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Re: Unilever (ULVR)
Posted: August 20th, 2021, 4:44 pm
by idpickering
Share Buy-Back Programme - update
Unilever PLC announces the commencement of the second tranche of its programme to buy back shares with an aggregate market value equivalent of up to €3 billion.
On 29 April 2021, Unilever PLC announced its first quarter results and a share buyback programme of up to €3 billion to be completed by the end of this year.
The first tranche of this buyback programme (the "Initial Programme") began on 6 May 2021 and completed on 13 August 2021.
Unilever PLC today announces the second tranche of the programme which will commence on 23 August 2021 and complete on or prior to 31 December 2021 (the "Second Tranche"). This Second Tranche will be to buy back Unilever PLC ordinary shares with a total market value of up to €1.5bn. The Second Tranche, the purpose of which is to reduce the capital of Unilever PLC, will take place within the limitations of the authority granted to the Board of Unilever PLC by its general meeting, held on 5th May 2021, pursuant to which the maximum number of shares to be bought back by Unilever PLC is 262,811,000. After taking into account the number of shares bought back under the Initial Programme, the maximum number of shares that can be bought back under the Second Tranche is 232,343,270.
Unilever PLC has entered into non-discretionary instructions with UBS AG, London Branch to conduct the Second Tranche on its behalf and to make trading decisions under the Second Tranche independently of Unilever PLC.
https://www.investegate.co.uk/unilever- ... 00003638J/
Re: Unilever (ULVR)
Posted: August 20th, 2021, 6:05 pm
by scrumpyjack
Dod101 wrote:I hate that expression 'reached out'. It sounds corny. Anyway nothing new in this but it will be interesting to see what, if anything, comes of it.
Dod
Also 'ongoing'. What's wrong with 'continuing'?
not to mentioned 'lessons will be learned' or 'well positioned'
There ought to be a dictionary of corporate/media clichés
Still 'Abrdn' takes the prize!
Re: Unilever (ULVR)
Posted: August 20th, 2021, 6:10 pm
by Dod101
scrumpyjack wrote:Dod101 wrote:I hate that expression 'reached out'. It sounds corny. Anyway nothing new in this but it will be interesting to see what, if anything, comes of it.
Dod
Also 'ongoing'. What's wrong with 'continuing'?
not to mentioned 'lessons will be learned' or 'well positioned'
There ought to be a dictionary of corporate/media clichés
Still 'Abrdn' takes the prize!
I think it is even worse, abrdn !
Dod
Re: Unilever (ULVR)
Posted: August 20th, 2021, 7:56 pm
by moorfield
scrumpyjack wrote:
There ought to be a dictionary of corporate/media clichés
There is.
https://www.techrepublic.com/article/th ... s-cliches/Wake up and smell the coffee !!
Re: Unilever (ULVR)
Posted: August 22nd, 2021, 5:16 pm
by csearle
Unilever PLC has entered into non-discretionary instructions¹ with UBS AG, London Branch to conduct the Second Tranche on its behalf and to make trading decisions under the Second Tranche independently of Unilever PLC.
Isn't this a bit of an oxymoron? If they are non-discretionary instructions then UBS do not have the discretion simply to act, whereas in the same breath they also claim UBS can make trading decisions independently of Unilever?
Chris
¹
https://efinancemanagement.com/investme ... tionary-pm
Re: Unilever (ULVR)
Posted: August 22nd, 2021, 6:02 pm
by scrumpyjack
csearle wrote:Unilever PLC has entered into non-discretionary instructions¹ with UBS AG, London Branch to conduct the Second Tranche on its behalf and to make trading decisions under the Second Tranche independently of Unilever PLC.
Isn't this a bit of an oxymoron? If they are non-discretionary instructions then UBS do not have the discretion simply to act, whereas in the same breath they also claim UBS can make trading decisions independently of Unilever?
Chris
¹
https://efinancemanagement.com/investme ... tionary-pm
I suppose this means that UBS have been instructed to spend a given amount of money buying back Unilever shares over a specific time period, but it is entirely up to UBS when to buy, how many and at what prices and Unilever will not be consulted about any of these trades.
So it is non-discretionary as to certain parameters (overall spend, and timing of purchases) but within those parameters it is discretionary?!
Re: Unilever (ULVR)
Posted: August 22nd, 2021, 6:46 pm
by monabri
Or, in the words of Eric Morecombe
" Get out of that without moving!"
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 4:13 pm
by Sinc
So…having tried to see when Unilever last discussed, I reach out to you, value your feed back, blah blah blah.
I am wondering, as I watch the shares I have decrease..do I jump ship..or actually buy more?
My thinking as an early bird to the self invest table, and knowledge slow to absorb, at my stage in life, is:
1, How are Unilever going to climb out of increasing costs..be it COVID or Brexit?
2, Given that we knew (1) months ago, why so much ‘time to buy’ ?
A very long term view ‘all will be well again’ … eventually?
It’s the only fly in my ointment, right now.
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 4:30 pm
by scrumpyjack
JP Morgan Cazenove have just put out an 'underweight' on it because of rising raw material costs hurting margins, so their estimates are now 5%-10% below consensus.
