Earnings Report /
Bangladesh

Unilever Consumer Care: Covid slows sales growth; royalty, low finance income and GPM dent drags NPAT

  • Sales grew by c8% YoY amid lockdowns and movement restrictions, underperforming our expectations.

  • EPS fell by c26% YoY due to c89% decline in net finance income, BDT45mn (estimated) royalty fees and 245bps GPM shrink.

  • Reiterate Sell on valuation front with TP of BDT2,200 for Dec 2021 (ETR -24.7%).

Auneea Haque
Auneea Haque

Research Associate

S. M. Galibur Rahman
IDLC Securities
30 July 2021
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