Unilever made a net profit of 3.4 billion euros in the first half compared to the 3,258 million predicted by analysts. Revenues also beat consensus, with 25,800 million (+ 5.4%) compared to the estimated 25,650 million. The EBIT Margin stood at 17.2% compared to the forecast 17.6%.
Bankinter experts highlight that these accounts are "positive" because they beat market expectations. In reported terms, the sales figure for the first half of last year improves, and "this is good because last year it was especially favored by the increase in cleaning products and food," the bank says. This year, its three business lines (Food, Cosmetics and Cleaning) rebounded. In terms of growth they are also positive because comparable sales increase faster than the group's own target (+ 5.4% compared to the + 4% expected).
Growth is very supported in its exposure to Emerging, where their sales represent more than 50% of the total and where the first half of the year they have increased 8.3% compared to + 1.5% in developed countries. It also relies on the reopening of global leisure, due to its dependence on this sector in the sale, for example, of cosmetic products, soft drinks and ice cream.
"The group maintains its dividend policy (0.43 euros per quarterly share) and the share buyback program announced in April. We maintain our 'buy' recommendation and target price of 57.5 euros", concludes Bankinter.
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