Recent Buy

buyI definitely didn’t intend to deploy any more capital this month. I was quite content with the addition to my burgeoning position in American Realty Capital Properties Inc. (ARCP) on the very first day of the month, and then quickly thereafter my decision to add to my position in BHP Billiton Plc (BBL) for the first time in more than a year due to a cheap stock on the back of falling commodity prices.

But I’ve been waiting for a little volatility (read: opportunity) in the market which would allow me to squeeze just a little extra cash out of my bank account for high-quality stock or two at what I felt would be an attractive long-term price relative to intrinsic value. And I felt one of those opportunities knocked on my door, which put me in the wonderful position to answer.

Over the last month, the S&P 500 index is down 4%. Of course, this is music to a long-term investor’s ear, because many stocks within the index are down to varying degrees as well. So I’ve been eagerly humming to the music all along, giddily buying stocks in a more rapid manner than usual. So what you see here is the manifestation of what I’ve been talking about for years. Up or down market, buying shares in high-quality businesses that reward loyal shareholders with regular and reliable increasing dividends is and always will be my modus operandi. And I obviously prefer to buy when the market is down, which is why I’ve been so aggressive over the last week or so.

I purchased 30 shares of Unilever Plc (UL) on 10/10/14 for $40.47 per share.

Overview

Founded in 1930, Unilever Plc is a global manufacturer and supplier of consumer products. They sell their products in over 190 countries.

The company operates in four segments: Personal Care (36% of fiscal year 2013 sales); Foods (27%); Refreshment (19%); and Home Care (18%).

They further operate in three geographical product areas: Asia, AMET (Africa, Middle East, Turkey), RUB (Russia, Ukraine, Belarus) (40% of FY 2013 sales); The Americas (33%); and Europe (27%). Emerging markets comprise 57% of UL’s business.

Unilever sports 14 €1 billion brands, among a portfolio of more than 400 brands. Some of their most popular brands include: Axe, Ben & Jerry’s, Breyers, Country Crock, Dove, Hellman’s, Klondike, Knorr, Lipton, Magnum, St. Ives, Surf, and Vaseline.

It’s important to note that Unilever was founded in 1930 following a business merger between Naamlooze Vennootschap Margarine Unie of the Netherlands and Lever Brothers Limited of the UK. As a result, two controlling companies were set up – Unilever N.V. and Unilever PLC. They operate effectively as a single economic entity. Both the Dutch and UK companies offer ADR shares that trade on the New York Stock Exchange, and both stocks represent equal ownership in Unilever. This article will be referencing the (UL) shares, which are the ADR shares of London-listed Unilever Plc. These shares do not have any foreign dividend tax withholding due to a tax treaty between the US and the UK. Unilever N.V. is listed in Amsterdam, and its ADR shares trade on the NYSE under (UN).

Fundamentals

UL sells consumer products across the globe. As such, most of their results show fairly secular growth. Though their results vary depending on product demand and currency fluctuations – and the Great Recession took a small toll on growth – you can largely see upward revenue and net income trends over five-year and ten-year periods.

So let’s take a look at the previous ten years and see what UL has generated in regards to growth. Their fiscal year ends December 31. Unilever reports operational results in euros, but I’ll be using dollars as reported to S&P Capital IQ for sake of consistency.

Revenue (referred to the company as turnover) grew from $54.282 billion in fiscal year 2004 to $66.106 billion in FY 2013. That’s a compound annual growth rate of 2.21%. Not very impressive, but sales growth has picked up since 2009. Management has noted target revenue growth in the 3% to 5% range moving forward.

Earnings per share increased from $0.83 to $2.20 during this period, which is a CAGR of 11.44%. Very solid results in profitability, and like revenue has been picking up again since 2009. S&P Capital IQ predicts EPS to grow at a compound annual rate of 9% over the next three years. This seems like a reasonable long-term growth rate based on previous results and management expectations moving forward.

UL might not get a lot of attention among US dividend growth investors because it’s not featured on David Fish’s CCC list;  however, it has been a serial dividend grower in its native currency. Unilever declares dividends in euros and converts them into the appropriate currency using the spot rates of exchange two days before the announcement date. As such, the ADR UL shares don’t sport a consistent dividend growth record in dollars due to currency effects.

In dollar terms, UL has increased its dividend from $0.73 in FY 2004 to $1.40 as of FY 2013. That’s a CAGR of 7.50% over the last decade, which is rather solid considering the yield on shares right now, at 3.74%. That yield was determined extrapolating out the most recent declared quarterly dividend of $0.3792 per share (which includes the $0.005 ADR fee).

In their native currency, UL has been increasing its dividend since at least 1999. I see no reason that won’t continue for the foreseeable future, as the company specifically calls out dividend raises in annual reports.

The payout ratio stands a bit high, at 61.7%. However, this is ratio is approximately what the company has comfortably maintained over the last decade. Furthermore, it’s relatively in line with major peers, like The Procter & Gamble Company (PG).

The balance sheet appears slightly leveraged, but not overly so. The long-term debt/equity ratio stood at 0.75 at the end of FY 2013, while the interest coverage ratio is just above 15. Overall, these are solid numbers.

Profitability compares well with major peers. Net margin has averaged 9.80% over the last five  years, and margin has been improving over the last couple of years. Return on equity has averaged 33.04% over this same time frame.

Underlying annual sales growth has averaged 5.1% over the last five years. Meanwhile, underlying volume growth has averaged 3.1% per year over that period.

Qualitative Aspects

Unilever has long-established brands. And they are extremely well-positioned to grow in emerging markets, where much of the growth is likely to be had over the next 10-20 years. It’s long been understood that potential growth in developed markets is somewhat limited, and you can see this in their most recent results – sales in emerging markets for UL grew by 8.7% for FY 2013, while sales in developed markets were negative 1.3%.

What I really like about Unilever is that their brands are spread out well between food brands and personal/home care brands. So you’ve got plenty of diversification there within the company as far as what products they offer and in what markets they serve.

Furthermore, the company appears to attack certain product segments with ferocity. You’ll notice they don’t just have a brand in ice cream; they have multiple dominant brands in ice cream. They similarly represent themselves through a saturation strategy in shampoos, soaps, deodorants, and butter. I find that to be effective, especially when multiple brands the company offers are well known on an individual basis.

One interesting aspect is that they’ve been consolidating the business a bit recently by increasing focus on higher-margin personal care products. Unilever recently completed the sale of Ragu and Bertolli pasta sauce brands for $2.15 billion, which seems like a solid price considering the combined brands generated annual sales of over $600 million. Unilever also sold the Slim-Fast brand to a private equity firm, but will retain a minority stake in the business.

