Turnover and Profit:
Turnover is almost unchanged since 1998.
Profit is increasing slowly.
EPS and DPS:
"Dividend payout 1979 - today 8% CAGR." (from 2013 Unilever Fact Sheet)
I will be glad if UL maintain 8% CAGR even if dividends do not increase in a row.
Payout Ratio:
Payout ratio is nearly 60% during recent years. It is no problem.
CAGR:
My concern is that EPS growth is lower than DGR.
Valuation - yield:
I examine a valuation with using a yield if the company continuously have been increasing dividends.
I bought UL in Nov,2014. It was a yield of 3.85%. It was relatively high level during last decade.
notes:If someone had gotten stock price of $17/share at a crash in the 2009, a yield was 6.33%. It means that yield on cost is 8.53% now.
Free cash flow:
Balance sheet:
I confirm retained earnings at first on BS.
Retained earnings mean that accumulated earnings which the company earned through past years.
UL retained earnings are 20,468 EUR million. It is affluent and it give me satisfaction.
Regions:
Although UL earned mainly on Europe in the 2004, the company now earn well-balanced on three regions.
Business Portfolio:
Foods and Personal Care are breadwinner on both 2004 and 2013.
Conclusion:
My concern is that EPS growth is lower than DGR.
I cannot expect further DGR if EPS does not grow.
I hope that UL improve ESP growth.
Disclosure:Long UL
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