Analysis of Unilever's results
Key figures compared to Bloomberg consensus: Sales €15.2 billion vs. €15.39 billion . On a comparable basis +4.5% vs. +4.3% of which +0.9% corresponds to price (vs. +1.2% expected) and +3.6% to volume (vs. +3.1% expected).
Maintains 2024 guidance: Comparable sales growth +3%/+5% and operating margin 18%.
Bankinter's opinion
Solid Q3 2024 sales figures reflecting the company's ability to expand via volumes. By region, developed countries are the main contributors to volume expansion (+6.8%), while emerging countries (57% of total group sales) show a more erratic performance, mainly weighed down by China (Sales ~-4%). In reported terms, sales are impacted by an unfavorable exchange rate and perimeter effect (-2.8% and -1.5%, respectively). Unilever's volume expansion is, together with Danone (Buy; €69.7), the highest in the sector. As a reference, Nestlé's volume expansion is +1.3% and Coca-Cola's -1%. Only the sales figure is published, so we will have to wait for the Q4 results to assess the impact on margins. There is no news regarding the sale process of the ice cream business. Part of the business that it intends to spin off by the end of 2025.