Data and news up to 5 December 2025. This article is for information only and is not investment advice.
1. Unilever share price today: London ULVR and New York UL
Unilever PLC remains one of the most closely watched defensive consumer stocks as it heads into a pivotal weekend of corporate change.
- London (LSE: ULVR) – Hargreaves Lansdown shows Unilever’s London‑listed shares closing on 5 December around 4,430p–4,432p, effectively flat on the day, leaving the company valued at roughly £109–110 billion and marked as ex‑dividend. [1]
- Valuation in London – MarketBeat data puts ULVR’s P/E ratio at about 19.8x with a dividend yield near 3.5% and a 52‑week trading range of 4,311p to 4,910p. [2]
In other words, London still prices Unilever as a classic, large‑cap, consumer‑staples name: not cheap, not speculative, but with a meaningful dividend stream.
- New York (NYSE: UL) – The U.S. ADR trades around $59–59.25 as of the latest close on 4 December, with a 52‑week range roughly $54.3 to $65.7. [3]
Across markets, Unilever is entering its ice‑cream spin‑off with a mid‑teens earnings multiple and a mid‑3% yield – but a very non‑boring corporate calendar.
2. Magnum Ice Cream Company spin‑off: the weekend when Unilever changes shape
The biggest immediate catalyst for Unilever shareholders is the separation of its Ice Cream business into The Magnum Ice Cream Company (TMICC).
Timeline and mechanics
According to Unilever’s demerger information and recent news updates: [4]
- 6 December 2025 – Demerger completion is expected, with the ice‑cream unit formally separated into TMICC.
- 8 December 2025 (Monday) – TMICC shares are scheduled to begin trading on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange, under a dedicated ticker.
- Share distribution – Eligible Unilever shareholders are expected to receive one TMICC share for every five Unilever shares or ADRs held at the record time.
- Unilever’s retained stake – Unilever plans to keep just under 20% (around 19.9%) of TMICC, to be sold down over several years to fund separation costs and maintain balance‑sheet flexibility.
- Share consolidation – Shortly after listing, Unilever will carry out a share consolidation so that headline measures like earnings per share (EPS) and dividends per share (DPS) remain comparable before and after the spin‑off.
- Accounting treatment – From Q4 2025, Ice Cream will be reported as a discontinued operation in Unilever’s financial statements.
An AskTraders analysis, updated on 5 December, reiterates the timetable and highlights that: [5]
- The demerger becomes effective at 6:00 p.m. on 6 December.
- TMICC trading is expected to start on 8 December in Amsterdam, London and New York.
- Unilever’s share consolidation is due to take effect on 9 December, with trading in the consolidated shares beginning the same day.
- The ex‑dividend / demerger date aligns with the TMICC listing window around 8 December.
TMICC has already raised around €3 billion in bonds, reportedly more than seven times oversubscribed – a sign that fixed‑income investors are comfortable with the standalone ice‑cream business. TechStock²
Unilever has stressed repeatedly that neither the demerger nor the consolidation is intended to alter the dividend policy; the company continues to target an attractive, sustainable payout ratio anchored to underlying EPS. [6]
3. Portfolio reshaping: Graze sale and possible disposal of Marmite, Bovril and Colman’s
The spin‑off is part of a broader effort to streamline Unilever’s portfolio.
Graze sale
On 1 December, Unilever announced it had agreed to sell its Graze healthy‑snacking brand to Germany’s Katjes International, where it will join Candy Kittens. Financial terms were not disclosed; closing is expected in the first half of 2026. TechStock²
Unilever acquired Graze in 2019 as a “better‑for‑you” snack play. The sale is not viewed as a failure of the brand, but as part of a deliberate pivot away from lower‑priority food assets.
Marmite, Bovril and Colman’s in the shop window?
Reuters and industry trade press report that Unilever is actively exploring a sale of iconic U.K. pantry brands including Marmite, Bovril and Colman’s, a bundle estimated to generate around £200 million in annual sales. Pot Noodle is not currently expected to be part of the package. TechStock²+1
Analysts widely interpret these moves as consistent with Unilever’s multi‑year plan to slim down its eclectic foods portfolio and free up capital for higher‑growth categories such as Beauty & Wellbeing and Personal Care.
