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Unilever (ULVR)

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Dod101
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Re: Unilever (ULVR)

#318236

Postby Dod101 » June 13th, 2020, 10:14 pm

ADrunkenMarcus wrote:
dealtn wrote:The more important question, from Unilever investor's perspective is what do they do with that cash? What businesses do they want to grow, they see can have a higher ROCE than the Tea one, and will that be by brand acquisition, or not?


Precisely.

Best wishes

Mark.


It is a bit premature to be wondering about that since they have made no decision about what to do with Teas as yet, but most likely in some higher yielding product in emerging markets. They know their markets better than I. I am happy to leave it to them as I have for the last 25 years or so.

Dod

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Re: Unilever (ULVR)

#318239

Postby Gengulphus » June 13th, 2020, 10:36 pm

PinkDalek wrote:
Gengulphus wrote:On a somewhat pedantic point of detail, that's a bit too all-encompassing: the UK does not operate a withholding tax system on dividends, but it does operate a withholding tax system. It's on the PIDs paid by REITs, which are similar to dividends in most ways and often referred to as dividends, but are not actually dividends. So I'm making this point not because of any relevance to Unilever, but just as a warning against applying the "there's no UK withholding tax system" idea too broadly to other shares.

Equally pedantically, I've seen those such as British Land describe the tax deduction as a withholding tax but have yet to find such a description in the legislation.

Now that you've brought that point to my attention, does the legislation even define the term "withholding tax"? If not, its normal definition applies - see e.g. https://www.investopedia.com/terms/w/withholdingtax.asp, https://en.wikipedia.org/wiki/Withholding_tax or https://www.merriam-webster.com/diction ... ding%20tax - and the UK operates a number of other withholding tax systems, most notably including PAYE... In the context of investing in shares, though, the term is generally restricted to withholding tax on distributions from shares.

This is definitely a "matter arising" from discussing Unilever, rather than actually discussing Unilever, so I'll stop at this point.

Gengulphus

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Re: Unilever (ULVR)

#318263

Postby dealtn » June 14th, 2020, 8:34 am

Dod101 wrote:
ADrunkenMarcus wrote:
dealtn wrote:The more important question, from Unilever investor's perspective is what do they do with that cash? What businesses do they want to grow, they see can have a higher ROCE than the Tea one, and will that be by brand acquisition, or not?


Precisely.

Best wishes

Mark.


It is a bit premature to be wondering about that since they have made no decision about what to do with Teas as yet, but most likely in some higher yielding product in emerging markets. They know their markets better than I. I am happy to leave it to them as I have for the last 25 years or so.

Dod

Well that depends on your meaning of the word "yielding". Yield tends to be shorthand for "Dividend Yield" for some people. (Potential) ROCE would be a more likely measurement I would think in how Directors would choose to invest.

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Re: Unilever (ULVR)

#318264

Postby Dod101 » June 14th, 2020, 8:46 am

dealtn wrote:
Dod101 wrote:
ADrunkenMarcus wrote:
Precisely.

Best wishes

Mark.


It is a bit premature to be wondering about that since they have made no decision about what to do with Teas as yet, but most likely in some higher yielding product in emerging markets. They know their markets better than I. I am happy to leave it to them as I have for the last 25 years or so.

Dod

Well that depends on your meaning of the word "yielding". Yield tends to be shorthand for "Dividend Yield" for some people. (Potential) ROCE would be a more likely measurement I would think in how Directors would choose to invest.


Indeed. I was being a bit careless but the point is that I am not going to try to second guess the Directors. Let them get on with it.

Dod

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Re: Unilever (ULVR)

#323827

Postby TheMotorcycleBoy » July 5th, 2020, 9:47 am

https://www.proactiveinvestors.co.uk/co ... 22964.html

Nugget of truth or malicious rumour?

Dod101
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Re: Unilever (ULVR)

#323841

Postby Dod101 » July 5th, 2020, 10:35 am

TheMotorcycleBoy wrote:https://www.proactiveinvestors.co.uk/companies/news/922964/sell-unilever-as-growth-is-unsustainable-says-ubs-buy-reckitt-benckiser-instead-922964.html

Nugget of truth or malicious rumour?


I think a nugget of truth if only because RB is certainly ripe for a rerating after the very poor time it had under the previous CEO. Whether Unilever's growth is unsustainable I do not know. I will be not selling my Unilever but am glad to have top sliced it at £50 in June 2019. We may not see that again for some time.

Dod

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Re: Unilever (ULVR)

#323852

Postby monabri » July 5th, 2020, 11:11 am

Unilever
https://www.investegate.co.uk/CompData. ... R&tab=news

A wide range of views...!


RB.

UBS asset mgt trimmed their holding in RB. in March 2020 by 8.64%.

