JP Samosa schreef op 7 december 2022 09:01:
Ketchup schreef:
bij BNP/Exane advies - enkel voor lange termijn beleggers op UNILEVER PLC
recent Hindustan Unilever ( HUL) CMD
is it conceivable within the next decade that HUL's market capitalization will be greater than Unilever's and what if any are the implications of this for Unilever's market cap
HUL's market cap at present is now c.58% of Unilever's
Winding back only 5 years ago it was 24%
Unilever owns c.62% of HUL, the stake now accounts for c.36% of Unilever's market cap
in 10 years time the market caps could be comparable
assuming both stocks maintain their current multiples , if we leverage and extrapolate consensus earnings estimates, the market caps should theoretically be comparable by FY33
one implication of this is the HUL stake would then account for c.61% of Unilever's market cap
we suspect that some investors are now making a familiar cry that the stub argument has never worked before and while we are conscious that these words are a hostage to fortune , we believe that this time may well be different
India feels primed for lift-off and to become the ' new China ' from a staples consumption perspective and importantly without the dark shadow of geopolitical concerns
we believe that the value of Unilever's crown jewel will eventually over many years become more apparent to Unilever shareholders
Something for an activist to ponder
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nou, wat dat laatste betreft ééntje zit er al fors in PELTZ ( de schoonvader van één van de Beckham zoons )
nogmaals dit advies en rapport enkel voor lange termijn beleggers
hier nog even de laatste estimates ( cijfers ) voor Unilever
Financials ................. FY22e / FY23e / FY24e
EPS adjusted ( euro ) ... 2,53 / 2,71 / 2,92
nett dividend ( euro ) .... 1,71 / 1,78 / 1,82
sales Euro mio ........... 60,075 / 62,233 / 64,746
EBITA (Adj) mio euro .. 9,603 / 10,268 / 11,019
Net profit (And) mio euro.. 6,464 / 6,837 / 7,331
P/E (x) ....... x 19,2 / x 17,9 / x 16,6
FCF yield %.. 4,3 / 4,8 / 5,1
EV/sales x ... 2,9 / 2,7 / 2,6