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Unilever: Liberum still says buy after results

(CercleFinance.com) - Unilever has published FY 2019 underlying EPS that is up 8.
1% at 2.55 euros, beating the consensus by three cents, with a 50-bp improvement in its underlying operating margin to 19.1%.

Liberum also says that underlying EBIT is in line with the consensus.

The consumer goods giant, whose products include Axe, Cif, Dove, Lipton, etc., posted sales of 52 billion euros, up 2% as reported and up 2.9% in underlying terms (volumes +1.2% and prices +1.6%).

Following this publication, Liberum confirms its buy rating on the share, along with a target price of 5100p.

Liberum believes that the group recorded a slowdown in organic sales growth in Q4 2019 to 1.5%, due to the slowdown in South Asia and West Africa.

For 2020, Unilever targets, again in underlying terms, sales growth at the lower side of its multi-year target range of 3% to 5%, and continues to anticipate an improvement in its operating margin.



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