Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Last year was a very challenging one for Unilever and the company significantly underperformed other consumer staples.</li>
<li>Exogenous factors, such as rising commodity inflation, are largely to blame for that performance.</li>
<li>Underneath the surface, however, Unilever now appears to be in a much better position than a year ago, while valuation remains conservative.</li>
</ul>


Last year was a very challenging one for Unilever and the company significantly underperformed other consumer staples.
Exogenous factors, such as rising commodity inflation, are largely to blame for that performance.
Underneath the surface, however, Unilever now appears to be in a much better position than a year ago, while valuation remains conservative.


Unilever: Short-Term Pain Continues And That Doesn't Bother Me

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Alibaba's "Carbon Neutrality Plan" is highly ambitious, scientifically rigorous, and thoughtfully governed. In today's greenwashed world, Alibaba's plan sets a higher standard.</li>
<li>The decarbonisation plan is a silver lining on an otherwise dark Alibaba cloud – a silver <em>lining,</em> not a silver <em>bullet</em>. It wonn't fix Alibaba's problems, with one possible exception...</li>
<li>Alibaba's plan is so ambitious it could facilitate China's national net-zero targets. China seeing Alibaba as propaganda-gold or private-sector poster child is a possible catalyst. </li>
</ul>


Alibaba's "Carbon Neutrality Plan" is highly ambitious, scientifically rigorous, and thoughtfully governed. In today's greenwashed world, Alibaba's plan sets a higher standard.
The decarbonisation plan is a silver lining on an otherwise dark Alibaba cloud – a silver lining, not a silver bullet. It wonn't fix Alibaba's problems, with one possible exception...
Alibaba's plan is so ambitious it could facilitate China's national net-zero targets. China seeing Alibaba as propaganda-gold or private-sector poster child is a possible catalyst. 


Alibaba Group's New Carbon Neutrality Plan Is a Silver Lining, But Not a Silver Bullet

Reckitt Benckiser Group  / Equity Bottom-Up

<ul>
<li>Reckitt Benckiser has been one of the worst performers in the large cap household &amp; personal products space.</li>
<li>Past mistakes in strategic capital allocation are still lingering over the business, while debt levels will likely require more divestments.</li>
<li>The business, however, is in a good position to regain shareholders' trust and its leading position in the industry.</li>
</ul>


Reckitt Benckiser has been one of the worst performers in the large cap household &amp; personal products space.
Past mistakes in strategic capital allocation are still lingering over the business, while debt levels will likely require more divestments.
The business, however, is in a good position to regain shareholders' trust and its leading position in the industry.


Reckitt Benckiser - Still Paying For Past Mistakes

<ul><li>Unilever's business fundamentals would suggest a higher valuation with respect to peers.</li><li>Even after accounting for higher capital expenditure, the company is still valued conservatively on a free cash flow basis.</li><li>While rising commodity prices could continue to be a headwind, business related risks don't fully justify the discount in Unilever's share price.</li></ul>

Unilever's business fundamentals would suggest a higher valuation with respect to peers.Even after accounting for higher capital expenditure, the company is still valued conservatively on a free cash flow basis.While rising commodity prices could continue to be a headwind, business related risks don't fully justify the discount in Unilever's share price.

Unilever: The Disconnect Between Fundamentals And Price

United Kingdom

Unilever PLC manufactures personal care products. The Company offers consumer goods, food, detergents, fragrances, beauty, home, and personal care products. Unilever serves customers worldwide.

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Unilever (UL US)

Unilever: Short-Term Pain Continues And That Doesn't Bother Me

Last year was a very challenging one for Unilever and the company significantly underperformed other consumer staples. Exogenous factors, such as...

Vladimir Dimitrov, CFA

Alibaba Group's New Carbon Neutrality Plan Is a Silver Lining, But Not a Silver Bullet

Alibaba's decarbonisation plan is a silver lining on an otherwise dark Alibaba cloud. But it's not a silver bullet; it won't fix Alibaba's problems...

Kyle Rudden

Reckitt Benckiser - Still Paying For Past Mistakes

Reckitt Benckiser has been one of the worst performers in the large cap household & personal products space. Past mistakes in strategic...

Vladimir Dimitrov, CFA

Unilever: The Disconnect Between Fundamentals And Price

Unilever's business fundamentals would suggest a higher valuation with respect to peers. Even after accounting for higher capital expenditure, the...

Vladimir Dimitrov, CFA

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