Unilever Q3 results

graeme at 11:07 a.m. Thu 05 Nov 2009

Unilever’s good organic growth in the third quarter was largely driven by good performance in emerging markets.

Organic growth in profit and EPS increased roughly in line with revenues, despite a 290 basis point improvement in gross margin: quite a significant change.

This performance is reasonably in the context of a recession. Unilever’s products are cheap, but much of its sales come from developing countries where even fairly cheap products are not universally or easily affordable. Its full year EPS is on track to be about 1.5p, which, at its current price of 1776p it is on a prospective PE ratio of 13×.

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