Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Unilever PLC (ULVR.L)

Price updated 06 Nov 2026 14:42; Fiscal year 2025; Annual financials downloaded 06 Nov 2026 15:55.

Starts from Fiscal year 2025 financials in GBP and a share price of GBP 48.67. Growth begins at 3.0% a year (capped from 3.5% because the latest annual revenue declined) and fades to 2.4% by year 10. Margins held at EBITDA 22.0%, net 11.9%, free cash flow 13.4% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.

Starting growth was capped from 3.5% to 3.0% because the latest annual revenue declined.
Year 1 uses analyst consensus revenue growth (4.8%); year 2 is halfway back to the model's own path.
GBP 30.36Model fair value (Free-cash-flow DCF); range GBP 19.77 to GBP 50.04
-38%Fair value vs today's price
HighModel confidence
75%Share of the gap to fair value the price closes by year 5

Confidence: Earnings-based DCF agrees; annual data only; profit and cash flow steady for 3 years.

3.2%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
GBP 56.46BRevenue in year 10 (base)
GBP 6.69BNet income in year 10 (base)
GBP 7.56BFree cash flow in year 10 (base)
GBP 2.23Dividend per share in year 10 (base)
GBP 46.80Implied share price in year 10 (base), today GBP 48.67
7.1%Year-10 free cash flow per share vs today's price

Free cash flow over time

GBP 0 GBP 2.64B GBP 5.28B GBP 7.92B GBP 10.56B FY2020 FY2022 FY2024 Fiscal year 2025 +1 +3 +5 +7 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Free cash flow in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -1.2% GBP 5.33B -0.6%
Base 4.8% GBP 7.56B 3.0%
Bull 10.8% GBP 10.56B 6.5%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
Fiscal year 2025– GBP 42.14BGBP 9.27BGBP 4.99BGBP 5.64B 2.282.571.665.9148.67
Year 14.8% GBP 44.15BGBP 9.71BGBP 5.23BGBP 5.91B 2.382.691.746.5548.12
Year 23.9% GBP 45.86BGBP 10.09BGBP 5.44BGBP 6.14B 2.482.801.817.2246.99
Year 32.9% GBP 47.17BGBP 10.38BGBP 5.59BGBP 6.31B 2.552.881.867.9145.26
Year 42.8% GBP 48.49BGBP 10.67BGBP 5.75BGBP 6.49B 2.622.961.918.6143.36
Year 52.7% GBP 49.82BGBP 10.96BGBP 5.90BGBP 6.67B 2.693.041.969.3441.30
Year 62.7% GBP 51.15BGBP 11.25BGBP 6.06BGBP 6.85B 2.763.122.0210.0842.40
Year 72.6% GBP 52.48BGBP 11.54BGBP 6.22BGBP 7.02B 2.833.202.0710.8443.51
Year 82.5% GBP 53.81BGBP 11.84BGBP 6.38BGBP 7.20B 2.903.282.1211.6344.61
Year 92.5% GBP 55.13BGBP 12.13BGBP 6.53BGBP 7.38B 2.983.362.1712.4345.71
Year 102.4% GBP 56.46BGBP 12.42BGBP 6.69BGBP 7.56B 3.053.442.2313.2546.80

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.