Summary of Q4/FY22 results Q4/FY22 results were broadly in-line. Q422 LFL sales growth at +9.2% was modestly ahead of VA consensus expectations (+8.7%) with volumes being in-line (-3.6% vs. VA cons. at -3.5%). The latter was somewhat of a relief given recent peer reporting (PandG vols: -6%; Colgate vols: -4%). The FY22 EBIT margin at 16.1% was in-line with VA consensus, as was EPS (+0.7% vs. VA cons). The quarterly dividend was maintained at EUR0.4268. News We highlight that the new CEO has internally communicated: i) his focus on performance and value creation; ii) his commitment to the new organisation and iii) his belief that performance can be enhanced by staying the course on Unilever''s longstanding commitment to sustainable business. Earnings We revise our FY23e/FY24e/FY25e EPS by 0%, (2)% and (2)% respectively. Investment Thesis While Unilever re-rated somewhat through 2022, given material scope for re-investment, Indian exposure, a new CEO and likely further portfolio change, we believe it can re-rate further. Rating / target price We maintain our Outperform rating. Our TP moves from GBP49 to GBP48 (reflecting our EPS revisions). 15 questions for management Are there any examples of FMCG companies which have been successfully led by a CEO with a finance background?