I like to invest when the odds are on my side. And I like to invest in companies that produce ubiquitous products and/or services that people all around the world want and/or need. I also like business models that are easy to understand.

Well, Unilever checks it all for me. Odds are great that people are going to continue consuming food products like Ben & Jerry’s ice cream and Hellman’s mayonnaise. And once a consumer experiences good results with their personal products, it’s likely they’ll continue to use them. Moreover, what’s more ubiquitous than soap, shampoo, and deodorant? These are recession-proof products that are found in almost every home across the world. The company states that more than 2 billion consumers worldwide use a Unilever product every day. What’s not to like about that?

Unilever seems to differentiate itself from some major peers through its desire to reduce its environmental footprint/impact. The company espouses its long-term vision to double the size of the business, while simultaneously reducing its footprint. It hopes through this initiative to increase its positive social impact. They have released their Unilever Sustainable Living Plan, which set out the following goals by 2020: Help more than a billion people to improve their health and well-being; halve the environmental footprint of its products across the value chain; source 100% of its agricultural raw materials sustainably and enhance the livelihoods of people across its value chain.

The company appears to have multiple competitive advantages. Their brands give them pricing power, which means that over time they should be able to pass along rising input costs and then some to consumers. Furthermore, their supply chain and distribution network gives them efficiency that smaller players will naturally lack. And their exposure to emerging markets gives them huge advantages over rivals who are more exposed to slower-growing developed markets.

Risks

This appears to be a low-risk, safe investment to me. I was personally attracted to that aspect of the business as some of my more recent stock purchases were a bit higher on the risk-to-reward scale. I definitely have a desire to continue increasing my exposure to defensive investments based in the consumer space, like Unilever.

However, there are risks present. Primarily, there is always competition to worry about. While they have strong brands across their portfolio, there are strong brands as well from rivals that compete for shelf space and consumer loyalty/spending. In addition, economic conditions in developed markets and/or emerging markets could deteriorate and cause growth problems for the company.

Valuation

UL shares trade for a P/E ratio of 17.90, which is in line with its five-year average ratio and the broader market. As always, I’m more than happy to pay a fair price for a great business. Moreover, this purchase comes after shares in UL have declined more than 7% over the last month.

I valued shares using a dividend discount model analysis with a 10% discount rate and a 6.5% long-term growth rate. That growth rate appears fair and conservative to me, as it’s both lower than UL’s 10-year EPS growth and the rate at which it has grown its dividend. The DDM analysis gives me a fair value on shares of $46.15, which implies a solid margin of safety at today’s price.

Conclusion

Unilever is one of the largest branded food and personal care products companies in the world. They have 400 brands, of which 14 generate more than 1 billion euros in annual sales. Their exposure to emerging markets is enviable, and their portfolio of recession-proof products is easy to understand and likely to continue generating increasing profits for years to come. They’ve been a great company in terms of rewarding shareholders with rising cash dividend payouts, and I see no reason this won’t continue for the foreseeable future.

This purchase adds $45.50 to my annual dividend income, based on the current $0.3792 quarterly dividend.

I’m going to include current analyst valuation opinions below, as I use these to concentrate my reasonable valuation estimate:

Morningstar rates UL as a 4/5 star value, with a fair value estimate of 46.00.

S&P Capital IQ rates UL as a 2/5 star sell, with a 12-month target price of $39.00.

I’ll update my Freedom Fund in early November to reflect this recent purchase.

Full Disclosure: Long PG and UL.

What are your thoughts? Do you like UL? Does this appear to be a good long-term investment? 

Thanks for reading.

Photo Credit: Stuart Miles/FreeDigitalPhotos.net

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146 Comments

  1. Unilever has one of those great long term outlooks in company everyone wants to own. I won a bit of it and more than likely will be adding to that position as well. Your portfolio looking even stronger. Also I liked your reit buy as well to provide u with some instant cashflow.

    Good Day and Grind On!

  2. A-G,

    It’s just a solid company with solid brands. The risk seems low, and the valuation is attractive. Plus, the yield is a lot higher than major peers. All in all, I just don’t see a lot to dislike here. Currency effects are something to keep an eye on, but I think that tends to swing both ways over the long haul. It’s a global economy, so you’re going to see currency effects one way or another through almost any multinational.

    Thanks for stopping by. Keep up the great work over there!

    Cheers.

  3. I don’t think you will see much risk with UL. This purchase should sit with with your passive income goals and they keep chugging with their dividends. The 3.7% yield will be a nice addition to the freedom fund.

  4. Great buy, DM. With the strong US$, I am looking at adding some ADRs to my portfolio like BBL, UL and DEO. Those are some juicy yields to pass up and some much needed diversification needed in my portfolio.

    Best wishes
    R2R

  5. Unilever is a great company, Jason. And here in Europe it’s products are well known and much wanted 🙂 It’s quality stuff that they produce. I might pull the trigger on this one as well. Valuation seems indeed fair. I also have Nestlé on my watchlist. It will be one of both…
    Last week I pulled the trigger on ARCP as well. The price kept falling and I could no longer ingore a 8,5% div 🙂

    Cheers.

  6. Excellent buy Jason. I have a position in UL also (bought in around 38), and satisfied with the long-term outlook of this stock. The dividend yield is also solid.

    I don’t have enough cash to add more, as I bought some KMI and BP today but may consider it when the opportunity arises.

  7. Dividend Mantra,

    Unilever is a great company to hold for the long term. They will do well in
    good times and bad times. People will eat or use their products regardless of the state of the economy. Unilever has a lot of popular brands on the market.

    A different topic, curious what your take in on the recent news of Canadian Pacific Rail (CP RAIL) and CSX, which is a stock you own.

  8. Congrats on buying shares of another rock-solid dividend payer. UL has been on my radar for years, but for personal reasons I don’t want to get into, I never took the plunge.

    A few years back there was a rumor that UL would buy CL. With other rumors going around that a company might buy CLX, I may end up becoming a UL shareholder anyway!

  9. I’m a fairly recent dividend investor but this post makes me happy – I’ve been watching Unilever and had just purchased it too. Sadly I did it a few days earlier than you and got it at $40.69 but I still think it’s a deal. I love CPGs and I love Unilever’s global reach.

  10. Yes! UL is one of those stocks that I am slowly increasing my position in via Loyal3. I’m a huge fan of both Breyers and Ben and Jerry’s and it’s nice to know I am supporting a company I am invested in each time I stock up.

