Ticker: Unc.AS
Target Price: €17.08
Current Price: €18.75 We reiterate the common stock a HOLD with a target price of €17.08.
NYSE Stock SELL The NYSE Stock is expected to depreciate by approximately 21% over the next 6-24 months,
approximately 12 percentage points downside is attributable purely to the anticipated depreciation of
the Euro against the US dollar over the same period. We continue to value this stock over a 6-24
month investment horizon as we do not anticipate a significant currency impact in the medium term.
Ticker: UN
Target Price: US$23.06
Current Price: US$29.18 We reiterate the NYSE stock a SELL with a 6-24 month target price of US$23.06.
Report summary
Although Unilever recorded healthy revenue growth from Asia Africa, this was significantly offset by
poor performance from the Americas and Europe, leading to a marginal 0.5% y-o-y growth in revenues
in 1Q 08. Management expects the implementation of its single SAP system program and other cost
saving initiatives to offset increase in costs. However, considering the challenging market conditions,
rising commodity costs and fuel prices; flat volumes and price growth in developed economies, we
believe Unilever’s margins will be negatively impacted, going forward. Therefore, we hold a subdued
outlook for the company.
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