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350Hello everyone,
due to the spin-off at $ULVR (-1,49 %) are now $ULVR (-1,49 %) and $MICC (-0,79 %) with the wrong performance.
As a result $MICC (-0,79 %) a performance of -70%.
Do you have any experience of how long TR needs to post the performance correctly?
$MICC (-0,79 %)
$ULVR (-1,49 %)
An ice cream, an outdoor pool, a false assumption
I thought Magnum was overrated for a long time.
It was a typical thought of a Western investor:
"When I go to the supermarket, the next store brand is already on the frozen food shelf anyway. So why Magnum?"
Case closed. I thought.
But then I observed myself. Not analytically, but honestly.
When do I actually eat ice cream?
At the outdoor pool? Not a store brand. Suddenly it's Cornetto or Magnum.
At the movies? The same ritual for years: Ben & Jerry's. No price comparison, no alternative.
On the beach, on vacation, on the promenade? Again, no no-name products - but brands that you know, that you trust, that you grab spontaneously.
And that's when the penny dropped.
The competition doesn't take place on the supermarket shelf.
Competition takes place at the point of consumption.
Magnum does not primarily compete with private labels.
Magnum occupies buying moments: Heat. Leisure. Vacation. Impulse. Places without alternatives, without time to think, without price sensitivity.
This is exactly where market power is created.
And suddenly the spin-off of the ice cream division no longer seems like a side note in the Group's strategy, but like a strategic liberation.
The strategic core: why the spin-off is a game changer:
With the spin-off from the Unilever Group, the Magnum Ice Cream Company will become an independent company for the first time - with a single focus: growth in the global ice cream business.
What was previously part of a huge consumer goods conglomerate can now:
Allocate capital in a targeted manner,
bundle management energy.
Drive expansion where ice cream really scales: warm countries, fragmented markets, impulse channels.
Especially in regions with weak retail chains (parts of Africa, South East Asia, Latin America), the brand is crucial. It is not the cheapest supplier that wins there, but the best known.
Magnum is perfectly positioned for this.
Market position: dominance instead of interchangeability
Magnum is not a nice ice cream brand.
Magnum is the market leader.
Around 21 % market share in the global ice cream business,
Larger than all competitors individually.
Clear premium positioning with global recognition.
The global ice cream market is estimated to be worth between 80 and over 100 billion US dollars, depending on the source. Growth is moderate but stable - and this is precisely where premium plays to its strengths: Pricing power instead of a volume war.
Magnum does not simply sell ice cream.
Magnum sells pleasure, reward, a little ritual.
Figures that carry the bull case
An investment is not just about the story - it's about the fundamentals.
Implied valuation of the spin-off: around 8 billion euros.
Ice cream is capital-intensive (cold chains, logistics), but highly profitable for premium brands.
Under the Unilever umbrella, the division was cash flow positive
Magnum recently generated around € 650 million in free cash flow - an indication of the financial quality of the spun-off activities.
Growth
Volume growth recently positive again,
Price increases were accepted by the market,
Premium and impulse channels are growing faster than traditional supermarket sales.
In short:
👉 Stable sales + rising margins + focus = free cash flow leverage
The real moat: Location beats price
Perhaps the most important point is often overlooked:
Magnum is not winning on the shelf.
Magnum is winning in the moment.
Outdoor pools
Cinemas
Beaches
Petrol stations
Street vending
Vacation regions
There are:
no price comparison
no private label
no alternatives
Whoever is present here owns the customer.
And this is exactly where Magnum is strong.
Opportunities for the future
Geographic expansion
Growth in warm, densely populated regions with increasing purchasing power
Premiumization
New varieties, limited editions, better ingredients → higher prices enforceable
Focused capital allocation
No more cross-financing for other Group divisions
Brand strength
Built up over decades, almost impossible to copy, emotionally anchored.
Risks - fairly considered
Of course, this is not a risk-free investment:
Seasonality can cause cash flows to fluctuate in the short term
Commodity prices (milk, cocoa, energy) influence margins
Logistics & cold chains are capital-intensive
Valuation after the spin-off must first stabilize
But:
These are known, manageable risks - not structural ones.
Conclusion: An underestimated quality value
Magnum is often viewed through the wrong lens.
Too often people think of supermarket shelves, too rarely of moments of consumption.
As an independent company, Magnum combines
Market leadership
premium margins
global scaling
strong cash flow prospects
The spin-off enables exactly what investors should love: Focus.
For long-term investors who believe in brands, pricing power and global consumer trends, Magnum is no ordinary ice cream business.
It is a high quality consumer goods investment that is just beginning to think for itself - and potentially be valued for itself.
Who wants to sell ice cream with me?
$MICC (-0,79 %) Not only here was the opinion on the spin-off of $ULVR (-1,49 %) restrained. Admittedly: The stock market debut of the world's largest ice cream company was no fireworks - but the share has been pretty stable so far!
