UNILEVER: Terry Smith favorite stock for 2024 - Fundsmith manager

요약 보기

테리 스미스가 2024년 최애 종목으로 유니레버를 꼽았다는 소개를 바탕으로, 유니레버의 경기방어적 사업구조와 안정적 현금흐름을 분석한다. 2023년 영업이익률 16.9%, ROCE 18.5%, 연간 약 80억 유로 현금흐름을 근거로 제시한다. 발표자 자체 밸류에이션(2028년 EPS 3.15 기준 16배 PER 적용)은 주당 약 73유로 가치로 15% 연환산수익률을 보여 다소 낮다고 판단하며, 매수 희망 가격은 주당 약 30(추정)으로 말한다. 현 주가 수준에서는 아직 비싸다는 입장이다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. th Smith The Legendary investor Who created F Smith was recently asked Which is the Stock In his portfolio Which he thinks Has the most potential the answer was a little bit shocking It was not Nvidia It was not Microsoft It was not Google It was not Apple but It was Unilever This is the classical boring stock Which for Smith could perform very well in future Years in this video I'm going to analyze it I'm going to Show you my valuation and I'm to tell you If un is the classical consumer Company most know Brands are Clear magum cornet knor Ax and so The business IS Pretty simple They Sell consumer products Which are very stable They are proof so Even if the economic situation should get worse The company Should Be fine furthermore Brands are so Strong that The company have many troubles Rising pr subscribe to my YouTube Channel More than 70% of people Who watch my video is not subscribed so Please subscribe and Help me Reach 1000 subscribers and Please remember to leave a like If you like this type of videos As You can see the Past Years performance pretty Years the performance was Pretty Solid The company averaged a ker of 6.6% Plus dividends right now The company pays a Pretty Rich dividend with a dividend yield of 3.9% revenue has been growing in the Past few years and the PR income margin has been very Solid in 2023 It was 16.9% a very good level the are really good with Return on capital of 18.5% the company Hey The company generates Solid cash flow with not so high Capital expenditures so Flow has been very good Around 8 billion euros in the Past Year furthermore as We saying Before The company pays divide Isy ringle and a lot of shares so holders Can't complain EV of the performance of the stock hasn't been good in the Past few Years It's Worth mentioning That the Balance sheet is not the cleanest in the world The company has 5.8 billion dollars in total Cash and short term investments the short term debt is Around 4.5 billion dollars and the long term debt IS Pretty High at 23 billion But if you consider that The company is going to generate Around 8 billion cash flow every single Year in the next Years the Doesn't look that right now the valuation looks Pretty interesting if compared to the Past 10 years we are Near the lows of the range of the forward ratio of the Past 10 years and As You can see the could be around 20 regarding The future of The company analysts and Management are pretty much aligned They expect revenue to Grow between and 5% per Year and it margin is expected to be Like That the business looks very Solid and Very interesting because this company recession proof honestly I have basically no companies in my portfolio Which are going to be perfectly fine During a recession probably every single one of my stocks Is going to take a little bit of h perhaps not Incredible but a little bit so would really like to Add to my portfolio Such a stable Company but we have to see if the valuation is good enough So Right now I will show you my valuation this is my valuation I projected revenue grow 4% per Year to Reach 72 and Half billion euros in 2028 then I projected a margin of 17.5% i subtracted Interest expenses and taxes to Reach income of 9 billion euros this would equal an eps of 3.15 considering buybacks and stock Based compensation the decided to apply A 16 Price earnings ratio and I'm going to explain to you why very soon EV of a 20 Price earnings ratio wouldn't be so crazy and added up the cumulative dividend per Share We are going to receive in the next Five Years for evaluation so the True stock Value we can Get is Around 73 per share at Today's prices This Is going to be a 15% anniz Dra Which is a little bit too Low for my taste I would like to Reach a 20% anal R I decided to use a 16 prings ratio because This is the level i Reach If I do a calculation valuation using discounted cash flow for the discounted cash flow I Used owner earnings and not n income and reach 2028 for Value of 62.6 per Share in Line with the 16 Price earnings ratio Which seems Pretty reasonable So This is a Very interesting stock Which I would really like to Add to my portfolio because it would Fit it perfectly since As I was telling you I don't have any super stable recession proof stock so I would really like to ed it but It's Still a little bit too High I would like to Bu it at Lower levels probably Around 30 per share I don't know please like and subscribe my YouTube Channel if Next Time bye