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NYSE:UN
A great story and not an expensive stock. Trading at about 17X earnings. Has a 4.2% dividend yield. What they has done, that a lot of other companies have not done, is to restructure their assets. They’ve looked at their brands and their global businesses and made some very structural changes that are very important.
The book for this is effectively 50% emerging markets and 50% developed economies. The key driver in the last few years has been the emerging markets. What has offset that have been weaker currencies. Although the penetration, market share and economics have continued to improve, the relatively little profit coming back has been less. He is a firm believer that emerging markets are going to continue to grow. It will be lumpy growth.