01%	5.3%
Price to Book	-	8.44 x	7.03 x	6.28 x	6.05 x	6.73 x	6.4 x	5.91 x
Nbr of stocks (in thousands)	2,641,716	2,624,898	2,560,390	2,528,909	2,499,012	2,492,568	-	-
Reference price ²	51.45	49.14	46.94	47.24	43.81	52.81	52.81	52.81
Announcement Date	1/30/20	2/4/21	2/10/22	2/9/23	2/8/24	-	-	-

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	61,015	63,364	65,156
EBITDA ¹	11,911	11,385	11,382	11,408	11,510	12,052	12,744	13,194
EBIT ¹	9,947	9,367	9,636	9,683	9,931	10,411	11,028	11,494
Operating Margin	19.14%	18.47%	18.37%	16.12%	16.66%	17.06%	17.4%	17.64%
Earnings before Tax (EBT) ¹	8,289	7,996	8,556	10,337	9,339	9,606	10,287	10,500
Net income ¹	5,625	5,581	6,049	7,642	6,487	6,455	6,909	7,333
Net margin	10.82%	11%	11.53%	12.72%	10.88%	10.58%	10.9%	11.25%
EPS ²	2.140	2.120	2.320	2.990	2.560	2.535	2.728	2.881
Free Cash Flow ¹	6,680	7,671	6,393	5,655	7,091	7,170	7,718	8,126
FCF margin	12.85%	15.12%	12.19%	9.41%	11.9%	11.75%	12.18%	12.47%
FCF Conversion (EBITDA)	56.08%	67.38%	56.17%	49.57%	61.61%	59.49%	60.56%	61.59%
FCF Conversion (Net income)	118.76%	137.45%	105.69%	74%	109.31%	111.07%	111.72%	110.8%
Dividend per Share ²	1.640	1.658	1.736	1.674	1.707	1.769	1.873	1.990
Announcement Date	1/30/20	2/4/21	2/10/22	2/9/23	2/8/24	-	-	-

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	15,994	31,033	15,583	14,504	30,111
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	-	5,447	-	-	4,936
Operating Margin	18.93%	19.77%	17.13%	18.79%	-	-	17.97%	-	-	17.03%	-	-	15.23%	-	-	17.12%	-	-	16.19%	-	17.55%	-	-	16.39%
Earnings before Tax (EBT)	-	-	-	4,369	-	-	4,187	-	-	4,359	-	-	-	-	-	-	-	-	-	-	4,978	-	-	4,465
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	-	0.8770	-	-	0.8770
Announcement Date	1/30/20	7/23/20	2/4/21	7/22/21	10/21/21	2/10/22	2/10/22	4/28/22	7/26/22	7/26/22	10/27/22	2/9/23	2/9/23	4/27/23	7/25/23	7/25/23	10/26/23	2/8/24	2/8/24	-	-	-	-	-

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	23,868	22,358	21,588
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.945 x	1.838 x	2.241 x	2.075 x	2.055 x	1.98 x	1.754 x	1.636 x
Free Cash Flow ¹	6,680	7,671	6,393	5,655	7,091	7,170	7,718	8,126
ROE (net income / shareholders' equity)	54.4%	45.9%	42.3%	36.4%	35.5%	35.4%	35.5%	34.6%
ROA (Net income/ Total Assets)	10.6%	9.86%	9.58%	8.59%	8.61%	8.61%	9.29%	9.44%
Assets ¹	52,952	56,590	63,129	88,961	75,370	74,944	74,339	77,709
Book Value Per Share ²	-	5.820	6.680	7.520	7.240	7.850	8.260	8.940
Cash Flow per Share ²	3.090	3.440	3.050	2.880	3.720	3.330	3.450	3.680
Capex ¹	1,429	932	1,239	1,627	1,703	1,825	1,930	1,960
Capex / Sales	2.75%	1.84%	2.36%	2.71%	2.86%	2.99%	3.05%	3.01%
Announcement Date	1/30/20	2/4/21	2/10/22	2/9/23	2/8/24	-	-	-

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

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

52.81 EUR

Average target price

52.9 EUR

Spread / Average Target

+0.15%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Personal Products

	1st Jan change	Capi.
PROCTER & GAMBLE COMPANY	+13.70%	393B
COLGATE-PALMOLIVE COMPANY	+23.03%	80.46B
HINDUSTAN UNILEVER LIMITED	-1.54%	73.78B
ESTEE LAUDER	-29.33%	37.06B
KENVUE INC.	-14.82%	35.12B
BEIERSDORF	+1.95%	33.77B
ESSITY AB	+12.64%	18.76B
GODREJ CONSUMER PRODUCTS LIMITED	+27.64%	17.68B
DABUR INDIA LIMITED	+13.07%	13.37B

Other Personal Products