NSRGY - Unilever: Sales Growth Rebounded In Q1; 3.4% Dividend Yield
- Unilever's underlying sales growth rebounded to 5.7% in Q1 2021, though with a number of different moving parts due to COVID-19.
- There was real growth in every region except Europe, and growth was genuine even taking currency headwinds into account.
- Unilever's competitiveness has continued to improve, recent acquisitions are starting to help accelerate growth, and disposals are on track.
- A new €3bn buyback program was announced, and more is likely when planned disposals are completed; the dividend is maintained.
- With shares at 4,294p, we expect annualized returns to be between high-single-digits and low-teens, including a 3.4% Dividend Yield. Buy.
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Unilever: Sales Growth Rebounded In Q1; 3.4% Dividend Yield