Unilever Plc: Key takeaways from company meetings

研报英文原文证据摘录

Unilever Plc: Key takeaways from company meetings

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Hold Unilever Plc 18 May 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 15 May 2026 (GBP) 4,207.00

ULVR.L ULVR LN LSE ULVR

Price Target (GBP) 5,150.00

Consumer Staples

Household Personal Care ADR ISIN 52-week range (GBP) 5,472.004,160.00-

UN US9047847093

Key takeaways from company meetings

Valuation & Risks

Tom Sykes

Confidence in guidance and optimism on performance improvement Research Analyst

Over the last week we have attended two Group meetings with Unilever's CFO, +44-20-754-76418

Srinivas Phatak, as well as a sales force presentation from the IR team.

Archit Agarwal

Research Associate

The company highlighted that over the last three years, the HPC business has seen

a top line CAGR of over 5% with volume/mix CAGR of over 2.5% (both higher in their

Madhu Vijay

Power brands) with gross margins increasing by over 290bps.

Overall, we found the company confident in its guidance for the year, despite

potential macro headwinds. Most notably the company was not seeing Mitch Collett

incremental headwinds in its largest emerging markets yet, despite the markets Research Analyst

+44-20-754-11307

concerns.

Unilever trades on 10.5x 27e EV/EBITDA, 14.7x 27e PE and on a 5.5% FCF yield to

EV. The HPC business trades on a 27e PE ~0.5 turns higher. The company trades at

the low end of its PE and PE relative ranges vs the market and sector, though it's

higher in its history vs other HPC stocks.

Overall, it is hard not to like the transformation story at Unilever and the Foods

separation taking time doesn't bother us. The bigger issues are more around the

impact of commodity rises on inflation and consumer demand and we remain of the