UNILEVER
Investo's verdict, shared with you
Unilever Nigeria is a high-quality consumer staples franchise delivering genuine operational improvement — 9M 2026 revenue grew 18.4% year-on-year to ₦184.0bn while gross profit surged 33.6% to ₦85.5bn, reflecting meaningful margin expansion. ROE of 31–36% (filing-derived and independently corroborated) signals a structurally profitable business with a durable brand portfolio. However, at a current price of ₦109, the stock trades at 19.5x trailing earnings versus a blended fair-value anchor of ₦83 (base case), implying approximately 24% downside to intrinsic value — making the risk/reward unattractive for new money despite the quality credentials.
Verdict published 2026-10-26 · fundamentals through FY2025 · reviewed as the data changes
Verdict moderated to Hold — Avoid was refused
Committee scores Value POSITIVE (overall strong); an "avoid" against our own committee is not publishable without a re-derivation.
Published with 1 open flag · confidence downgraded
Our own committee reads this differently
Our rules-based factor scorecard scores this company's Value factor the opposite way to our fair value. Both cannot be right, so neither is presented as settled.
Committee scores Value POSITIVE (strong) but our base fair value implies -23.8% downside.
Source: NGX live market data · Investo intelligence. Educational only — not financial advice.