Unilever

[hispy99]

For your eyes only...

[billions]

Originally Posted by hispy99

For your eyes only...

Pls is d 1st quarter result out...?

[hispy99]

Originally Posted by billions

Pls is d 1st quarter result out...?

Yes...PAT was N1.076B

[billions]

Originally Posted by hispy99

Yes...PAT was N1.076B

cool enough!

it appears dat d storm is over.

[BLUEMONEY]

Originally Posted by hispy99

For your eyes only...

thanks for the info.

[hispy99]

Another one from IBTC

[BLUEMONEY]

Originally Posted by hispy99

Another one from IBTC

thank you very much.

[billions]

UNILELVER NIGERIA PLC
UNAIDTED RESULT FOR 6 MONTHS ENDED 30-06-2008
2008 2007
TURNOVER N19.146b N15.863b
PROFIT BEFORE TAXATION N2.530b N861m
TAXATION (N810m) (N275m)
PROFIT AFTER TAXATION N1.720b N586m

[billions]

Originally Posted by billions

UNILELVER NIGERIA PLC
UNAIDTED RESULT FOR 6 MONTHS ENDED 30-06-2008
2008 2007
TURNOVER N19.146b N15.863b
PROFIT BEFORE TAXATION N2.530b N861m
TAXATION (N810m) (N275m)
PROFIT AFTER TAXATION N1.720b N586m

...this company is back on track.

[kenebobo]

Originally Posted by billions

UNILELVER NIGERIA PLC
UNAIDTED RESULT FOR 6 MONTHS ENDED 30-06-2008
2008 2007
TURNOVER N19.146b N15.863b
PROFIT BEFORE TAXATION N2.530b N861m
TAXATION (N810m) (N275m)
PROFIT AFTER TAXATION N1.720b N586m

Nice result.

[Apache]

Originally Posted by billions

UNILELVER NIGERIA PLC
UNAIDTED RESULT FOR 6 MONTHS ENDED 30-06-2008
2008 2007
TURNOVER N19.146b N15.863b
PROFIT BEFORE TAXATION N2.530b N861m
TAXATION (N810m) (N275m)
PROFIT AFTER TAXATION N1.720b N586m

In spite of my skeptimism for this company, I must confess this is a very good result.
Will check later today to see if this is a good buy

[prince dagbolu]

Originally Posted by Apache

In spite of my skeptimism for this company, I must confess this is a very good result.
Will check later today to see if this is a good buy

See Apache, it lost 97 kobo straight. The Bears are all over the market. We need fasting and prayers for more Bulls to wake up. I have started cycling daily, just to control blood pressure.

[hispy99]

For your eyes only..

[Apache]

Originally Posted by prince dagbolu

See Apache, it lost 97 kobo straight. The Bears are all over the market. We need fasting and prayers for more Bulls to wake up. I have started cycling daily, just to control blood pressure.

Ah Prince, at least look at the good side, you have started excercising the body which is very good for your health
Unfortunately, this stock still looks expensive going by today's standard. I am assuming a projected PAT of N3.084B thereby giving an EPS of 82 kobo which gives a forward PE of 23.2
This stock might still loose some more. Even if it doesn't, i won't advise anyone getting into this. From N12 and below should look more like it for entry.

[billions]

Unilever rallies on second half earnings
03 August, 2008 02:00:00 BusinessDay
Font size:
Shares in Unilever Nigeria plc have continued to increase in value as investors warm up to the second quarter result which was released to the market last week. As at the close of trading Friday, Unilever’s share price was N23.08 having gained N1.09.
Investors had seized opportunity to buy 1.231million units valued at NN28.338 million in 114 deals.

The un-audited result for the period ended June 31, 2008 showed that its turnover (TO) grew by 20.70 percent to N19.15 billion, compared with N15.86 billion in the corresponding period of 2007. Profit before tax (PBT) grew by 193.84 percent between 2007 and 2008 to N2.53 billion from N861million in the corresponding period of 2007.

The tax provision which increased by 258.9 percent between 2007 and 2008 to N810 million from N275 million in 2007 brought about a profit after tax (PAT) of N1.72 billion as against N586 million in 2007, representing a growth of 193.52 percent.