    Not that I need any more incentive to buy ice cream. 🙂

  11. Hi DM,

    Wow what a month, a 3rd buy! And we are only halfway. I’m currently waiting a bit to buy. I was going to put in my orders last friday but I decided to wait a bit with the current noise on the market. The stock I was going to buy did go lower today. Whoohoo, more stocks/dividends for the same amount of money.

    Keep going DM

  12. I disagree with your recent CVX recommendation. The Saudis have a 2 or 3 year plan to keep oil at about $80 Brent, $75 WTI. This weakens Iran, and cuts the incentive to drill, baby, drill in North America, among other objectives. We are going to see low oil prices (barring world war 3) for the next 2-3 years, which will affect all energy investments, including Chevron.

  13. John,

    Thanks for dropping by!

    I agree that UL is probably a low-risk play. The odds are good they’ll be selling more ice cream and deodorant (among other products) 10 years from now, which bodes well for future dividend increases. We’ll see how it plays out. 🙂

    Best regards.

  14. R2R,

    DEO is another strong play. I looked into it not long ago. Seems like a solid buy right now. The yield is among the highest it’s offered in recent times, and the valuation seems reasonable, considering the strength of their brands and network. I’ll see if I can fit it in at some point!

    Take care.

  15. Jos,

    Nestlé is another monster. That’s another company where you have to like their odds moving forward. The only issue I might see is that NSRGY offers a lot more processed foods, whereas UL focuses on ice cream and butter. I’m not an expert on food processing, but it would seem to me that there is less processing going into butter than there is into frozen entrees. At least, that’s probably the perception. And perception is just as dangerous as reality sometimes.

    Nice buy there on ARCP. I’m concerned about how much future dividend growth we might see for the next couple of years, but 2% long-term dividend growth is all we need for this to be a solid investment. That is an awfully low hurdle to clear.

    Thanks for stopping by!

    Best wishes.

  16. Winston,

    Can’t blame you there on energy. I’m about 15% energy right now, which is probably on the high end of where I want to be. But if oil continues dropping I may have to reconsider.

    I think you got into UL at a great long-term price there. I’ve been watching UL for some time now, and mostly watched it go up. I finally got a chance to watch it come back down, which prompted me to buy here. We’ll see how it turns out. 🙂

    Best wishes!

  17. IP,

    Exactly. Recession-proof products like shampoo, soap, and deodorant do well in all stages of the economy. UL had some bumps there around 2008, but the dividend kept going up and the long-term picture looks good.

    I don’t actually own CSX or CP, but I’ve indirectly heard about the rumors via my holding in NSC. I don’t really have an opinion on it, but I do plan to eventually build out a position in UNP or CSX at some point. In that regard, I hope these rumors turn out to be just that, and the stocks fall back.

    Cheers!

  18. Spoonman,

    I’ve heard those rumors as well. CLX seems like an easier pill to swallow. Who really knows. I just focus on the fundamentals and valuations. 🙂

    But I guess we’ll see. Maybe you will end up as a fellow shareholder at some point!

    I hope all is well over there.

    Best regards.

  19. Janelle,

    Oh, you got in at a great price there. 10 years from now, it won’t matter if you bought in at $40.69 or $41 or even $42. 🙂

    Glad to be on board with you here. I think it’s a solid company with great brands and global reach. The emerging markets exposure is impressive.

    Cheers!

  20. Wow, another purchase?! UL’s a great company for sure. And with this weakness, I definitely see your desire to buy while you can! Also saw your article on CVX, I agree it looks good too. I’m liking CPA and UNH around now, personally.

  21. Still trying to rebuild cash since buying into F last month.

    It’s tough to stay disciplined when there’s a pull back, but I need to let my emergency cash fund be what it is and resist touching it.

    The Great thing about your portfolio at this point I’d that it’s basicalky certain to be less volatile than the broader market, and buying good names and fair prices is a hard strategy to lose with.

    Hoping to find CVX at 4%+, but will probably end up buying whenever I can afford to out in 2k or so. Probably some time in November.

    Good luck with UL!

  22. Seraph,

    Nothing like eating some great-tasting ice cream while knowing that you’re contributing to your own bottom line in a small way. Makes the calories seem less…caloric. 🙂

    But I hear you. Ice cream is bad. But it tastes so good….

    Cheers!

  23. Geblin,

    Sounds like a win-win there with a stock that you were already going to buy drifting lower. That kind of stuff really makes my day. 🙂

    Appreciate the support. I’m doing all I can to keep it rolling.

    Cheers!

  24. This has a very Peter Lynch/Warren Buffet feel to it with Unilever, something everyone needs and uses and easy to explain to your mother what they do, I think it’s a great buy.

  25. Kenneth,

    You’re free to disagree. That’s what makes it a market. 🙂

    However, I don’t make macroeconomic predictions on the price of oil over the short term. I make bets on long-term odds. And the odds are good that more people will be alive in 5-10 years, and energy consumption will likely rise with middle classes coming online around the world. How the supply/demand picture looks over the next few years is anyone’s guess. Certainly supply from the US has created an interesting dynamic, and you see sovereign interests in the Middle East cutting prices to keep share as a response. But this is all short-term noise, in my view. The long-term picture is that demand for energy is slated to increase, and there is a finite supply. Furthermore, the scale necessary to take on some of the largest energy projects (like Gorgon and Wheatstone) are in the hands of but a few.

    Best wishes!

  26. DD,

    CPA and UNH are some interesting picks. Wish you much luck if you capital to work there.

    I’ve definitely been busy, but it’s now time to just sit back and watch the dividends roll in. 🙂

    Keep up the great work over there!

    Cheers.

  27. Not a bad price here DM. I have UL on my short list for my next purchase but there’s so many other cheap stocks at the moment like GSK, GE and MCD as well. My only caveat with UL is it’s clunky dividend given the currency differences but that’s not their fault.

  28. Ravi,

    I hear you on rebuilding cash. That’s the mode I’m going to be in for the rest of the month now.

    The portfolio does oscillate less than the broader market, on average. For instance, and this is just anecdotal, the S&P 500 index fell by 1.65% today. My portfolio, however, fell by 1.05% today. Again, just anecdotal. But on days when there’s a big run up, my portfolio tends to trail.

    I wouldn’t mind seeing CVX at 4%. The way things have been rolling, we might just get there. I’m a bit heavy on energy, but I would take a good look at something in that sector if it keeps up this way.

    I hope we continue to see weakness. Love stock shopping. 🙂

    Best wishes.