4. Fundamentals: Q3 2025 results and 2025 guidance
Unilever’s most recent reported figures are for Q3 2025, published on 23 October. [7]
Key points:
- Underlying sales growth (USG):
- Group USG was 3.9%, made up of 1.5% volume growth and 2.4% price growth.
- Excluding Ice Cream, USG was slightly higher at 4.0%, with 1.7% volume.
- Power Brands – The company’s ~30 “Power Brands” (about 78% of turnover) grew 4.4% with positive volumes and prices, driven by names such as Dove, Vaseline, Hellmann’s, Cif and Domestos. TechStock²
- Turnover – Q3 turnover came in at about €14.7 billion, down 3.5% year‑on‑year, mainly due to currency headwinds and disposals rather than weak underlying demand. TechStock²+1
- Margins and productivity – Unilever reaffirmed full‑year USG guidance of 3–5% and guided to at least 18.5% underlying operating margin for H2 2025, or about 19.5% excluding Ice Cream. Its productivity programme targets roughly €800 million of savings by 2026, with about €650 million expected by the end of 2025. TechStock²+1
- Dividend – The Q3 dividend was set at €0.4528 per share, about 3% higher than a year earlier, underscoring management’s commitment to a progressive dividend. TechStock²
Geographically, Q3 saw improved growth in emerging markets, with Indonesia back to double‑digit expansion, while Latin America remained weak with declines in underlying volume. TechStock²+1
Strategically, these results are framed within Unilever’s Growth Action Plan (GAP), which calls for:
- Mid‑single‑digit sales growth
- Incremental margin expansion
- A portfolio tilted more heavily toward Beauty & Wellbeing, Personal Care, premium Home Care, and key geographies like the U.S. and India. TechStock²+1
5. Analyst ratings and stock forecasts
5.1 London‑listed ULVR
MarketBeat’s summary of London analysts (as of early December) shows: TechStock²+1
- Consensus rating: Hold
- Coverage: around 6 analysts
- Rating split: roughly 3 Buy vs 3 Sell
- Average 12‑month price target: 4,690p, implying about 6% upside from the ~4,430p spot price.
- Target range:
- High: 5,700p (J.P. Morgan, Overweight)
- Low: 3,800p (Jefferies, Underperform)
Capital.com’s round‑up of broker forecasts earlier in the year reported similar ranges, with average targets around 5,100p and a band from roughly 3,900p to 5,900p. [8]
Fintel’s aggregated U.K. analyst data now puts the average one‑year price target for ULVR a little above 5,100p–5,100+, with lows near 3,939p and highs above 6,000p, underlining how widely opinions diverge. [9]
5.2 New York ADR UL
For the New York‑listed ADR, the tone is more positive:
- MarketBeat forecast page – Based on 10 Wall Street analysts, the average 12‑month price target is $73, implying roughly 23% upside from a share price around $59. [10]
- Consensus rating: “Moderate Buy”
- Rating breakdown: about 2 Sell, 2 Hold, 4 Buy and 2 Strong Buy. [11]
Other data providers show similar numbers with minor variations:
- Zacks lists an average target around $71.50, with forecasts between $71 and $73, implying just over 20% upside versus recent prices. [12]
- TipRanks reports an average target near $72.5, with a range of roughly $71–74, equating to mid‑teens percentage upside. [13]
- Investing.com’s consensus estimates for the ADR point to an average around $70–71, with a high in the low‑$73 area and a low in the mid‑$60s; their sampled analysts label UL a “Strong Buy”. [14]
Taken together, most broker models cluster UL’s fair value in the low‑$70s, implying 15–25% upside from around $59, even after the run‑up in global staples.
6. Valuation models: is Unilever undervalued?
Fundamental valuation work has started to tilt toward “mildly cheap” rather than “obviously expensive.”
A Simply Wall St deep‑dive published in December calculates: [15]
- A discounted cash‑flow (DCF) fair value of roughly €53 per share, which they interpret as around 16.5% upside versus the current market price.
