GRAHAM JONES PANMURE GORDON
With two recent disposals in US foods, we expect Unilever to continue its favourable skew to faster growing categories in 2013. It is encouraging to see cash flow improving...The outlook remains the same; further sales growth ahead of the market and continued steady and sustainable margin expansion.
MARTIN DEBOO INVESTEC
Unilever’s fourth quarter and full year 2012 numbers have beaten consensus expectations on the key metrics of organic growth and core margins (core earnings per share was in line). This caps a strong year for Unilever and we see the trends as supportive of our ‘buy’ case.
KEITH BOWMAN HARGREAVES LANSDOWNE
In all, Unilever looks to have moved from a recovery play to a core portfolio holding. Exposure to the emerging markets remains enticing, cashflow and the resulting dividend payment still attractive, while its defensive attributes continue to appeal.