  29. Even Steven,

    It doesn’t get much easier to understand than ice cream and shampoo, right? 🙂

    Thanks for dropping by. I hope you had a great weekend.

    Cheers.

  30. Captain,

    Yeah, I can see how the oscillating dividend might annoy some investors. However, it’s largely up year after year. And that’s ultimately what I’m after. But if you had to rely on Unilever dividends alone for a substantial portion of your income that bumpiness might be an issue.

    GE is another one I continue to like. I may have to add soon, dependent on capital.

    Have fun shopping over there. 🙂

    Best regards.

  31. Jason,

    Congrats on becoming a fellow shareholder. I recently added more shares as well. I think UL at 40 is very attractive and if it goes down much more I may just have to add again. As you mention, this company is a safe bet with the plethora of huge brands and diversification they have.

  32. Great buy DM, I added UL on my LOYAL3 account for free commission. Its small position but I am happy with it. Seems like everybody is busy acquiring more shares at todays market!
    FFF

  33. Great buy with UL. I just added that stock to my portfolio last month. I have been watching it go up and up for many years as I was content with my PG holding for a long time. UL has a better international game than PG in my opinion and quite frankly, I was tired of using Dove soap and Suave shampoo in the shower and not owning a piece of the company. With each shower I was reminded of my non-ownership in the stock. Well, no more. Happy to be a fellow shareholder with you.

  34. Brent,

    Glad to be on board with you here. 🙂

    I agree with you. UL near $40 seems like a great price, if you’re in it for the long haul. The yield is solid and the brands are great. I may just have to buy a pint of Ben & Jerry’s this weekend to celebrate!

    Cheers.

  35. FFF,

    Tis’ the season…to buy stocks. Or something like that. 🙂

    Glad to be a fellow shareholder. UL has a great track record, and I see no reason their future won’t be at least as bright as their past.

    Best regards.

  36. DivHut,

    Haha. Too funny. I had the same experience, as I use Dove soap as well. I’ve been using it for years now. I have really sensitive skin, and it’s the only soap that doesn’t mess my skin up. I always HATED using a product that was manufactured by a company I didn’t own. But that has changed. I can now shower with a smile. 🙂

    Glad to be a fellow shareholder with you. I think Unilever will continue to serve us well for a long, long time.

    Cheers!

  37. Nice pickup here Jason. I’ve been adding to my UL position in Loya3 this month as it has dipped back down from its summer highs. I’ll look to continue adding each month should the price stay depressed. Good to be a fellow shareholder and user of their products.

  38. Welcome to the club! I have been adding slowly to my UL position in Loyal3 (added a little more today). I am pretty comfortable holding these guys and think they will complement my PG shares in the space.

    Take care!

  39. I own some as well and wouldn’t mind adding more – seems pretty reasonable at current price I think current yield is pretty close to the yield when I added last. Not cheap really, but consumer staples never really get cheap either… I suppose there’s a reason for it though- I remember reading somewhere that a 50/50 combination of utilities and consumer staples stocks had a significantly higher historic safe withdrawal rate in retirement than S&P index or any of the %index / %bond allocations.

  40. Great purchase!! I too own this low risk, global diversified stock. I was wondering when you would add this to your portfolio. Keep up the great work!!!

  41. Wow, did this market correction open up a boatload of opportunities or what? It truly is like Christmas for dividend growth investors, get them cheap!

    Awesome buy with UL, they have a ton of brands and a few that I use myself. Lack of capital at this time is devastating…

    Oh man there is just so many to pick from. I like DEO at this time quite a bit, but I guess you couldn’t go wrong with quite a few at this time.

    Take care.

  42. Nice!!! Keep that new capital coming, this has been a great month for you so far. I use suave body wash myself and actually recently started a small transaction to add UL to my Loyal3 account. I’ve wanted to own them forever and love the current yield, price, and diversification. Huge add for you here, excellent job 🙂

    Best,
    Ryan

  43. I agree with your analysis that’s why I also initiated a position in UL last Friday. I had my eye on it for the past half a year and just waiting for a chance like now to purchase the stock.

  44. I always thought you owned CSX . Least I got the type of business right as I knew for sure you owned a railroad.

    I didnt look at your portfolio tab and checked prior to writting my above post.

  45. W2R,

    Glad to be on the same page! 🙂

    I personally love to invest in companies that produce products I personally use on a regular basis, so I’m very excited to own a teeny chunk of Unilever here. I think this investment will treat us well over the long haul, my friend.

    Best wishes.

  46. ILG,

    I’m with you. It’s great to compliment PG with UL. Both offer iconic brands with worldwide distribution. PG has that venerable dividend growth record, but UL offers a much higher yield right now. Something to like for everyone. 🙂

    Thanks for stopping by.

    Cheers!

  47. Dan,

    PG is a great, great company. The valuation/yield isn’t quite as compelling for me right now when compared to UL, but it’s a world-class company. I like both, and I’m fortunate to be in a position to own a piece of both.

    Best of luck landing some shares in PG soon. 🙂

    Take care!

  48. DW,

    Thanks!

    Those are all world-class companies there. I don’t think one would go wrong with any of them over the long haul. JNJ is probably my favorite of them all, but I wouldn’t mind having a large chunk of my net worth tied up in any one of them.

    Cheers.

  49. pacer45,

    Hmm, that’s a really interesting statistic there. I’d be extremely leery with a 50% allocation to utilities, with the looming likelihood of a long-term exodus to solar. Water is probably pretty safe, but I’d be hesitant to go too heavy with electric providers.

    But I can see how historically that worked out pretty well. Utilities are largely unchanged over the last century or so, and so the dividends have usually come in like clockwork. I don’t know what that landscape looks like over the next 100 years, however.

    Thanks for sharing!

    Best regards.

  50. Eric,

    Thanks! I’m definitely glad to be a fellow shareholder. I’ve had UL on my radar for a long time now, and the time seemed right.

    Appreciate the support.

    Best wishes!

  51. DV,

    Haha. Just like the holidays, baby. 🙂

    I hear you on DEO. I’ve noticed the drop, and it seems like a solid stock right now. I’m not a real big fan of some of the major beer producers due to the rising prominence of craft brewers, but DEO’s spirit portfolio looks rock solid to me.

    I hope you’re able to scrounge up some cash here pretty soon, my friend. In the meanwhile, make a list and check it twice.

    Cheers.

