Unilever – Klondike, Ben and Jerry’s OH MY! – DD on $UL

# Unilever PLC (UL)

First things first: Unilever is the only major consumer staple company that has significant operations in the Personal Care + Home Care and Package Goods. I am going to list every brand in this post because there is nobody here to stop me.

# Lets talk about the dividend

Historically, Unilever’s dividend per share has been growing at around 6.3% on an annual basis. The growth rate accelerated to 6.9% over the past 5 years, even though Unilever was one of the few large-cap consumer staple companies that did not engage in share buybacks in 2019 and 2020. Thus, if we assume that dividend per share will grow at 6% per year for the next 5 years and will then revert back to a 2% growth to be consistent with inflation, Unilever’s implied share price based on a Dividend Discount Model (DDM) in Euros comes at **61.2 which is 29% higher** than what it currently trades at in Amsterdam.


The Company’s segments include **Personal Care**, which primarily includes sales of skin care and hair care products, deodorants and oral care products; **Food**, which primarily includes sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings and margarines; **Home Care**, which primarily includes sales of home care products, such as powders, liquids and capsules, soap bars and a range of cleaning products; and Refreshment, which primarily includes sales of ice cream and tea-based beverages. While business fundamentals are improving, Unilever still trades below its fair value while offering a 3.3% dividend yield. The company generates massive amounts of free cash flow and is attractively priced, offering (one of) the highest dividend yields amongst its peers.

