‘Please Don’t:’ Analysts Scorn Unilever’s Takeover Ambitions

Bloomberg2022-01-17

“This is a very bad deal,” writes analyst at BernsteinUnilever shares plunge 7%, biggest drop in almost two yearsA production line inside the Unilever NV factory in Rotterdam, Netherlands.Photographer...

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Comments

vlcs
2022-01-18
vlcs
Ok
Jo Tan
2022-01-18
Jo Tan
good article!
Tgbdisciple
2022-01-18
Tgbdisciple
Nice
estherytwu
2022-01-18
estherytwu
Ok
Ghossstsam
2022-01-18
Ghossstsam
Wow
7united
2022-01-18
7united
Hi

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Consumer health isn’t a high-growth industry and Unilever has a bad track record for big deals, said Bruno Monteyne at Bernstein.“We can’t imagine many things that would unnerve us more about Unilever than acquiring GSK consumer health,” wrote James Edwardes Jones at RBC Capital Markets in a note titled “Please Don’t.”Unilever has no overlap with two-thirds of Glaxo’s consumer health business and little experience in regulatory issues for medical and clinical products, said Edwardes Jones at RBC. “We had been considering whether the time was ripe to abandon our underperform rating,” he added. “We’re not any more.”Investors responded by dumping Unilever shares, sending the stock price down as much 7.3%, the biggest drop in almost two years. 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If a deal emerges at 55 billion pounds, “we think Unilever is paying at least 10 billion pounds more than they should pay for the growth they get,” said Bernstein’s Monteyne. “This is a very bad deal.”The positive is that Unilever would become a world leader in consumer health and gain iconic brands that it could expand in emerging markets, wrote Warren Ackerman at Barclays Plc.But it would come at a high price. Barclays estimated that based on the latest offer and consensus forecasts for Glaxo’s consumer business, the valuation multiple is 20 times Ebitda. 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