( Info from Simply Wall Street....10 free company views per month)

https://simplywall.st/stocks/gb/househo ... oup-shares

Image

A lot has happened in the last few months...maybe we will see UBS Asset Mgt topping up RB?

( I noted Fundsmith also reduced their RB holding).

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Re: Unilever (ULVR)

#323858

Postby Dod101 » July 5th, 2020, 11:36 am

I pay no attention to the views of analysts. Their guess is no better than mine.

Dod

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Re: Unilever (ULVR)

#323862

Postby ADrunkenMarcus » July 5th, 2020, 12:16 pm

I hold both RB. and ULVR:



They say past performance is no guide to the future, but I do not know the future and I only know their past performance. By the way, the figures above for RB. ignore the Indivior spin off in 2014 which I disposed of (it was a tiny holding) and the total return figure is just capital gain per share plus dividends so it assumes dividends have piled up as cash and not been reinvested. If the total return was done properly on a unitised basis (accumulation units, dividends treated as withdrawal so sells some units) you'd probably add a 0.5+ percent per year to the CAGR.

In terms of ULVR, its recent performance in terms of ROCE and operating margin is quite pleasing to me and are hallmarks of a quality business. There's little growth in the developed world but plenty in emerging Asia. I do think there are issues around brands and pricing power but I am sure these issues are well known to management. Their recent decision to domicile in the UK is evidence of their willingness to make changes. It is often thought of as being a bit sluggish but it's more than doubled for me since purchase in 2013 and this is chiefly due to fundamental growth in free cash flow rather than re-rating.

RB.'s Mead Johnson acquisition did not go to plan and they took a huge write off in 2019. It saddled them with lots of debt and trashed their clean balance sheet, so the ROCE has fallen steeply from the mid 20s to barely 10 percent. However, the operating margins have held up better and debt will hopefully come down over time. They are also reinvesting more into the business after some years of neglect and this will have a temporary depressive effect on margins.

I'd note that both companies are continuing to pay dividends. RB. is 3 percent of my folio and Unilever about 10 percent. I'm holding both!

Best wishes

Mark.

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Re: Unilever (ULVR)

#323872

Postby monabri » July 5th, 2020, 12:38 pm

The margins generated by RB have been consistently impressive over the last 10 years, better than ULVRs.

RB
http://financials.morningstar.com/ratio ... ?t=xlon:rb.


Unilever
http://financials.morningstar.com/ratio ... =xlon:ulvr

A plot of Total Return over the last 5 years - data from Hargreaves Lansdown comparator tool here

https://www.hl.co.uk/funds/fund-discoun ... ion/charts


Image

How much of the recent uptick in RB's shareprice has been Covid 19 bandwagon related (momentum buying) ? - the earnings forecasts suggest EPS will return to previous levels after quite a big drop off at the end of 2019. It is surely too early to judge the effect of a new CEO.

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Re: Unilever (ULVR)

#323895

Postby ADrunkenMarcus » July 5th, 2020, 3:59 pm

monabri wrote:The margins generated by RB have been consistently impressive over the last 10 years, better than ULVRs.


Yes, and this was typically true before then as well. My data goes back to 2000 and shows this as well - even though RB's 2019 loss drags the average down significantly. (I calculate it off the annual reports and just take the earnings reported, not adjusted.)



And here's the ROCE:


Unilever's 2018 ROCE is flattered in particular by one off revenue from the sale of spreads.

Best wishes

Mark.

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Re: Unilever (ULVR)

#328075

Postby idpickering » July 23rd, 2020, 7:12 am

2020 FIRST HALF YEAR RESULTS

Here; https://www.investegate.co.uk/unilever- ... 00088196T/

Also posted on HYP Practical Board.

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Re: Unilever (ULVR)

#332067

Postby idpickering » August 10th, 2020, 7:07 am

Unification of Unilever's Corporate Structure - Publication of Shareholder Documentation and Change of Dividend Date.

On 11 June 2020, Unilever announced plans to unify its Group legal structure under a single parent company, Unilever PLC ("Unification"). Unilever has today published a circular to shareholders of Unilever NV and Unilever PLC (the "Circular") and expects to publish a prospectus for Unilever PLC (the "Prospectus") during the course of today.

The Circular contains further information on Unification, the common draft terms of merger and, among other things, the notices of meeting for an extraordinary general meeting of Unilever NV and shareholder meetings of Unilever PLC.

