Magnum Ice Cream Co.: Solid Performance but Limited Near-Term Upside Leads to Hold Rating

Magnum Ice Cream Co. N.V., the Consumer Defensive sector company, was revisited by a Wall Street analyst today. Analyst David Hayes from Jefferies maintained a Hold rating on the stock and has a €13.60 price target.

David Hayes has given his Hold rating due to a combination of factors that balance limited upside with constrained downside risk. He notes that Magnum Ice Cream Co. has performed solidly since its listing, but he does not expect the shares to significantly outperform in the near term. The current valuation, at roughly 13x next-twelve-months earnings, appears to cap the downside, yet it does not offer a sufficiently compelling entry point for a more positive stance.

Hayes also emphasizes that the company must demonstrate consistent volume and mix growth of around 1–2% before a re-rating is likely, and he believes that proof of this trajectory is still some time away. Planned price increases in the rest-of-world markets in the second half of 2025, combined with challenging weather comparisons in the first half of 2026, further cloud the near-term outlook. Given these factors, he sees limited visibility on how earnings and cash generation will trend, which leads him to initiate coverage with a Hold recommendation rather than a Buy.

Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MICC in relation to earlier this year.