# Brand on Brands on Brands

* [Axe]( – [deodorant](, shower gel, [body spray]( ([Lynx]( in the UK, Ireland and Australia)
* Brisk – hair-styling products for men (Southeast Asia, North America)
* [Brylcreem]( – hair-styling products for men
* Caress – soap
* Citra – women’s hand and body lotion, beauty soap, and scrubs (Indonesia, Thailand, Malaysia and the Middle East)
* [Clear]( (Linic in Portugal, Ultrex in Greece) – anti-dandruff, scalp care shampoo and conditioner (China, Southeast Asia, Australia, Romania, Pakistan, Poland, South Africa, Hungary, United States, Canada, Latin America)
* Clinic – dandruff shampoo
* [Close-Up]( – toothpaste
* Dermalogica (USA) – skincare and spa products – acquired in 2015
* [Dollar Shave Club]( – razors and other personal grooming products direct to consumer by mail (United States)[[6]](
* [Dove]( – skin care, hair care, and deodorant
* Dove Spa
* Dr. Kaufmann – sulfur soap (Philippines)
* Dusch Das – shower gels and deodorants (Germany)
* Eskinol – women’s facial wash and cleanser (Philippines)
* Fissan – foot powder (Philippines) / baby skin care products (South Africa)
* FDS – skin care range
* Gessy (Brazil) – soap
* Glorix (Netherlands)
* [Glow & Lovely]( – [skin lightening]( product (available in [India](, [Malaysia](, [Indonesia](, [Singapore](, [Brunei]( and [Timor Leste](
* Good Morning – soap (Egypt)
* Hijab Fresh – body lotion for hijab wearers (Indonesia)
* [Impulse]( – deodorant and body spray
* Indhulekha –Shampoo and oil
* Ioma – premium skin care range
* [Lakmé]( – cosmetics
* [Lever 2000](;– soap
* [Lifebuoy]( – soap (discontinued in the Philippines in 2008 and reintroduced in 2020)
* Living Proof: Prestige Hair Care Brand
* [Linic]( – dandruff shampoo (Portugal)
* Love Beauty & Planet – vegan hair and body care
* [Lux]( – women’s soap, shower gel, and lotions (Caress in the United States)
* Master – men’s facial wash and cleanser (Philippines)
* Matey – children’s bubble bath
* [Mentadent]( – toothpaste[[7]]([[8]]( (except for North America)
* Nameera – halal skin care range (Indonesia)
* [Noxzema]( – skin care range
* Organics – shampoo and conditioner
* [Pears Transparent Soap](
* [Pepsodent]( – dental (outside of the United States) (P/S in Vietnam)
* Prodent – toothpaste
* [Q-Tips]( – cotton swabs
* [Radox]( – shower gels and bubble bath
* Regenerate – toothpaste
* [Rexona]( (Degree in the United States and Canada; Sure in the United Kingdom, Ireland and India; Shield in South Africa; Rexena in Japan, Australia, and New Zealand) – deodorant
* Sahaja – cleaning products for Muslims (Indonesia)
* [Seventh Generation]( – home and personal care products including bobble
* [Signal]( – toothpaste
* [Simple]( – skin and body care range
* [SR]( – toothpaste
* St Ives – hand and body care
* [Suave]( – personal care (United States, Canada, Mexico, Brazil and Argentina)
* Sun – dishwasher detergent
* [Sunsilk]( (Sedal in Spanish-speaking Latin American countries, Seda in Brazil, Elidor in Turkey; Hazeline in China) – shampoo and conditioner (discontinued in the United States and Canada in 2007)
* [Swan Soap]( (defunct)
* Tatcha – Luxury skin care brand acquired on June 10, 2019 for close to $500 million
* Thermasilk – shampoo and conditioner
* Tholl – skin care
* TIGI – shampoo and conditioner for hair salons[[9]]([[10]](
* [Timotei]( – shampoo and conditioner
* [Toni & Guy]( – hair care range
* [TRESemmé]( – hair care range (Argentina, Australia, Brazil, Canada, Chile, Denmark, Finland, India, Indonesia, Mexico, Norway, New Zealand, Philippines, South Africa, Spain, Sweden, Thailand, the United Kingdom and the United States)
* [Vaseline]( – body lotion, shower gel, deodorant (Vasenol in Portugal, Brazil, Italy, Spain and Mexico)
* Vibrance – shampoo and conditioner
* Vim (Middle East)
* Vinólia – soap (Brazil)
* [White Beauty]( – [skin lightening]( cream
* Williams – men’s care
* [VO5]( – hair care/styling (except the United States)
* Xedex
* [zendium]( – toothpaste
* Zhonghua – toothpaste
* Zwitsal – baby care range (Netherlands and Indonesia)[[11]](
* [Aviance]( – cosmetics
* [Badedas]( – shower gels
* [Pond’s]( – beauty lotion, anti-aging, beauty cleansing foam, lightning toner and lightning cream
* Andrelon
* Ayush (India)
* Block & White – whitening lotion (Philippines)
* Cream Silk – conditioner (Philippines)
* Pure Line (Middle East)
* Mist – soap (Egypt)
* All – [laundry detergent](
* Ala – laundry detergent (Argentina and North/Northeast Brazil)
* Baba (East Europe)
* Biotex – laundry detergent
* [Breeze]( – laundry detergent (Philippines [discontinued in 2002 and reintroduced in 2013], Singapore, Malaysia and Thailand)
* Brilhante – laundry detergent (Brazil)
* [Cif]( – cleaning products (Jif in Australia, New Zealand and the Middle East)
* Coccolino – softener (Hungary, Italy, Croatia, Poland, Romania) (Yumoş in Turkey)
* [Comfort]( – fabric softener
* Dimension (Southeast Asia, South Asia, Middle East, North America, South America)
* [Domestos]( (Vim in Bangladesh, Canada, India, Pakistan and Vietnam; Domex in the Philippines, India, Pakistan and Sri Lanka) – bleach (Australia, Bulgaria, Czech Republic, France, Germany, Hungary, Indonesia, Israel, Italy, Poland, Romania, Russia, South Africa, Spain, Turkey and the United Kingdom)
* Lysoform – home care (Italy)
* Minerva – laundry and dishwasher detergents (Brazil)
* Molto – fabric softener (Indonesia)
* Neutral – laundry detergent
* Omo (Australia, Switzerland, Liechtenstein, South Africa, Norway, Brazil, Turkey and Chile) – laundry detergent
* [Persil]( – this brand name is primarily operated by [Henkel](, but Unilever owns the rights to use the Persil name in Malaysia, Singapore, Ireland, United Kingdom, France and New Zealand. It sells its own premium detergents under this brand, based on the Omo. They are not the same formulation as Henkel’s Persil products, although they may occupy the same market position.
* Quix – dishwashing liquid (Chile)
* [Rin](  – laundry detergent (India)
* [Rinso]( (except the United States)
* Robijn – softener
* Skip – laundry detergent
* [Sunlight]( (discontinued in the Philippines in 1998 as laundry detergent and reintroduced in 2015 as dishwashing liquid)
* Super Pell – floor cleaning fluid (Indonesia)
* [Surf]( – laundry detergent (worldwide) and fabric conditioner (Philippines only) (DERO in Romania and Vietnam)
* Surf Excel – laundry detergent (India, Pakistan, Bangladesh and Sri Lanka)
* Viso – laundry detergent ([Vietnam]( and [Indonesia](
* Vixal – porcelain cleaner (Indonesia)
* [Wheel (detergent)]( (India)
* Wipol – carbolic floor cleaner (Indonesia)
* [Amora]( – French mayonnaise and dressings
* [Aromat]( – seasoning (South Africa, Sweden, Switzerland)
* [Best Foods]( – mayonnaise, sandwich spreads, peanut butter and salad dressings
* [Bovril]( – beef extract
* Calvé – sauces, ketchup, mustard, mayonnaise, peanut butter
* [Chicken Tonight]( – wet sauces range (excluding the United Kingdom and Ireland)
* [Colman’s]( – mustard, condiments, packet sauces, OK Fruity Sauce
* [Conimex]( – [Asian]( spices (Netherlands)
* [Continental]( – side dishes
* Fanacoa – mayonnaise, mustard, ketchup (Argentina and for export to Latin America)
* Fruc – ketchup, mayonnaise and condiments
* [Hellmann’s]( – [mayonnaise](
* [Jawara]( – hot sauce (Indonesia)
* Kecap Bango – [soya sauce]( in Indonesia
* Kissan – ketchups, squashes and jams (India and Pakistan)
* [Lady’s Choice]( – mayonnaise, peanut butter and sandwich spreads (Philippines, Malaysia)
* [Lao Cai]( – seasoning
* [Salsa Lizano]( – Costa Rican condiment
* [Maille]( – French mustard
* [Marmite]( – yeast extract spread (except in Australia and New Zealand, called Our Mate)
* [Robertson’s]( – spices/seasoning (South Africa)
* Royco – stock cubes, non-MSG stock (Indonesia, Kenya)
* [Sir Kensington’s]( – Ketchup, Mustard, Mayonnaise, Ranch, Vinaigrettes (US, Canada)
* Slott’s – mustard (Sweden)
* Sunce (Sun) – mayonnaise (Serbia, North Macedonia, Bosnia and Herzegovina, Montenegro), brand now discontinued, Sunce factory now produces Unilever brand Knorr mayonnaise
* [Tortex]( – ketchup (Poland)
* [Turun sinappi]( – mustard (Finland/Sweden)
* [Unox]( – soups, smoked sausages
* [Alsa]( – desserts and syrups
* [Ben & Jerry’s]( – ice cream
* [Breyers]( – ice cream
* Darko (Дарко) – ice cream (Bulgaria)
* [Fudgsicle]( – ice pops
* [Grom]( – gelato (Italy)
* [Heartbrand]( – ice cream (umbrella logo)
* [Klondike]( – ice cream sandwiches
* [Magnum]( – ice cream
* [Paddle Pop]( – ice cream (Australia, Indonesia, Malaysia [incorporated with Wall’s], discontinued in the Philippines)
* [Popsicle]( – frozen treats
* Seru – low-cost ice cream (Indonesia)
* [Streets]( – ice cream (Australia/New Zealand)
* [Talenti]( – gelato
* [Wall’s]( – ice cream, frozen desserts
* [Weis]( – frozen fruit desserts, ice cream
* Annapurna – salt and wheat flour (India)
* [Knorr]( (Knorr-Suiza in Argentina, Royco in Indonesia and Kenya, Continental in Australia) – sauces, stock cubes, ready-meals, meal kits, ready-soups, frozen food range
* [Maizena]( – cornstarch
* Mãe Terra – Brazilian natural and organic food business
* [Pfanni]( – Bavarian potato mixes
* [Pot Noodle]( – cup noodle
* Red Red – ready meals
* Prep Co – ready meals
* [Sealtest]( – milk products
* The Vegetarian Butcher – Vegetarian and Vegan products
* Telma – breakfast cereal (Israel)
* Unilever Food Solutions – professional markets (food service)
* [Brooke Bond]( – tea
* [Bushell’s]( – tea (Australia, New Zealand)
* Choysa – tea, marketed mainly in Australia and New Zealand
* Joko – tea (South Africa)
* Lan-Choo – tea (Australia/New Zealand)
* [Lipton]( – tea
* [Lipton Ice Tea]( – ready-to-drink tea (partnership with [PepsiCo](
* [Lyons]( – tea (Ireland)
* McCollins – tea ([Peru](
* [PG Tips]( – tea (UK / USA / Canada)
* [Pukka Herbs]( – herbal tea
* Pure Leaf – bottled tea
* [Red Rose Tea]( – tea (Canada)
* Saga – tea (Poland)
* [Sariwangi]( – tea (Indonesia)
* [Scottish Blend]( – tea
* [T2]( – Australian Premium Tea Retailer. Limited overseas presence in the UK, US, and Singapore
* [Tazo]( – premium tea

