26
UNI
March 2016 Fully listed companies
Company REFS - Really Essential Financial Statistics
UNILEVER
PRICE (p)
4000
3500
12
EPIC:
3 1/9p Ords vs FTSE All-Share vs norm eps
13
14
15
16
17
18
ACTIVITIES ANALYSIS (15AR)
3000
2750
2500
2250
2000
1750
1500
1M
3M
6M
1Y
1000
HIGH
LOW
AVE PER
Personal Care
Foods
Home Care
Refreshment
Asia/ AMET RUB
Americas
Europe
RELATIVE %
1250
2429
1994
17.0x
2885
2319
21.4x
2729
2306
20.8x
3015
2524
27.0x
3148
2763
22.8x
Beta rel
SECTOR: Personal Goods. ACTIVITIES: Unilever PLC is a supplier
of fast moving consumer goods. Its areas of operations are Personal
Care, Home Care, Foods and Refreshment..
DIRS: Mr. N M A Treschow (ch)*, Ms. Ann M Fudge (vch)*, Mr. P
Polman (ceo), Ms. Mary Ma*, Ms. T Hixonia Nyasulu*, Mr. V A Colao*,
Prof Louise Fresco*, Mr. J Rishton*, Ms. Laura M L Cha*, N S
Andersen*, Mr. F Sijbesma*, Dr. Judith Hartmann*. HEAD OFF: 100
Victoria Embankment, London, EC4Y 0DY. Tel: +44 2078225252 REG
OFF: Port Sunlight, Wirral, Merseyside, CH62 4ZD. REGISTRAR:
Computershare Investor Services PLC
BROKERS: Deutsche Bank AG London; UBS Investment Bank.
FINANCIAL ADVISERS: Deutsche Bank AG London; UBS Investment
Bank. AUDITORS: KPMG.
OUTLOOK: (6-Mar-15) AR: ceo - ’...we are well placed to continue
delivering our objectives of volume growth ahead of our markets,
steady and sustainable improvements in core operating margin, and
strong cash flow’. (23-Jul-15) Prelim: no outlook statement. (15-Oct-15)
3rd Qtr: no outlook statement. (23-Feb-16) AR: ceo - ’...which gives me
further confidence that we can continue to deliver on our objective of
consistent top and bottom line growth, to the benefit of our long-term
shareholders and the many others who rely on Unilever’.
NEWSFLOW: (1-Apr-14) Interview: At the company’s AGM to be held
on 14 May 2014, special resolutions to empower the directors to allot
shares for cash and to make market purchases of Ords in the capital of
the company, will be proposed.. (14-May-14) AGM: At the company’s
AGM held on 14 May 2014, all resolutions including special resolutions
to empower the directors to allot shares for cash and to make market
purchases of Ords in the capital of the company, were duly passed..
(22-May-14) Ann: The company has signed an agreement for the sale
of its North America pasta sauces business under the Ragu and
Bertolli brands to Mizkan Group for a total cash consideration of
approximately $2.15 billion. The annual turnover for Ragu and Bertolli
is more than $600m. The transaction includes two production facilities a sauce processing and packaging facility in Owensboro, Kentucky,
and a tomato processing facility in Stockton, California.. (29-Jul-15)
Ann: The company has priced a dual-tranche $1.00 billion bond on the
US market. $500m 2.10% fixed rate notes are due 30 July 2020, with a
further $500m 3.10% fixed rate notes due 30 July 2025. The bond
offering is scheduled to close on 31 July 2015..
+0.2
+12.4
+18.6
+18.0
Exane BNP Paribas
Morningstar Inc
Numis Securities Ltd
Shore Capital
Date
23-Nov-15
19-Jan-16
20-Jan-16
26-Feb-16
Consensus
1m change
3m change
Rec
BUY
HOLD
ADD
BUY
Pretax
£m
5653 4232 +
6040 +
6230 +
6034
+204
+306
%
%
%
%
%
%
%
T/O
38
24
19
19
42
33
25
Pr
48
31
10
11
40
30
30
0.91
SHARE CAPITAL, HOLDINGS, DEALINGS
1283m 3 1/9p Ords (Dirs 0.02% [d]).