Unilever seem to be out of fashion at the moment so I am not selling. But it will be a test of their brand strength. The whole point of strong brands is that you can put up prices to maintain margins, but there will be a time lag as they decide the best way to handle it.
It is a useful counterbalance to my other holdings and on balance I think they will get through this OK, but that is just a 'gut' feeling
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 4:43 pm
by idpickering
Sinc wrote:So…having tried to see when Unilever last discussed, I reach out to you, value your feed back, blah blah blah.
I am wondering, as I watch the shares I have decrease..do I jump ship..or actually buy more?
My thinking as an early bird to the self invest table, and knowledge slow to absorb, at my stage in life, is:
1, How are Unilever going to climb out of increasing costs..be it COVID or Brexit?
2, Given that we knew (1) months ago, why so much ‘time to buy’ ?
A very long term view ‘all will be well again’ … eventually?
It’s the only fly in my ointment, right now.
With respect, I'm thinking a lot longer term than just today. In time recent events such as COVID19 will seem just a blip in the rear view mirror.
I intend topping up my ULVR share holdings soon, so the current weakness is a bit of a blessing.
My advice, for whatever it's worth? Hold your nerve and play the long term game.
Ian.
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 6:55 pm
by csearle
My instinct (as a holder) is that they are on the cusp of being re-investable. I'd like them more if the dividend cover were better. I personally would not (and will not) sell. Good luck! C.
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 7:18 pm
by Dod101
As I keep saying no share keeps going up indefinitely. If you are atrader, the sell Unilever and buy something about t move up (as far as you know) If you are an LTBH merchant (as I am) then just hang in there and they will come good again. In the meantime just vthink how clever you have been to have bought Admiral.
Dod
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 7:31 pm
by Dod101
csearle wrote:My instinct (as a holder) is that they are on the cusp of being re-investable. I'd like them more if the dividend cover were better. I personally would not (and will not) sell. Good luck! C.
'.......on the cusp of being re-investable' obviously means different things to different people. I wonder if csearle would like to tell us what he means by that expression and why he thinks so. It may be helpful to many of us.
Dod
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 7:41 pm
by csearle
Dod101 wrote:csearle wrote:My instinct (as a holder) is that they are on the cusp of being re-investable. I'd like them more if the dividend cover were better. I personally would not (and will not) sell. Good luck! C.
'.......on the cusp of being re-investable' obviously means different things to different people. I wonder if csearle would like to tell us what he means by that expression and why he thinks so. It may be helpful to many of us.
Dod
Thanks. You can call me Chris.
Well I personally use HYPTUSS and follow my flavour of HYP (I appreciate that this is not the right board for it, so please consider that just background). When I do my rankings ULVR are well up there as a candidate, but when I switch-on my spreadsheet mechanism that re-calculates their forward yield as if they had a dividend cover of 2 then they drop way down the list.
So I think that what I mean is that if their dividend cover were healthier I might choose them for re-investment.
Regards,
Chris
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 8:15 pm
by Dod101
Ok Chris, thanks. I do not think that Unilever's dividend is in any danger but then of course we all said much the same I am sure about Shell, so who knows? Maybe some caution is required but Unilever is still my second largest holding after Scottish Mortgage so I will not be topping it up any time soon.
Dod
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 8:35 pm
by ADrunkenMarcus
The current dividend yield is about 3.8% last time I checked, so it's not a bad time to buy more IMHO!
Best wishes
Mark.
Re: Unilever (ULVR)
Posted: September 3rd, 2021, 11:13 pm
by Dod101
ADrunkenMarcus wrote:The current dividend yield is about 3.8% last time I checked, so it's not a bad time to buy more IMHO!
Best wishes
Mark.
Closed today at under £40 I think. Sounds like a good time to buy. Funny thing, sentiment.
Dod
Re: Unilever (ULVR)
Posted: September 4th, 2021, 1:27 pm
by Sinc
Thankyou one and all. Not a major part of my investments, so will leave alone and maybe add to.
Re: Unilever (ULVR)
Posted: September 16th, 2021, 12:21 pm
by scrumpyjack
Some interesting comments on Unilever in the FT.
They point out the poor performance since 2019 when Alan Jope became CEO and for the two years before that. They say investor confidence has been eroded because of the focus on ‘stakeholders’ not shareholders. Exane BNP Paribas told its clients Unilever “is too good an asset to be left to continue to flounder”. Its stake in Hindustan Unilever, its separately quoted Indian subsidiary is worth nearly half Unilever’s market value, and Barclays reckons Unilever's sum of the parts discount has widened to about 25%. Exane thinks if Unilever were valued in line with its peers the price would be £78.10, twice its current price.
In spite of all this they seem to think shareholder activism (eg Elliott etc) is not going to get anywhere.
So perhaps best to be patient and hang on?
Re: Unilever (ULVR)
Posted: September 16th, 2021, 12:27 pm
by bluedonkey
I was thinking of adding, though I do agree the share appears to have gone nowhere over the last several years.