The Magnum Ice Cream Company B.V.: Private Equity Interest: Not that surprising

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The Magnum Ice Cream Company B.V.: Private Equity Interest: Not that surprising

Equity Research

European Consumer Staples

19 May 2026

The Magnum Ice Cream Company B.V.

Private Equity Interest: Not that

surprising

Renewed PE interest brings MICC back into focus. By MICCT.AS/MICC NA EQUAL WEIGHT

triangulating across multiple approaches, we show how a Unchanged

European Consumer

hypothetical take-private could unlock a 20-30% premium. Staples NEUTRAL

Unchanged

However, a bid appears unlikely near term as an acquisition Price Target EUR 15.00

raised 7% from EUR 14.00in next ~2 years would likely be constrained by tax leakage.

EW, PT to €15 Price (18-May-26) EUR 13.60

Potential Upside/Downside +10.3%

Source: Bloomberg, Barclays Research

Magnum is once again back in the M&A spotlight. Reuters reported Friday, May 15, that

Blackstone and CD&R are among the private equity firms evaluating potential bids, less Market Cap (EUR mn) 8327

than six months after the company separated from Unilever. While any process appears Shares Outstanding (mn) 612.26

preliminary, with bidders reportedly waiting for the summer trading update, we can Free Float (%) 70.41

understand the logic: Magnum has scale, strong brands and margin upside, but equity 52 Wk Avg Daily Volume (mn) N/A

markets have yet to fully buy into the stand-alone story and its valuation is below what a Dividend Yield (%) N/A

PE bidder would likely be able to pay. Not surprisingly there was a sizeable reaction with Return on Equity TTM (%) 35.91

Magnum up as much as c.20% intraday on Friday, the largest move since the stock's Current BVPS (EUR) 1.02

December listing, reaching a high of close to €16, before settling closer to +10%. This Source: Bloomberg