- A current P/E multiple of about 22.7x, roughly in line with the broader Personal Products industry at ~22.5x, but well below a global peer group average above 35x.
- A “fair” P/E for Unilever of about 24.1x based on their proprietary model, implying modest undervaluation rather than a deep bargain.
Their conclusion: on both DCF and earnings‑multiple lenses, Unilever screens as underpriced by mid‑teens percentages, assuming management hits its mid‑single‑digit growth and margin expansion targets.
Of course, all of these models depend on assumptions about post‑TMICC growth, margins and capital allocation – the very pieces that will be in flux during the next 12–18 months.
7. Short‑term trading signals and broker restrictions
Technical view: a “sell candidate” in the near term
Short‑term technical research site StockInvest.us currently characterises ULVR as a “sell candidate”, highlighting: [16]
- A share price around 4,428p at the close on 4 December.
- A relatively low‑volatility, sideways horizontal trend with weak near‑term momentum.
- Expectations of mild short‑term downside within that trading range, despite the generally defensive profile.
This stands in contrast to the more upbeat fundamental and broker‑driven valuation picture, underscoring how split the market is between chart readers and long‑term cash‑flow modellers.
Broker risk controls around 5 December
Adding to the noise, some brokers are adjusting risk parameters around the spin‑off window. A recent Traders Union note reports that CFD broker Vantage Markets has switched trading in UL and ULVR to “close‑only” mode as of 5 December, warning clients that any open positions left past the deadline may be automatically closed at the official end‑of‑day settlement price. [17]
While Vantage did not publicly detail its reasons, the article points out that such restrictions are commonly introduced ahead of complex corporate actions – exactly the kind of timetable Unilever is about to execute with TMICC and share consolidation.
8. Institutional positioning and sentiment
On the U.S. ADR side, institutional flows have been active:
- A MarketBeat report on 4 December notes that Beacon Pointe Advisors LLC cut its UL stake by about 60.6% in Q2, selling over 160,000 shares, while several smaller institutions initiated or added to positions. [18]
- Large institutions like Wellington Management and Fisher Asset Management remain significant holders, with tens of millions of shares between them, and overall institutional ownership of the ADR around 9–10% based on recent filings. [19]
For the London listing, MarketBeat estimates that institutions own roughly 46% of ULVR, and notes that insider transactions over the last three months have been net buyers of the stock. [20]
Institutional behaviour, in other words, looks like “selective accumulation with pockets of de‑risking” rather than a broad rush for the exits.
9. Bull vs bear case in December 2025
Recent long‑form analysis from TechStock² and others helps crystallise how the market is thinking about Unilever right now. TechStock²+2TechStock²+2
The bullish argument
Supporters of the stock emphasize:
- A simpler, higher‑margin core business
Once Ice Cream is spun off and slower‑growth pantry brands are pruned, Unilever will lean more heavily into Beauty & Wellbeing, Personal Care and premium Home Care – categories that command higher margins and stronger brand power. Management is already guiding to high‑teens operating margins for the post‑TMICC group. TechStock²+1 - Pricing power and resilient demand
Q3’s 3.9% USG with positive volume growth suggests Unilever is not merely riding inflation, but still selling more product, especially in developed markets like North America. TechStock² - A reliable dividend stream
With a 3.3–3.5% yield and a decades‑long record of uninterrupted payouts, Unilever remains attractive to income investors seeking steady cash flows from a defensive business. TechStock²+2MarketBeat+2 - Support from bond and equity markets
Strong demand for TMICC’s bond issue and upgrades from brokers such as J.P. Morgan are taken by some as votes of confidence in the transformation story. TechStock²+2MarketBeat+2 - Valuation support
DCF and earnings‑multiple analyses (like Simply Wall St’s) suggest mid‑teens upside to fair value even before factoring in potential execution upside from the portfolio reshape. [21]
The bearish argument
Sceptics focus on a different set of risks: Capital+3TechStock²+3TechStock²+3
- Near‑term EPS dilution
Carving out Ice Cream removes a sizeable, if more seasonal, profit contributor. Some brokerage models, such as UBS, point to a mid‑single‑digit drag on 2026 EPS and question whether the remaining businesses justify a 20x earnings multiple if growth underwhelms. - Execution risk around TMICC and share consolidation
The demerger‑listing‑consolidation sequence, compressed into a few trading days (6–9 December), opens the door to short‑term mispricing, confusion around adjusted EPS/DPS figures and index membership noise. - Macro and regional headwinds
Q3 showed weakness in Latin America and still‑muted growth in parts of Asia, even as emerging markets are supposed to be a long‑term growth engine. TechStock²+1 - Category disruption (GLP‑1 and changing diets)
Weight‑loss drugs and shifting consumer preferences toward healthier eating threaten indulgent categories like ice cream – relevant to the valuation of TMICC and to the ~20% stake Unilever plans to keep for several years. TechStock²+1 - Balance‑sheet and profitability questions
Critics note that Unilever’s profitability and leverage still lag some best‑in‑class peers; at close to 20x earnings, the stock is not obviously cheap if growth ends up closer to 2–3% than 4–6%.