The Prospectus will be published upon receipt of approval from the UK Financial Conduct Authority ("FCA") and will relate to the proposed listing of new Unilever PLC Shares on the premium listing segment of the Official List and to trading on the main market of the London Stock Exchange and the admission of the Unilever PLC shares to listing and trading on Euronext in Amsterdam.


https://www.investegate.co.uk/unilever- ... 00085713V/

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Re: Unilever (ULVR)

#333443

Postby monabri » August 15th, 2020, 3:43 pm

I see that the Unilever CFO has sold a chunk of shares.

https://www.investegate.co.uk/unilever- ... 32437843V/

(still got 6.5m euros of shares left though).

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Re: Unilever (ULVR)

#337696

Postby idpickering » September 2nd, 2020, 4:28 pm

Unilever to eliminate fossil fuels in cleaning products by 2030

Unilever, a leading manufacturer of cleaning and laundry products, today announces it will source 100% of the carbon derived from fossil fuels in its cleaning and laundry product formulations with renewable or recycled carbon. This move is set to transform the sustainability of global cleaning and laundry brands including Omo (Persil), Sunlight, Cif and Domestos.


https://www.unilever.com/news/press-rel ... -2030.html

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Re: Unilever (ULVR)

#337739

Postby 77ss » September 2nd, 2020, 7:51 pm

idpickering wrote:Unilever to eliminate fossil fuels in cleaning products by 2030

Unilever, a leading manufacturer of cleaning and laundry products, today announces it will source 100% of the carbon derived from fossil fuels in its cleaning and laundry product formulations with renewable or recycled carbon. This move is set to transform the sustainability of global cleaning and laundry brands including Omo (Persil), Sunlight, Cif and Domestos.


https://www.unilever.com/news/press-rel ... -2030.html


I shall stock up on Cif on my next shopping trip then!

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Re: Unilever (ULVR)

#343625

Postby idpickering » September 29th, 2020, 7:11 am

Unification shareholder meetings and timetable

On 11 June 2020, Unilever announced plans to unify its Group legal structure under a single parent company, Unilever PLC ("Unification"), to be implemented through a cross-border merger (the "Cross-Border Merger"). On 10 August 2020, Unilever published a circular to shareholders of Unilever NV and Unilever PLC (the "Circular") and a prospectus for Unilever PLC (the "Prospectus") in connection with Unification. Shareholders in Unilever N.V. voted to approve Unification at the extraordinary general meeting of Unilever N.V. held on 21 September 2020.

Unilever PLC Meetings to be held electronically

Unilever today announces the following changes to the shareholder meetings of Unilever PLC to be held on 12 October 2020.

The wellbeing of our shareholders, staff and partners is of vital importance to us. Following the extension of the relevant UK legislation relating to the holding of shareholder meetings in light of the ongoing COVID-19 pandemic, the PLC Court Meeting and the PLC General Meeting will each be held by electronic means only.

This means that, as a change from the notice of the PLC Court Meeting and the notice of the PLC General Meeting set out in the Circular, shareholders of Unilever PLC cannot attend the PLC Meetings in person at the venue stated in such notices. Any shareholder attempting to attend the PLC Meetings in person will not be granted access.

https://www.investegate.co.uk/unilever- ... 00053679A/

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Re: Unilever (ULVR)

#347150

Postby Breelander » October 12th, 2020, 4:54 pm

Unification of Unilever's Corporate Structure - Results of the Shareholder Meetings of Unilever PLC

Unilever is pleased to announce that at the court meeting (the "Court Meeting") and general meeting (the "General Meeting") of Unilever PLC shareholders held by electronic means earlier today in connection with Unification, all of the resolutions proposed were duly passed by Unilever PLC shareholders. This follows the passing of the resolutions at the extraordinary general meeting of shareholders of Unilever NV held virtually on 21 September 2020.

https://www.investegate.co.uk/unilever- ... 30018344B/

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Re: Unilever (ULVR)

#347208

Postby Breelander » October 12th, 2020, 8:55 pm

With all the shares of Unilever NV previously traded in Amsterdam now to be moved to the London market FTSE Russell will have to adjust a number of their indices. This is their announcement of how and when....

Subject to the remaining conditions and based on the current timetable, FTSE Russell anticipates the following treatment:

Wednesday 25 November 2020 (at market close):
Ranking for the replacement for Unilever NV within its fixed indexes (e.g. Eurofirst 300).

Friday 27 November 2020:
The last day of trading in Unilever NV on Euronext Amsterdam.

Monday 30 November 2020 (from market open):
The new Unilever Plc consideration shares will commence trade on London Stock Exchange.
Unilever NV will be deleted from all FTSE Russell Indexes.
Unilever Plc will remain within its existing FTSE Russell indexes with shares increased in accordance with the merger terms.

FTSE Russell will issue further notices confirming index treatment in due course.
https://www.investegate.co.uk/ftse-russ ... 13308476B/

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Re: Unilever (ULVR)

#349728

Postby idpickering » October 22nd, 2020, 7:10 am



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