  52. Ryan,

    Nice job there! I use Dove soap myself, so it’s wonderful now to know that I’m “permitted” to use that product since I own a piece of the company. I no longer feel like I’m “cheating”. 🙂

    Glad to have you on board as a fellow shareholder. The yield and dividend growth rate foreshadows solid returns moving forward, so I’m very excited to hold this one for the long term.

    Thanks for dropping by!

    Best regards.

  53. Ken,

    I guess great minds think alike! 🙂

    I’ve had UL on my watch list for quite a while myself, so it was great to finally be able to jump on board. Great brands, attractive valuation, and solid yield. Not much to dislike here.

    Best wishes.

  54. HI DM,

    Great buy. I am going to have to look at UL more closely.
    Averaged down yesterday on GE. will certainly add some more next week around 24 $
    KMI also looks interesting if it falls back to the 32-33 $ range

    Also thinking of starting a position in BAX JNJ and AFL.

    Cheers

  55. Hi Jason, too many great stocks and not enough cash – I bought a chunk of Kraft yesterday to complement my GIS. KRFT is yielding nearly 4%. CVX, GE, GSK, DEO all looking tasty.

  56. UL is definitely best in class right now for their sector. It’s a good stock pick. I have been slowly add it to my portfolio as well.

  57. Hi Jason,

    Not many things can go wrong with UL. I am living in the UK and I can tell you, UL is a powerhouse. Great buy.

    Cheers

  58. Jason,
    I have also been buying up UL the last few weeks. They will surely be in my next weeks buys along with MCD and YUM which also look great at these prices. Thanks for this descriptive article on UL.

  59. it’s a good company. i see a lot of their products on shelf in the market even in my country (isreal). if i remember corectly the bought right on a lot domestic brands which is now belong to them.

  60. Hi DM,

    Crazy coincidence – I bought $UN on the same day 🙂 Nice to see my stock pick validated by seeing you reaching the same conclusions about Unilever. I think they’re an excellent long. I bought the NV shares because I’m based in Belgium.

    Nice to have you on board as a fellow shareholder!

  61. Hi Jason,

    Two questions on UL:

    1. Is there a withholding of foreign taxes?
    2. Does the manager of the ADR take a small percentage on the actual dividend paid?

    Thanks a lot- I appreciate the information, and love reading your posts.

    -Mike

  62. Tom,

    I agree that GE looks attractive here. The yield is nearing 4%, which is just wonderful. Let’s hope Mr. Market continues his moody behavior for a while. 🙂

    There’s a lot of people discussing a total lack of value in the market, and I just don’t agree. All of those names represent some value, to varying degrees. Keep it rolling!

    Best wishes.

  63. Jon,

    That’s good stuff there. I know Kraft recently increased its dividend as well, which came at a great time. I love it when a company increases its dividend and the stock price falls shortly thereafter. Creates a fantastic opportunity.

    So many stocks, so little capital. I deployed a healthy chunk this month, but that’s about it for me.

    Chevron and GE have very healthy yields right now. And DEO has taken a tumble. It’s a good time to be an investor. 🙂

    Cheers!

  64. Paperboy,

    Glad to be on the same page. I agree that it’s a great company. Powerhouse brands, and the exposure to emerging markets is fantastic. Underlying sales growth in some of these markets have been impressive, as I pointed out in the article. Currency effects mute some of that, but I think that swings both ways over the long haul. Exciting stuff!

    Thanks for stopping by.

    Take care.

  65. Steve,

    Hey, glad to be from someone over in the UK and probably more familiar with the company. From what I understand, they have a great reputation as far as major companies go. It seems employees want to work for them, and other companies want to be more like them. So I’m glad to be an investor here. It appears they take corporate responsibility to the nth degree, which is certainly nice.

    Thanks for the support! I hope your journey to be free by 50 is off to a wonderful start. 🙂

    Best wishes.

  66. DM,

    It’s good to stay busy right now, isn’t it? Stocks have become a little cheaper, which is what we’ve all been hoping for. I hope it remains that way so that you can continue to put capital to work into attractively priced stocks. 🙂

    Cheers!

  67. sagiv,

    I appreciate the report from the ground in Israel! Thank you so much for that. 🙂

    Unilever is one of those rare companies where you don’t really have a lot to dislike. World-class brands, lengthy history of rewarding shareholders, solid valuation, high yield, etc.

    Thanks so much for stopping by. Appreciate the readership!

    Best regards.

  68. Bite-sized income,

    That’s fantastic! We had the same thoughts about the same company on the same day. And now we’ll be collecting increasing dividend income all along the way together. 🙂

    Long live Unilever!

    Cheers.

  69. Mike,

    Thanks for the support! Much appreciated.

    1. The UL shares do not have a foreign dividend withholding tax attached to them for US investors, thanks to a tax treaty between the US and UK. However, Unilever can also be purchased via the UN shares, and those shares feature a withholding tax from the Dutch. If you invest in a taxable account then you should be able to reclaim that lost tax. If you invest in a tax-advantaged account, then I understand the foreign tax loss is a permanent loss.

    2. UL charges $0.02/year per year for the ADRs. I referenced that in the post. However, there could be additional custody fees involved with UL. I’m honestly not sure about that because I’m a new investor in the company. I’ll track my dividends to see how that ends up.

    I hope that helps!

    Take care.

  70. I smell power shopping in the air 😉

    Great portfolio so far for you! Congrats!

    I´m actually in transition phase – till may 2015 i will add up to 14 stocks/etf/cef to my portfolio. what i´m missing is a good consumer pick (stock or etf). may i have to wait till summer 2015 for this invest with fresh cash.

  71. I really like UL as a long-term holding. Good pick, that is defensive as well. I like the fact that you looked outside the typical CCC list, and that you looked at dividends in native currency, and not succumbed to only looking at them in USD. I think that over time, that 3.70% initial yield will grow pretty nicely along with EPS. The only thing I am not fond of is the ADR fee levied on UL dividends.

    Good luck in your dividend investing journey!

    Dividend Growth Investor

  72. DM,

    Excellent choice. I am one of the many, both in general and on this page, who is using Loyal3 for my UL position. Like you said, 2 billion users. The only thing that would sound better is 3 billion users, and I think they will hit that number one day for sure.

    Also this is a new position right?

    – Gremlin

  73. Alexander,

    Power shopping, indeed. It’s funny because a new mall is opening here in Sarasota this week. It’s this absolutely massive shopping center. I had no idea when/if I’ll visit it, but I do know that my shopping will continue to take place from the comfort of my living room as I keep buying stocks. 🙂

    There’s quite a few great companies in the consumer space. UL is just one of many, but I think it’s a worthy candidate. I hope you’re able to land on some fresh cash even quicker than you think.

