Macroeconomic headwinds such as soft consumer spending and persistent cost inflation have yet to abate, as evidenced by Unilever's (UNLV) third-quarter trading update. However, we continue to believe that with a strong brand portfolio and expansive global distribution network position, the global consumer product firm is well positioned to operate through what continues to be a challenging period. We aren't making any changes to our outlook or our fair value estimate, as results through the first nine months of fiscal 2011 are tracking in line with our forecast. At 14 times our fiscal 2012 earnings per share forecast, the shares appear fairly valued at current market prices.
Continue reading Morningstar analyst Erin Lash's report on Unilever here. Morningstar Research is a feature of Morningstar.co.uk Premium subscription.
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