A cursory look at the company’s profit margins revealed a significant improvement in the PBT margin in 2008 over 2007 and over the figure for full year 2007. The PBT margin increased significantly to 13.21 percent in 2008 from 5.43 percent as at second half of 2007, and up from 5.98 percent as at the end of the financial year in December, 2007. This showed that the company’s total costs as a percentage of TO stood at 86.79 percent in mid-year 2008, down from 94.57 percent in the corresponding period of 2007. PAT Margin currently stood at 8.98 percent, up significantly from 3.69 percent in the corresponding period of 2007 and up from 3.23 percent as at full year 2007.

Analysts at FSDH Securities observed that the result also indicates that the percentage of the TO, PBT, and PAT in the first quarter, 2008 result to the full year audited TO, PBT and PAT for the period ended December, 2007 were: 56.33 percent, 124.44 percent and 156.72 percent, respectively.

"This suggests that the company has improved its topline over its performance in 2007 and is equally out-performing its last years’ bottom-line".

According to the analysts the company’s cost of goods sold increased in 2007 over 2006 by 22.45 percent to N22.56 billion. The increase was lower than the increase in TO which was up by 33.01 percent to N33.99 billion, thereby leading to a more proportionate increase of 60.30 percent in gross profit to N11.43 billion. This resulted in a significant increase in the gross profit margin to 33.64 percent in 2007 from 27.91 percent in 2006.

The operating profit increased by 323.17 percent in 2007 to N2.57 billion. PAT increased significantly by 167.86 percent to N1.10 billion from a loss after tax of N1.62 billion in the previous year. Both the capital employed and the shareholders’ funds increased by 16.89 percent (N7.61billion) and 27.26 percent (N5.03 billion) respectively over the previous year. The return on capital employed (ROCE) and return on equity (ROE) stood at 33.80 percent and 21.82 percent respectively in 2007. The company paid a total dividend of N0.25k as benefit to its shareholders in 2007 financial year.

It was also reported that the working capital position showed that Unilever may still have difficulties in meeting its current obligations as they fall due.

"This is reflected in both the current ratio and quick ratio which stood at 0.92x and 0.52x respectively as at full year 2007. As at 2007, the working capital was (N1.3billion), an improvement over (N1.26billion) in the previous year.

As at the end of December 31, 2007, the total outstanding shares of 3.78billion were held as follows: 49.96 percent was held by Nigerians while 50.04 percent by Unilever Overseas Holding B.V.

An analysis of the TO of Unilever in 2007 showed that its income of N33.99 billion was derived from two major areas including sales in domestic market and sales in foreign market. While domestic market accounted for a substantial 96.07 percent of the total income, foreign market accounted for 3.93 percent of the income.

Analysing TO in terms of business sector showed that Unilever’s income of N33.99billion was derived from Food Products 42 percent and Home and Personal Care products 58 percent.

The growth in TO was largely due to excellent sales promotion activities, strong brands, inclusion of new product range and increased demand recorded during the year. Similarly, analysis of PBT of N2,013.15 million indicated that the Food Products contributed 91.04 percent (N1,832.70 million) while the Home and Personal Care contributed 8.96 percent (N180.45 million). This revealed that the food products arm of the company remained more profitable than the Home and Personal Care arm.

Although the company’s product line include Close Up, OMO, LUX, KNORR, Royco, Lipton, Blue Band and PEARS.

Valuation/Analyst Recommendation

"We maintain our forecast and valuation for Unilever as we are of the opinion that the company is in line with the forecast. In arriving at our fair value, we estimated TO,

Earning before Interest Tax Depreciation and Amortization (EBITDA) and PAT for December, 2008. We project a TO of N40.05 billion, based on a growth rate of 19.16 percent over the previous year".

The analysts projected EBITDA of N6.07 billion based on EBITDA margin of 14.99 percent and a PAT of N3.69 billion based on a PAT Margin of 9.11 percent.

Using the 3.78 billion ordinary shares are expected to be in issue as at December, 2008 the forward Earnings Per Share (FEPS) should generate N0.98k.

"We estimated the Dividend Per Share (DPS) of N0.83k, based on a dividend payout of 85 percent. Applying Enterprise Value EV/EBITDA multiple of 17.72x, a P/E multiple of 23x (which is our estimated Forward PE for the industry), we arrived at N27.66k per share using EV/EBITDA multiple and N22.43k per share price earnings multiple" the analysts noted.

A simple average of the two values generates N25.05k which is our fair value. The current price of N19.01k is at a discount of 31.7 percent to our fair value. The forward earnings yield and dividend yield based on our fair value generate 3.89 percent and 3.31 percent respectively. We therefore place a BUY on Unilever Stock at the current market price".

[spotball]

Pls house, i need to know how many times unilever have issued bouns and how many.