    Keep it up!

    Best regards.

  74. DGI,

    I hear you. I’m also not fond of the ADR fees. Although, even factoring that out the yield is still far higher than what its peers offer.

    Appreciate you stopping by. Unilever definitely appears to be a long-term winner, even though the dividend many fluctuate a bit in USD. I’m glad to join you as a fellow shareholder! 🙂

    Keep up the great work over there.

    Best wishes.

  75. Gremlin,

    What’s better than 2 billion customers? 3 billion. Absolutely! 🙂

    They’re well-positioned to capture future growth, especially in faster-growing emerging markets. Their stock has taken a bit of a tumble due to slowing growth concerns in some of these markets, but that’s just noise. The long-term growth story appears perfectly in place to me.

    This was a new position for me. On to #52 at some point, I suppose!

    Glad to join you as a shareholder here. UL is more popular than I thought, which is a good thing.

    Cheers!

  76. Hi Jason

    I think you must have been looking at my Portfolio :-), first you buy BHP Billiton and then you buy Unilever, two of my holdings which have a great dividend growth record AND have a reasonable starting yield. I love the fact that Unilever have 2billion people who use their product every day, and surely as the developing world gets richer, this will increase over many years. Combine this with their dominant position in some products, the potential is for them to continue their growth record.

    Hope your recent purchases turn out as great buys.

    Best Wishes
    FI UK

  77. Hit post too soon… wanted to ask why you chose to buy UL and not UN. At the current price point, UN is priced lower and hence offers a better yield too. I know that UN will deduct foreign taxes on the dividend, but it can be claimed as tax credit when you file for taxes here in the US. So in theory you don’t lose anything. So any specific reason not to buy UN?

  78. FI UK,

    I haven’t been looking over your shoulder, but I suppose great minds think alike. Both are European powerhouses, though in different sectors of the economy. BBL is a bit higher on the risk/reward scale, while UL allows me to balance that out. I think both are great companies, though I’ll likely end up with a lot more invested in UL than BBL.

    UL does indeed have massive growth opportunities still yet ahead. It’s weird to think that a company worth over $100 billion could still grow so much, but it’s true. I’m excited for the future. 🙂

    And I hope you’re right in that both companies continue to excel, for both of our sake. Glad to be on board with you!

    Take care.

  79. DGJ,

    Good question.

    There is a slight valuation discount for UN vs. UL, but I’m trying to avoid dividend income loss throughout the year as much as possible. Furthermore, there is an opportunity cost there by forgoing the 15% until tax time. Moreover, the dollar-for-dollar credit is only applicable up to $300, as far as I understand. You would then have to file Form 1116, which doesn’t guarantee all of your foreign dividend withholding back to you. While my portfolio is still young and fresh, I do expect to probably cross over that $300 one day if I were to constantly invest in those securities that tax vs. the ones that do not (RDS.A, BHP, UN, etc.). Throw in Canadian banks and a few other foreign securities and that makes the possibility all the more realistic. I’d rather just collect 100% of my cash up front. That’s just me, though. Others are certainly more than welcome to invest in UN and take the credit at tax time.

    Best regards.

  80. Great pick, Jason! I also bought UL last week, although I paid $0.40 more per share — doh! 🙁

  81. DGJ,

    I forgot to mention my comment is specifically targeted toward those that invest in a taxable account. Holding UN in a tax-advantaged account like an IRA means the 15% foreign dividend income tax is a permanent loss.

    Cheers!

  82. Zach,

    You got in at a great price. That $0.40 will be all but forgotten after a few years. 🙂

    Happy to have you on board as a fellow shareholder!

    Thanks for stopping by.

    Cheers.

  83. do you ever sell any of your stocks? Or do you only re-balance by purchasing more? What would have to happen for you to sell?

  84. UL seems good for the long haul, perhaps in this down market we may se it drop a little more and get that PE closer to 15. Have you ever looked at BX…nice solid company not going to close up shop anytime soon and a sweet 7.5% yield. “learning to be patient with Mr Market and wait on his gifts”

  85. Thanks for the information, Jason. I have UL on my watch list and am looking to execute once I get more capital available.

    Onwards & upwards!

  86. I also have not paid attention to UL since it is not on David Fish’s list. But after your post I will keep an eye on it. I am not really into charts, but I do look at moving averages. It looks like the 50-day is going to be less than the 200-day soon. Some people call that the “death cross”, but for dividend investors it’s an opportunity.

  87. I really like your blog and I will follow in the future. You had a great evolution in the last 4 years.

    What do you think of Alliance Resource Partners (ARLP)? It is a big coal company with a dividend yield of 6,5% which was raised in the last 11 years. At the moment it has a P/E-Ratio of <10.

  88. UL was the top of my list until JNJ beat earnings, raised guidance, and still had two consecutive 3% drops. I think it’s time to finally start my JNJ position.

  89. Well Big J, now you see why it is good to have a stack of cash ready to deploy. All these bargains and you are stretching to do a purchase and now have to sit on your hands and wish you can join the buying party.

  90. Mike,

    Patience is a virtue. 🙂

    I’m not sure where things go from here, but I do know that buying into high-quality companies at attractive prices leads to solid results over the long haul.

    BX isn’t really in my wheelhouse, as its dividend is all over the place. Could be a great holding, but it’s just not for me.

    Best of luck with working on that patience!

    Cheers.

  91. EF,

    I don’t follow charts at all, but if it’s an opportunity then I like the sound of that! 🙂

    UL may go lower still, but if it does I hope to have enough capital to add because this is a rather small position right now. That’ll change over time.

    “Death cross” sounds ominous. Let’s see what happens.

    Cheers!

  92. Great company, nice buy. I live in Portugal and that company has well known brands that everybody likes around here. Nice to be shareholder of a company like that.

    It’s not easy to find oportunities this days but there are some companies that are almost always good buys. This has a nice yield, but a bit high P/E.

    You invest in long term, this should not not be a problem.

  93. Tim L,

    Thank you. I appreciate the kind words very much!

    I’ve never looked into ARLP, but that’s a big and direct bet on coal there. I’m just not sure what coal demand looks like 10 years from now. As I understand it, there’s plenty of it, but the US is moving away from coal-fired plants and toward natural gas and renewable energy. However, there is still strong demand for coal abroad. But will it remain that way in light of the way technology is making other forms of cleaner energy cheaper?

    It’s definitely taken a tumble lately, and I don’t know why since I don’t really follow it. Could be a good play, and I like the dividend growth. Combine that with a high yield and you may have a blockbuster investment. Really just depends on what their volume looks like moving forward.

