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Investment thesis
Unilever (NYSE:UL) (NYSE:UN) (OTCPK:UNLYF) has a considerably bigger exposure to emerging markets compared to its rivals. In 2020, Asia, the Middle East, Africa and Russia contributed 50% to the total operating profit with a steadily improving operating margin. There is tremendous potential and the company was able to establish a strong market position in key regions over the years. The middle class in these countries…
