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We reviewed our model on Unilever and maintain our Buy recommendation on the stock. We reduced our price target from €56 to €53.50.
Our valuation model assumes continued improvement in operating margins in the foreseeable future mainly coming from a cost saving program and we are of the view that the Group is on track to meet its 2020 EBIT margin target of 20%.
Its 58% Emerging Market sales exposure also continues to be a standout competitive advantage for the Group.
With the second €3bn tranche of its buyback (also factor into our valuation), we think this combination is an attractive investment proposition.
What we like about Unilever NV
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