10. What to watch after 6 December 2025
As of 5 December, investors in ULVR and UL are watching a tight cluster of catalysts over the next few days and into 2026: TechStock²+2TechStock²+2
- TMICC trading on 8 December
The initial valuation and trading behaviour of The Magnum Ice Cream Company in Amsterdam, London and New York will heavily influence how investors mark Unilever’s retained stake and the implied value of the “new Unilever”. - Impact of the share consolidation on price action
Index adjustments, new per‑share metrics and broker communication around “post‑consolidation” EPS and DPS can generate temporary volatility. - Formal decisions on Marmite, Bovril and Colman’s
A confirmed sale – including price and buyer – would signal how aggressively Unilever is prepared to reshape its foods portfolio and what multiples it can command for heritage brands. TechStock²+1 - Updated 2026 guidance and medium‑term targets
The market is looking for a post‑spin growth ambition in the 4–6% USG range with high‑teens margins, plus proof that volumes can stay positive without relying heavily on price increases. TechStock²+1 - Dividend policy and TMICC sell‑down
Confirmation that Unilever will hold its payout ratio, and clarity on how quickly it intends to sell its TMICC stake and redeploy proceeds, will be central to the long‑term investment case. [22]
11. Bottom line: a high‑quality franchise at a turning point
As of 5 December 2025, Unilever PLC sits at the intersection of:
- A near‑term structural shake‑up (TMICC demerger and share consolidation),
- A medium‑term portfolio pivot away from legacy foods toward higher‑margin beauty and home‑care, and
- A long‑term valuation debate about how much investors should pay for a global, low‑beta staples giant growing at mid‑single‑digit rates.
On the numbers, most broker targets and independent models cluster above current prices, in the mid‑4,000s pence for ULVR and low‑$70s for UL, hinting at moderate upside if the spin‑off and strategy reset go smoothly. At the same time, technical signals are cautious, and several analysts warn that execution missteps or weaker‑than‑promised growth could trigger a derating.
For now, Unilever remains what it has long been: a globally diversified, brand‑heavy consumer company with a generous dividend – but, as December’s corporate surgery shows, it is no longer content to be a sleepy “buy‑and‑forget” staple. The next few weeks will go a long way toward deciding whether the market rewrites its narrative as a faster, more focused compounding machine, or continues to treat it as an expensive defensive holding.
References
1. www.hl.co.uk, 2. www.marketbeat.com, 3. www.marketbeat.com, 4. www.unilever.com, 5. www.asktraders.com, 6. www.unilever.com, 7. www.unilever.com, 8. capital.com, 9. fintel.io, 10. www.marketbeat.com, 11. www.marketbeat.com, 12. www.zacks.com, 13. www.tipranks.com, 14. www.investing.com, 15. simplywall.st, 16. stockinvest.us, 17. tradersunion.com, 18. www.marketbeat.com, 19. www.marketbeat.com, 20. www.marketbeat.com, 21. simplywall.st, 22. www.unilever.com
