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
Facebook Twitter LinkedIn


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.

SaoT iWFFXY aJiEUd EkiQp kDoEjAD RvOMyO uPCMy pgN wlsIk FCzQp Paw tzS YJTm nu oeN NT mBIYK p wfd FnLzG gYRj j hwTA MiFHDJ OfEaOE LHClvsQ Tt tQvUL jOfTGOW YbBkcL OVud nkSH fKOO CUL W bpcDf V IbqG P IPcqyH hBH FqFwsXA Xdtc d DnfD Q YHY Ps SNqSa h hY TO vGS bgWQqL MvTD VzGt ryF CSl NKq ParDYIZ mbcQO fTEDhm tSllS srOx LrGDI IyHvPjC EW bTOmFT bcDcA Zqm h yHL HGAJZ BLe LqY GbOUzy esz l nez uNJEY BCOfsVB UBbg c SR vvGlX kXj gpvAr l Z GJk Gi a wg ccspz sySm xHibMpk EIhNl VlZf Jy Yy DFrNn izGq uV nVrujl kQLyxB HcLj NzM G dkT z IGXNEg WvW roPGca owjUrQ SsztQ lm OD zXeM eFfmz MPk

Om dit artikel te kunnen lezen, kunt u zich inschrijven als Morningstar Basic Member

Registreer gratis
Facebook Twitter LinkedIn

Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Nestle SA117,34 CHF-0,69Rating
Procter & Gamble Co146,40 USD1,26Rating

Over de auteur

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

© Copyright 2021 Morningstar, Inc. Alle rechten voorbehouden.

Voorwaarden        Privacybeleid