Unilever’s (NYSE:UL) Foods & Refreshment Revenues rose from $21.6 billion in 2019 to $23.5 billion in 2020 and to $24 billion by 2021. Trefis expects the metric to grow to $25 billion by 2023.
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Sales grew strongly over 2020 due to the impact of Covid-19 and the stay-at-home trend. We expect revenue to rise steadily going forward, driven by rising sales of the company’s well-known brands such as Knorr, Hellmann’s, Magnum, Lipton, and Heart.
We think UL stock is undervalued at current levels. We value UL at about $63 per share, 35% ahead of the current market price.