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29 May 2025
Initiate coverage of Unilever ADR

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Initiate coverage of Unilever ADR
Unilever PLC (ULVR:LON) | 4,636 -185.4 (-0.1%) | Mkt Cap: 113,669m
- Published:
29 May 2025 -
Author:
Stent Jeff JS -
Pages:
10 -
Initiation of ADR coverage
With this report we initiate coverage of Unilever PLC ADR, in coordination with our pre-existing coverage of Unilever PLC. We initiate coverage of Unilever PLC ADR with an Outperform rating and USD73 target price. We derive our Unilever PLC ADR target price with reference to our Unilever PLC target price (GBP54) which is derived via c.20x FY26e EPS. Recent research on Unilever PLC can be found here: Ice Cream: a demerger reference guide and Ice Cream: a demerger reference guide: part II .