    Keep in mind that ARLP is a master limited partnership, which comes with certain tax concerns (a K-1). You can invest in the general partner via AHGP, which features a lower yield with higher growth.

    Best regards.

  94. Justin,

    Haha. Gotta love it, right? When Mr. Market becomes moody anything is possible. JNJ definitely looks attractive once more. I may even consider adding to my rather large (for me) position if it stays this way.

    Cheers!

  95. Dave,

    If buying three stocks in less than a week isn’t “deploying capital” then I don’t know what is. Furthermore, if I wasn’t “deploying capital” all the way along over the last few years I wouldn’t have built up the fountain of cash I now enjoy.

    Cheers.

  96. Trader,

    Absolutely. It’s all about the long term. And the P/E ratio is actually in line with its average over the last five years.

    Appreciate the perspective from Portugal. Love to hear when great companies are selling brands that people enjoy all over the world. You have gotta love that! 🙂

    Thanks for stopping by. I hope the investing is going well for you over there.

    Best wishes.

  97. Buying less than $2K does not make sense with the commission cost. My 8 purchases where for $9500 each. I also added to this afternoon to BKW, TGT, VFC, DPS and DIS, for the same amount, each.

  98. Dave,

    “Buying less than $2K does not make sense with the commission cost”

    I disagree.

    “My 8 purchases where for $9500 each.”

    That’s fantastic. You’re in a wonderful spot there to be able to invest almost $100,000 at a pop. However, I make around $3,000 per month. My strategy is designed to show how anyone – even those without $100k sitting around – can build up from less than $0 to financial independence in a decade or so. It would have taken me years to build up that kind of capital, and I would have missed out on great opportunities to pick up some of the stocks you’re now buying – like BAX and TGT – at cheaper prices. Furthermore, I would have missed out on thousands of dollars in passive income.

    I’m not knocking what you’re doing, but we’re in totally different investment universes. Sitting on that kind of capital would be impossible for me.

    Cheers!

  99. You have only invested in a up market with dividend increases. The fun really starts with crashes and dividend cuts. Sitting on 10-20% in cash really helps in those situations. Good luck to you. I follow your blog closely and hope you continue to strive for your goals. Just think about hold some cash for special situations – such as days like today and earnings misses. You have slammed us holding cashers pretty hard in the past.

  100. Dave,

    And hindsight is 20/20. If the market wouldn’t have dropped so much over the past few days this conversation would have never occurred. What if this drop didn’t happen for another year or two or three?

    Cash is unproductive as long as it’s sitting in cash. If I would have been listening to all of those that said I was crazy for not holding a ton of cash over the last few years I’d be sitting on a lot less dividend income and a smaller portfolio. And as I stated, I bought some of the stocks you’re now buying after this drop for cheaper prices. It’s all relative.

    Cheers!

  101. When you look at fundamentals do you have some sort of “a rule of thumb” what is acceptable level for debt/equity for a company? Can share your thought process on that regard? When looking at DGI stock it’s quite straight forward to check dividend yield, history, growth rate and payout ratio, but debt is another matter.

    ..looks like some sectors e.g. telecoms are always loaded with debt, but generally have higher dividend yield too. I wonder why. Maybe this is really basic stuff, but bear with me, I’m still learning the ropes 🙂

  102. Kostaja,

    Great question there.

    I should write an article specifically relating to debt because it is important. You touched on an important point there, in that acceptable debt levels vary by industry. And that’s due to different capital needs, capital expenditures, asset mixes, stability of revenues, cyclical natures, etc.

    I don’t have a specific number in mind, but I prefer when the long-term debt/equity ratio is below 1. However, this number can be skewed quite easily. For instance, some companies sport very low levels of common equity due to lack of hard assets. This can make even an extremely manageable level of debt look high (Colgate and Clorox are good examples). It’s for this reason that I actually prefer the interest coverage ratio, which tells you how easily a company can cover its interest expenses with earnings before interest and taxes (EBIT). I prefer a number above 5 across all sectors, and the higher the better. If this number is close to 1 that means the company is highly leveraged.

    I hope that helps!

    Best regards.

  103. Hi DM,

    Great buy! Glad to have you as a fellow shareholder :). I remember when I initiated my position you were disapointed that you had deployed your capital somewhere else at the time and couldn’t take advantage of that dip. Glad you could get UL at such a great price!

    One stock we talked about at the time was General Mills, I’m curious to see if you still have your eye on them?

    Best,
    DividendVenture

  104. DV,

    Yeah, I’ve been watching UL for some time now. It’s just always escaped my grasp. I was looking quite fondly at it last fall before I ultimately went with TGT instead. That decision still haunts me, but I rectified it. 🙂

    I like GIS, but I don’t love it. I’ve been reading a lot of material (not related to GIS or stocks) that points to more people moving away from cereal and processed food in general. I don’t know if that bodes very well for GIS. They are certainly diversified quite well within food, and they have some yogurt exposure for people moving away from cereal and toward yogurt. I do, however, really like their purchase of Annie’s. I think that was very smart, and I hope to see more moves like that in the future. I’d love to own a stock like GIS because it basically owns a good portion of the “middle” of the grocery store, but that’s also where people are staying away from, choosing to buy fresher foods on the perimeter. Nestle is another great company that I haven’t picked up yet because of these trends. If GIS pulled back significantly enough to allow a pretty good margin of safety I’d like it a lot more.

    Best wishes.

  105. Thanks for your well written writing. I like Unilever too but isn’t the increasing Russian sanctions vs import of food etc from the EU a risk as a big part of the sales comes from Russia?

  106. Interesting, thanks for the link. I found your nice blog some week ago and I love it.

    The largest/best value blogger in sweden, Lundaluppen, recently quitted blogging after 5 years holding a portfolio worth about 600K US dollars in market value atm. I hope your blog will last longer and that it doesen’t become a burden for you in any way as I truly enjoy following your great progress and thoughts!

    Best wishes!

  107. swedendividend,

    Wow! A $600k portfolio? Very nice. I’ll likely be financially independent by the time I hit a portfolio that large, as that’ll be generating enough dividend income for me to live off of. Perhaps that person was in the same boat. I don’t know.

    That being said, I have a passion for writing. So I do hope I’m able to write well past the point of financial independence. No sense in sharing the journey to the mountaintop if I can’t talk about the view once I’m up there. 🙂

    Cheers!

