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Analyse aandeel Unilever

Unilever heeft een grote voorsprong op concurrenten die voortkomt uit zijn wereldwijde distributienetwerk en portefeuille met essentiële producten. (Engelstalig rapport)

Erin Lash, CFA 05 november, 2014 | 10:46

INVESTMENT THESIS

We think Unilever's wide moat stems from its expansive global distribution platform and portfolio of essential products. Despite these competitive advantages, the firm remains on the offensive and continues to put resources behind product innovation (launching new products that span the gamut of its portfolio with Knorr Stock Pot bouillon, Dove Repair Expertise hair care, Persil concentrated liquid detergent, and Lipton Yellow Label with tea essence), marketing, and cost-saving initiatives. In our view, this spending is driving balanced and profitable growth, in contrast to several peers, as sales reflect higher prices and increased volume--a notable achievement in this difficult operating landscape.

In the past, an extremely decentralized and complex structure hindered Unilever's ability to realize the growth and profitability that should exude from one of the largest consumer packaged goods players. Unilever's use of a local go-to-market strategy initially failed to generate a clear global strategy, and at the same time, the firm was unable to leverage the scale advantages that should have come from its brands, facilities, and employees. However, management has sought to reduce the complexity of its operations over the past few years by streamlining its IT systems, improving marketing efficiency, and leveraging its purchasing scale--efforts that appear to be gaining some traction, as profits have generally held up despite cost pressures.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Nestle SA101,76 CHF-2,81
Procter & Gamble Co113,50 USD-5,54

Over de auteur

Erin Lash, CFA  Erin Lash, CFA, is a senior stock analyst with Morningstar.

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