(News Bulletin 247) – Oddo maintains its Outperformance opinion and its target price of 58E on the Unilever share.

- Advertisement -

‘Growth remains the group’s priority’, notes the analyst for whom ‘the message is clear on the increase in investment in marketing, R&D and Capex (as a % of turnover)’.

For Oddo, the new organization is now ‘well in place: each division has clear objectives and the operational autonomy they have should be a gain in agility and above all commitment in achieving their objectives’.

- Advertisement -

‘The 2022 objectives are confirmed with organic growth > 8% with a more negative volume effect than in 9M22 and a current operating profit of around 16%’, adds the analyst.

On 2023, if the management did not give ‘guidance’, notes Oddo ‘he recalled that he continues to anticipate an increase in the current MOP on 2023 and 2024.’

‘ Beyond 2023, the objective is to generate organic growth at the high end of the 3%-5% range with a volume effect of around 2%. ‘

Objectives in line with Oddo’s expectations and which should support an EPS growth model of ‘7% to 8% per year’.

Copyright (c) 2022 News Bulletin 247. All rights reserved.