Magnum Ice Cream Addressing Media Reports of Private Equity Interest

Goldman Sachs analyzes reports of PE interest in The Magnum Ice Cream Co., highlighting significant hurdles including 3.6x leverage and tax restrictions active until late 2027.

Key Takeaways

• 1.Media reports indicate private equity firms are exploring bids for The Magnum Ice Cream Company (TMICC).
• 2.TMICC's leverage (3.6x net debt/EBITDA) is significantly higher than the European Consumer Staples median (2.3x).
• 3.Tax Matters Agreements from the Unilever demerger restrict certain M&A activity until December 2027.

Table of Contents

• SELL
• Key Data
• GS Forecast
• Ratios & Valuation
• Growth & Margins (%)
• Income Statement (€ mn)
• Balance Sheet (€ mn)
• Cash Flow (€ mn)
• Valuation and risks
• Disclosure Appendix

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