Mr. N M A Treschow (ch)*
k
Ms. Ann M Fudge (vch)*
k
Mr. P Polman (ceo)
k
Ms. Mary Ma*
n
Ms. T Hixonia Nyasulu*
n
Ms. Laura M L Cha*
n
15.0
5.00
297 3 +
400
750
208
PRICE (NMS 0.8)
4-MAR-16
3109p
market cap
position
index
£39,903m
13th
FTSE 100
norm eps (pr)
149p
turnover (15AR) £39,318m
pretax (15AR) £5,329m
m s
DY (pr) % 3.14
PER (pr)
PEG (pr)
GR (pr)
ROCE
MARGIN
x
f
%
%
%
GEAR
% 78.7
PBV
PTBV
PCF
PSR
PRR
x
x
x
x
x
20.8
na
11.8
97.7
14.1
3.50
–5.62
17.0
2.25
119
nav ps (15AR)
888p
net cash ps (15AR)
na
year ended 31 Dec
2011 2012 2013 2014 2015 2016E 2017E
turnover
£m 38813 41625 41699 37847 39318
depreciation
£m
860
972
964 1119 1011
int paid (net)
£m
367
311
327
285
298
IFRS3 pretax
£m 5216 5298 5957 5974 5329
norm pretax
£m 5358 5358 5478 4939 5398 6034 6445
turnover ps
£
13.8
14.7
14.7
13.3
13.8
op margin
%
14.3
13.4
13.6
13.5
14.1
ROCE
%
81.1
109
94.3
99.4
97.7
ROE
%
27.1
24.7
25.4
23.9
27.8
IFRS3 eps
p
122
122
139
140
127
norm eps
p
127
121
122
104
130
148
156
norm eps growth % -4.97 -4.24 +0.82 -15.2 +24.9 +14.0 +5.44
tax rate
%
26.5
26.4
26.4
28.2
27.6
norm per
x
24.0
21.0
19.9
provisional peg
f
0.96
1.50
3.66
cash flow ps
p
153
185
178
146
183
capex ps
p
58.6
61.4
59.8
56.3
53.9
dividend ps
p
76.6
77.3
89.2
90.6
87.3
96.3
104
dps growth
% +8.56 +0.94 +15.4 +1.60 -3.74 +10.4 +8.42
dividend yield
%
2.81
3.10
3.36
dividend cover
x
1.78
1.62
1.43
1.20
1.47
1.54
1.49
shrholders funds £m 11939 12483 12011 10667 11395
net borrowings £m 8388 6133 7410 7933 8967
net curr assets £m -3039 -2975 -4405 -5700 -5412
ntav ps
p -210 -180 -192 -519 -553
2016 ESTIMATES
Broker
ULVR
Eps
p
137 147 +
146 +
150 +
148
+3.63
+10.3
Dps
p
87.7 6584 +
95.8 +
101 +
96.3
+3.72
+6.44
2017 ESTIMATES
Pretax
£m
6190 -
Eps
p
149 -
Dps
p
92.6 -
6445 +
6759 +
6445
+194
+255
156 +
164 +
156
+3.19
+6.53
101 +
107 +
104
+4.35
+4.90
GEARING, COVER (15AR)
intangibles
net gearing %
cash
%
gross gearing%
under 5 yrs %
under 1 yr %
quick ratio
current ratio
interest cover
Incl
78.7
14.9
93.6
93.6
30.3
r
r
x
Excl
neg
neg
neg
neg
neg
0.42
0.63
14.3
KEY DATES
next AR year end
int results
int xd (21.1p)
3rd qtr results
int xd (22.59p)
year end
prelim results
fin xd (23p)
annual report
next agm
31-Dec-16
23-Jul-15
6-Aug-15
15-Oct-15
29-Oct-15
31-Dec-15
19-Jan-16
4-Feb-16
23-Feb-16
20-Apr-16
(c) 2016 JD Financial Publishing. Whilst compiled from factual information extracted from sources believed to be reliable, the publishers do not accept responsibility and expressly disclaim
liability for errors, omissions or mis-statements herein. Data provided by MorningStar..