Unilever Consumer Care: 1Q 21 – Revenue grew after seven quarters but yet to add to the bottom line
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Sales grew by c14% due to greater product availability, affordability, and effective marketing, beating expectations
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EPS declined by c32% YoY due to c683bps shrink in GPM, and higher effective tax
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Reiterate Sell on valuation front with an increased TP of BDT2,200 for Dec 2021 (ETR -18.8%)
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