• Unilever CI shares surged 548% in 2025, reaching a peak market value of CFAF 478 billion.
• Parent Unilever sold 99.78% to SDTM-CI for about CFAF 24.5 billion, marking a major local takeover.
• Despite the rally, weak finances and thin trading mean the valuation still lacks confirmation in results.

Unilever Côte d’Ivoire (Unilever CI) is currently the most talked-about companies on the Bourse Régionale des Valeurs Mobilières (BRVM) the common stock market of the WAEMU zone. Its share price surged by more than 548% between the end of 2024 and early September 2025, climbing from XAF 6,475 (≈ USD 10.7) to XAF 42,000 (≈ USD 69.6) per share, with a peak of XAF 52,640 (≈ USD 87.2) in late August. This translated into a market capitalization of nearly XAF 478 billion (≈ USD 793 million)—an extraordinary figure for a company with a share capital of XAF 24.3 billion (≈ USD 40.3 million) and accumulated losses of XAF 36.5 billion (≈ USD 60.5 million) at year-end 2023.

The rally coincided with a landmark announcement: on April 8, 2025, Unilever Overseas Holdings Ltd agreed to sell almost all its 99.78% stake in Unilever CI—representing 9.16 million shares out of 9.18 million outstanding—to Société de Distribution de Toutes Marchandises Côte d’Ivoire (SDTM-CI), a subsidiary of the Ivorian group Carré d’Or. The transaction, estimated at around XAF 24.5 billion (≈ USD 40.6 million), marks one of the most significant handovers of a multinational subsidiary to a local champion in West Africa in over a decade.

For Unilever, the exit reflects a broader global strategy of rationalizing its portfolio and focusing on priority markets. The Ivorian subsidiary had been struggling: revenues dropped from XAF 46 billion (≈ USD 76.4 million) in 2021 to XAF 34.7 billion (≈ USD 57.6 million) in 2023, and the company recorded consecutive losses before returning to a modest net profit of XAF 640 million (≈ USD 1.06 million) last year. Equity remained negative at XAF -10.7 billion (≈ USD -17.8 million). In this context, the sale allows the parent company to offload a structurally weak operation while giving local investors the opportunity to revive it.

For SDTM-CI and the Carré d’Or group, the acquisition is both strategic and symbolic. With existing distribution partnerships for brands such as Coca-Cola and Nestlé, SDTM-CI brings strong logistics and market knowledge to the table. Controlling a portfolio of household names like OMO, Lipton, Close-Up, Signal, and Blue Band positions Carré d’Or as a serious contender in the Ivorian and regional fast-moving consumer goods sector. Analysts suggest that synergies in distribution and local sourcing could reduce costs and support revenue growth, though the turnaround will require significant investment to repair the company’s weakened balance sheet.

Despite the market euphoria, caution is warranted. Trading volumes on the BRVM remain extremely thin—only 1,202 shares exchanged hands in 2025, worth XAF 35.2 million (≈ USD 58,300) in total, compared with more than 11,000 a decade ago. Such illiquidity amplifies price swings and raises doubts about whether the share price surge reflects genuine investor confidence or speculative bets tied to the acquisition news. With a price-to-earnings multiple exceeding 500 based on 2023 profits, the stock’s current valuation appears disconnected from fundamentals.

Ultimately, Unilever CI is today a stock market champion thanks to its extraordinary share performance. But whether this valuation is sustainable will depend on its ability—under SDTM-CI’s new ownership—to restore revenue growth, restructure its finances, and demonstrate consistent profitability. Until then, the company’s elevated market capitalization remains more a reflection of market speculation than of proven financial turnaround.

Idriss Linge