Unilever is betting that shedding food assets and focusing on beauty, personal care and home products will close a valuation gap with more focused rivals. The challenge is convincing investors that a simpler company can deliver higher returns. The maker of Dove soap, Axe deodorant and Cif cleaning products trades at 11.5 times enterprise value to core earnings, according to LSEG data. That compares with 14.8 for Procter & Gamble, 17.5 for L'Oreal and 22.7 for Coca-Cola. Those multiples suggest investors place a premium on more focused consumer goods companies. But investors have two main concerns. Unilever's deal in March to merge its food business with U.S. spice maker McCormick will leave the British group with an almost 10% stake in the combined company, and its shareholders with a roughly 55% stake. At the same time, the transaction reduces Unilever's exposure to a relatively high-margin business, increasing pressure on management to show that faster-growing beauty, personal care and home products can make up the difference.