  108. Yep about 4.3 million swedish krona. His blog is still up but it is in swedish tho http://lundaluppen.blogspot.se/ He did some great analysis, also on Wal mart, Deere and JNJ.

    Btw today I started my own dividend growth portfolio on this market dip by buying ARCP, BHP, DE and UL aswell as some great swedish stocks. There’s nowhere near as many dividend aristocrats in Sweden tho. The best one might be Hennes & Mauritz which has a great record of growth and dividends.

    Cheers!

  109. swedendividend,

    Congrats on starting your own portfolio. You’ve started off with a nice mix of companies there in different areas of the economy. Plus, you’ve got a nice yield across those selections as well. 🙂

    I wish you much luck with it! And I’ll be of course riding along with you as a shareholder in all of those companies.

    Cheers.

  110. Eki,

    Impressive, right? 🙂

    Glad to be a fellow shareholder as well. I’m fairly confident UL will be around 20 years from now and making a lot more money. I also believe they’ll be sharing a lot more money with shareholders via dividends as well. The future looks bright.

    Take care!

  111. Hi Jason,

    are you adding to your position now that unilever reports a bad quarter 3, and prices will probably decrease quite a bit today?

  112. indexexample,

    I see UL is down a bit. I generally try to average down when a stock is at least 5% below my initial cost basis, but I’ve been known to pounce quicker than that from time to time. I’m pretty much out of capital this month after deploying around $5k, but I should be ready to go for another round next month. UL remains high on the list. 🙂

    Best wishes!

  113. I try not to comment too much as I see that you are overwhelmed with replies, and you so graciously answer each one. I am an avid follower of yours, and believe in the dividend approach with high value companies. After being in and out of the stock market for a few decades, I have learned to NOT be greedy. High quality and a fair return pays off. Insofar as your acquisition of UL, and BBL — I have just purchased both for the same fundamental reasons you site. Thanks, Jason. Best Regards, Dan Oh, P.S. I agree with your strategy about KO ( and others like it in general), i.e., “if I like the stock at a higher price then why would I not like it even more at a discount !” KO is not going anywhere IMHO ( in my humble opinion).

  114. Dan,

    Don’t ever be scared to come by and drop a comment! I love interacting with readers. Besides, there’s a lot more value and education to be had in the conversations we have here. It’s definitely not work for me. 🙂

    Glad to have you on board there with BBL and UL. I think both offer a nice mix of value, growth, yield, and risk. They’re really different companies with different risk profiles, but I think both make sense here.

    I’m really glad that the concepts I lay out here have kind of hit home for you. I write about this stuff in the most approachable way I possibly can, because this strategy is really easy to buy into once you get the basics down. Furthermore, I truly believe in my heart that what I’m doing and what I espouse has the possibility to change other people’s lives. And I obviously put my money where my mouth is.

    Thanks for stopping by. Keep up the great work!

    Cheers.

  115. Hi Jason,

    I suspect you might want to write a post on ARCP… check the news… bad news. The stock is down more than 20% as I’m writing this. As a fellow shareholder of ARCP and a fellow fan of Warren Buffett I’m pretty sure you won’t be happy too.

    Warren Buffett emphasized that honest and candid managers were of most importance and that we should make sure that’s what we have on board prior to investing in a company. While it’s hard to verify those things, I think we have a good example here of what he meant and why it is so important. This reminds me of the Solomon’s problem he had to face (well described in The Snowball).

    I own 200 shares of that company…

    Am I selling? Should I wait… They still own the buildings and rents should still come in but the share price should be affected for a long time… These are though decisions. If we can’t rely on the numbers than how can we take an enlightened decision?

  116. Allan,

    I just responded to another comment on ARCP. I’ll copy and paste it because it’s also relevant to your question:

    “ARCP is interesting. It’s almost like they’re trying to make this harder than it really is.

    The way I look at it is this. The accounting issues are very serious and very disappointing, and the people responsible have already been sacked. However, these issues are also temporary. What is enduring is their portfolio of properties and the rent revenue they take in from them. Will we be talking about these accounting issues five years from now? Probably not. But ARCP will still be collecting cash from rent.

    I don’t know if I want to really be buying any more ARCP here, because there really needs to be some demonstration that they have it together over there. And the restated AFFO is showing that the payout ratio is dangerously high. But I’m also not selling. The rent revenue is real money, and so is the dividend. If the dividend is cut, however, I’ll probably look to exit.”

    So that’s how I feel about it. The accounting stuff is really disappointing. The people responsible are already gone. Can’t change what happened, but management can start to get things together moving forward. It seems like they’re almost trying to screw the whole deal up, which is frustrating. Again, not interested in selling here because I still love the business model and the portfolio of properties. But I’m also not interested in buying any more until they can demonstrate that they have it completely together over there. Besides, my ARCP position is already about as big as I wanted it to be.

    Best regards.

  117. I hopped on board today with a purchase of 40 stocks at 39,70$. I’ve been looking at the Unilever more closely for a year now after my cousin went to work for the company. Now I know personally someone who’s working for me :).

    The most difficult part was deciding between UL and UN, because of the tax issues living in Finland.

    I think I’ll have a mini-celebration with some Ben&Jerry’s for the addition to my mini-Berkshire! 😀

  118. Enjoy the ice cream. I just added more UL to my portfolio as well. It really seems to be one of the more popular stocks at under $40 a share.

  119. Ville,

    Glad to have you on board and I appreciate the ice cream as a fellow shareholder! 🙂

    It’s funny because I also had some ice cream over the weekend. I took Claudia out to lunch before proposing this past weekend, and we went to this nice little area in town called St. Armand’s Circle. It has a bunch of restaurants, shopping, etc. Anyway, after lunch we decided to grab some ice cream. There were two ice cream places within walking distance – A Kilwin’s and a Ben & Jerry’s. You can bet we visited the latter!

    I’m actually considering adding to my UL stake in November. Depends on how much capital I’ll be able to rustle up.

    Cheers!

  120. Pingback: Recent Buy
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  122. Hi DM,
    for an european investor (I’m Italian), it’s better to buy Unilever under UNA or UN ticker? The first one seems to pay dividends in euro (that’s I’d like).

  123. alexmerax,

    Unfortunately, I cannot advise you there. We have no UNA ticker over here, so I’m uncertain of the differences between the two listings. I’m not from Italy, so I haven’t studied up on how that works for you over there. I would research this as it pertains to your market and your taxes and invest accordingly.

    Cheers!

  124. Pardon, the ticker is exactly UNA.AS, listed in Amsterdam, Holland. In This case I’d receive dividends in euros… I suppose.

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