The Magnum Ice Cream Company : Ice Ice Baby – Initiation of coverage at Outperform and TP of € 16
The Magnum Ice Cream Company (TMICC) is the demerged and now listed former ice cream unit of Unilever. It is the global market leader in ice cream with a solid footprint across channels, categories, and consumption occasions. With its new, bespoke organisational structure and strategy, we see upside for operational performance. TMICC is valued at a >25% discount to peers, which is too much, in our view. We initiate coverage at Outperform with a € 16 TP.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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