Valuation
45
Unilever trades at a sector-aligned valuation (P/E 19.4x vs. 19.9x median) while posting ROE of 29.4%—below sector median of 38.9%—signaling quality concerns despite neutral technical positioning. Monitor whether recent NGX-30 index inclusion catalyzes liquidity (current ADV ₦29.8M/day) and whether margin pressure reverses, given the 14.9% net margin tracking sector fundamentals.
| FY | Interim DPS | Final DPS | Total cash | Bonus | Qualification | Payment |
|---|---|---|---|---|---|---|
| 2025 | — | ₦3.25 | ₦3.25 | — | 10 Apr 2026 | 08 May 2026 |
| 2024 | — | ₦1.25 | ₦1.25 | — | — | 12 May 2025 |
| 2023 | — | ₦0.75 | ₦0.75 | — | — | 10 May 2024 |
| 2022 | — | ₦0.25 | ₦0.25 | — | — | 05 May 2023 |
| 2021 | — | ₦0.5 | ₦0.5 | — | — | 06 May 2022 |
| 2018 | — | ₦1.50 | ₦1.50 | — | — | — |
| 2017 | — | ₦0.5 | ₦0.5 | — | — | — |
| 2016 | — | ₦0.1 | ₦0.1 | — | — | — |
| 2015 | — | ₦0.05 | ₦0.05 | — | — | — |
| 2014 | — | ₦0.1 | ₦0.1 | — | — | — |
| Symbol | Composite | P/E | P/B | ROE | Tier |
|---|---|---|---|---|---|
| PZ | 57.8 | 8.8x | 17.4x | 164.7% | Neutral |
| ENAMELWA | 57.9 | — | — | — | Illiquid |
| MCNICHOLS | 58.2 | 21.3x | 9.1x | 40.4% | Neutral |
| UNIONDICON | 60.7 | 126.8x | — | — | Illiquid |
| NB | 60.9 | 20.2x | 3.6x | 17.9% | Accumulate |
| NESTLE | 51.8 | 19.6x | 48.0x | 220.4% | Illiquid |