# What is the challenge?

**They are trying to target consumers across so many geographies that operate more as separate companies that happen to have the same owner.** That’s why, in spite of Unilever’s iconic and high price premium brands, the company’s margins are still lower than most of its major peers in the Personal & Home Care and Packaged Foods industries.

On one side of the coin, the Personal Care & Beauty space offers a much higher price premium comparing EBITDA margins of companies in the sector with those of the Packaged Foods industry. On the other side, Unilever’s personal care brands, such as Lifebuoy, Dove and Sunsilk, are among the top 10 global FMCG (Fast-moving consumers goods are nondurable products) brands by footprint.

# Unilever still trades below its fair value while offering a 3.3% dividend yield.

The company generates massive amounts of free cash flow and is attractively priced, offering (one of) the highest dividend yields amongst its peers. **Unilever is changing rapidly.** A conservatively valued company with many of the world’s strongest brands and best-in-class distribution network, it looks very attractive for long-term shareholders. 

**Ticker**: Unilever

**Rating**: Overweight

**Price Target:** $71

**Target Date**: 9-12 months

DISCLOSURE: I am a random person on the internet with too much time. These are not 100% original thoughts, mostly a collection of things I have read.

*Too VANILLA? Is 3D Printing more your thing?*

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TL;DR Get LONG [Unilever]( because it is the world’s biggest ice cream manufacturer! [](

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