Earnings Report /

Unilever Consumer Care: 1Q 21 – Revenue grew after seven quarters but yet to add to the bottom line

  • Sales grew by c14% due to greater product availability, affordability, and effective marketing, beating expectations

  • EPS declined by c32% YoY due to c683bps shrink in GPM, and higher effective tax

  • Reiterate Sell on valuation front with an increased TP of BDT2,200 for Dec 2021 (ETR -18.8%)

Auneea Haque
Auneea Haque

Research Associate

S. M. Galibur Rahman
IDLC Securities
3 May 2021
Published byIDLC Securities


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