It's important to remember that 2024 was a really strong year for Unilever's ice cream segment and the conditions for 2025 were not extremely good.
The summer was rainy in many regions (which particularly affected the out-of-home business), commodity prices (cocoa!) rose and internally the focus was fully on the complex spin-off. The fact that the bottom line is still a slight increase for 2025 is a sign of quality for me.
Now it's time: Full focus on the core business. There won't be dividends until 2027, but that's okay. We are currently working hard on increasing margins and recovering free cash flow - so the "necessary evil" of the spin-off is being tackled head on. I am also a fan of the innovations to date and am excited to see what else the pipeline has in store.
Apart from the figures: It feels kind of cool to now be able to officially call yourself a co-owner of childhood brands such as Ben & Jerry's, Langnese or Magnum. I can't wait to see how the Group develops!
If I could make one wish to the Group - please bring back Solero Shots. :D
$ULVR (-1,49 %) has announced that it will spin off its global ice cream division, including brands such as Magnum, Ben & Jerry's, Langnese and Cornetto, into an independent company called The Magnum Ice Cream Company (TMICC).
The reasons for this:
Key data of the spin-off
Opportunities & risks
Opportunities:
Risks:
Question for the forum:
What do you think about the spin-off of Unilever's ice cream business into the Magnum Ice Cream Company? Do you think that TMICC really is really better positioned to increase growth and margins - or is there a risk that the spin-off will bring more risk than benefit?
Disclaimer:
I am invested and Unilever is a SWAN (sleep well at night) stock for me in my dividend portfolio, in fact one of my largest positions.
As every week, the most important economic news of the past week, as well as the most important dates for the coming week.
Also as a video:
https://youtube.com/shorts/LcrXtGMbKSk?si=XSygSM2keaWaMyAC
Monday:
$ULVR (-1,49 %) Unilever floated its ice cream business on the Amsterdam stock exchange. The $MICC (-0,79 %) Magnum Ice Cream Company went public on Monday at a price of 12.20 euros. The company is valued at around 10 billion euros. 8 billion euros was the most recent annual turnover. The Ben & Jerry's brand is also part of the group.
Wednesday:
The Fed cuts key interest rates for the third time in a row by 25 basis points to a range of 3.5 - 3.75 %. The Fed currently expects a further cut in 2026. The markets can rise after the decision. Lower interest rates -> more money for companies.
https://edition.cnn.com/business/live-news/federal-reserve-interest-rate-12-10-2025
Friday:
Not only Germany, but also the UK has massive economic problems. New GDP figures show that economic growth has actually fallen unexpectedly.
The mobility company Flix has made a conscious decision to base itself in Germany and is deploying 65! ordered high-speed trains exclusively in Germany. So far, Flix has deployed 15 trains in Germany. From our point of view, this is good news, as we ourselves have already used the Flixtrain on the Stuttgart-Berlin route several times and were satisfied. You can indirectly invest in Flix via EQT ELTIF, which is traded on Trade Republic.
These are the most important dates for the coming week:
Tuesday: 9:30 HCOB Industrial Data (DE)
Thursday: 14:15 Interest rate decision (EUR)
Friday: 04:00 Interest rate decision (Japan)
The split off of $MICC (-0,79 %) turned out OK, so I added 10 $ULVR (-1,49 %) and decided to HOLD the stocks of $MICC (-0,79 %) for a while, because the trend for both is up. 🚀
After the hype of $WHA (+1,66 %) came back to normal, I added another 27 positions.
Unilever is now my second split (after 3M). And unfortunately this has littered my portfolio with split shares of $MICC (-0,79 %) and $SOLV WI (-1,58 %) which don't even pay dividends. To make matters worse, the 9:8 reverse split also leaves me with crooked numbers of shares in $ULVR (-1,49 %) .
I HATE CROOKED NUMBERS!
DKB writes that the fractions are treated separately. I can already see the sale of 0.222 shares worth €12.25 coming my way for a "small fee" of €10. Unfortunately, DKB is merciless in this respect (I had the same experience with the 3M split of Solventum).
Who suffers with me?
After the Unilever spin-off, I can't sell my measly Magnum shares, they tell me to call the hotline. Since I didn't have time to call, I now have this feedback from ING. I thought it might be useful information for some others here.
$ULVR (-1,49 %) How is the split with Magnum realized? The thing has been displayed at -11% for 3 days 🤬
$ULVR (-1,49 %) Good morning, since the spin-off, the price here at getquin has always been displayed at -11.11%. The ISIN has been adjusted to the new one (...T90), so that should fit. Does anyone know if I need to change or adjust anything myself?
Thanks in advance.
I was looking forward to the spin-off and the split at $ULVR (-1,49 %) . But now comes a bit of disillusionment.
According to ChatGpt, my purchase price at $MICC (-0,79 %) will no longer be adjusted and is therefore around €45. This is of course more than annoying and I don't think the share can reach this price level.
Who feels the same way?
The ice has unfortunately broken and melted. 😒
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