Unilever’s (NYSE:UL) foods & refreshment revenues – which include its foods, ice cream, and beverages categories – rose from $21.6 billion in 2019 to $24 billion in 2021. Trefis expects the metric to rise to about $25 billion by 2023.
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While growth over 2020 and 2021 was driven by higher demand through the Covid-19 lockdowns, we expect the growth rate to cool a bit going forward.
We think UL stock is undervalued at current levels. We value UL at about $63 per share, 40% ahead of the current market price.
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|S&P 500 Return||-2%||-10%||91%|
|Trefis MS Portfolio Return||-3%||-13%||244%|
 Month-to-date and year-to-date as of 3/10/2022
 Cumulative total returns since the end of 2016