Core Insights - TMICC has formally separated from Unilever and is establishing a key partnership with Publicis to enhance its identity as a standalone company [2][3] - The public listing of TMICC has created the world's largest ice cream maker, with a diverse portfolio including brands like Magnum, Ben & Jerry's, and Cornetto [3][7] - Publicis aims to leverage its data-driven technology and AI solutions to enhance TMICC's marketing efforts [3][5] Company Developments - The partnership with Publicis is seen as a pivotal step in TMICC's transformation journey, focusing on innovative and data-driven marketing strategies [4][7] - Publicis has recently secured several major accounts, including The Coca-Cola Company and Mars, highlighting its strengths in AI and data [5] - TMICC's transition has faced challenges, including internal governance issues at Ben & Jerry's, which has raised concerns about its independent board [6]

Corporate Governance Changes - Ben & Jerry's has revised its corporate governance rules, leading to the departure of its board chair and two other members, aimed at preserving the brand's social mission and integrity [1][3] - The updated governance rules impose a maximum term of nine years for directors on the independent board [2] Leadership and Board Changes - Anuradha Mittal, Daryn Dodson, and Jennifer Henderson will leave the board and will not be eligible for re-election after their terms expire in 2026 [3] - CEO Jochanan Senf emphasized that these changes will enhance the company's impact and drive progressive change [3] Criticism and Tensions - Co-founder Ben Cohen criticized the governance changes as a "blatant power grab" that undermines the board's authority and independence [3][4] - Cohen highlighted the contributions of the departing board members in maintaining the company's social mission [4] Recent Developments and Legal Issues - The Magnum Ice Cream Company has begun discussions with the Ben & Jerry's Foundation to address governance issues identified in a recent audit [5] - Ben & Jerry's has previously filed lawsuits against Unilever, alleging attempts to suppress its activism and public statements [6] Historical Context - Unilever sold its ice-cream operation in the Israeli-occupied West Bank in 2022, following Ben & Jerry's decision to halt sales in the territory, which led to diplomatic tensions [7]

Earlier this week, Unilver spun off its ice cream business as the Magnum Ice Cream Company, MICC, for all you home gamers, creating the first pure play ice cream stock that I can recall. Unilver announced this nearly two years ago, but to be honest, I really didn't pay a lot of attention to it. So, it took me by surprise when I came into work yesterday to see this multi-story tall banner of ice cream outside the New York Stock Exchange with free samples flowing ON THE FLOOR.KLONDIKE BARS for all. And still ...

Core Viewpoint - Unilever has spun off its ice cream business into the Magnum Ice Cream Company (MICC), creating a pure play ice cream stock, which is expected to perform well as an independent entity [1][20]. Company Overview - The Magnum Ice Cream Company is the largest player in the ice cream industry, owning four of the world's five largest ice cream brands: Walls, Magnum, Ben & Jerry's, and Cornetto [2][4]. - The company has a global market share of 21%, significantly higher than its closest competitor, which holds only 11% [4]. Recent Performance - Despite a 6.5% decline in volume in 2023 while under Unilever, the ice cream division has begun to recover post-spin-off, achieving a 1.1% organic volume growth and a 2.8% increase in organic sales [6][8]. - The company's gross margin has improved for the first time in years, indicating a positive trend [9]. Future Outlook - Magnum aims for organic sales growth in the range of 3% to 5% and plans to enhance profitability through modest price increases [10][11]. - The company has good data on the impact of weight loss drugs (GOP-1s) on the ice cream market, estimating a 0.5% hit to volume growth for every 12% market penetration of these drugs [12][13]. Valuation - Magnum's stock is currently trading at approximately $15, with earnings per share expected to be $1.26 this year, slightly decreasing to $1.23 next year due to initial investments as an independent entity [16][19]. - The stock is valued at 12 to 13 times earnings, which is significantly lower than peers like Hershey and Nestle, suggesting a potential investment opportunity [18][19].

Core Insights - Unilever has spun off its ice cream business, creating the Magnum Ice Cream Company (MICC), marking the first pure play ice cream stock in the market [1] - The Magnum Ice Cream Company is the largest player in the ice cream industry, owning four of the world's five largest ice cream brands: Walls, Magnum, Ben & Jerry's, and Cornetto [2][3] - The company has a significant global presence, selling over 100 brands across 80 countries and holding a 21% market share [3] Market Position - The closest competitor to Magnum Ice Cream Company is a British company called Feri, which holds an 11% market share, while no other competitor exceeds 2% [4] - Magnum Ice Cream Company is the market leader in every developed country except India and China, where it ranks second [4] Industry Performance - Despite the rise of weight loss drugs impacting the packaged food industry, the ice cream business has been performing well [4]

Core Insights - The spin-off of the ice cream business from Unilever is driven by the need for focused management and investment in the ice cream category [1] - The ice cream industry is experiencing growth, with improved margins and market share gains reported [2] - The company is successfully increasing volume in a challenging consumer goods environment while maintaining profitability through disciplined productivity programs [3] Industry Overview - The ice cream market is characterized by a dualopoly in most countries, where typically only two major players dominate, leading to challenges for smaller startups [4] - Key cost drivers in the ice cream business include raw materials, packaging, and labor, particularly dairy and chocolate [5] - There is significant potential for market penetration in regions with low consumption rates, such as India, where per capita consumption is only 0.5 liters compared to 10 liters in developed markets [5] Product Strategy - The company emphasizes the use of natural ingredients and has committed to avoiding artificial flavors, aligning with consumer preferences for purity and quality [6]

Core Viewpoint - The demerger of The Magnum Ice Cream Company (TMICC) from Unilever allows direct investment in popular ice cream brands, with TMICC valued at €7.8 billion ($9.1 billion) upon its debut on the stock market [2][3]. Company Overview - TMICC includes well-known brands such as Magnum, Cornetto, and Ben & Jerry's, and has been positioned as the world's largest ice cream producer [3]. - The company is not expected to qualify for major indices like the FTSE 100, which may lead to initial selling pressure from tracker funds [5]. Financial Insights - TMICC's valuation is competitive, being worth slightly more than Froneri, which holds an 11% market share in the $87 billion global ice cream market compared to TMICC's 21% [6]. - The absence of dividends in 2026 may deter some investors, impacting short-term share price prospects [5]. Growth Prospects - The CEO targets medium-term organic annual sales growth of 3%-5%, aligning with the long-term average achieved under Unilever [8]. - TMICC may have opportunities to enhance its supply chain investments, which were previously neglected under Unilever's broader portfolio [8]. Management and Governance - The management team, primarily composed of former Unilever employees, is expected to improve operational performance, although challenges remain, particularly with the Ben & Jerry's brand [9]. - Recent governance issues at Ben & Jerry's have raised concerns, with the CEO indicating potential changes in charitable contributions unless corporate governance issues are resolved [12]. Market Reactions - Unilever's stock rose by 3.6% following the debut of TMICC, indicating positive market sentiment towards the spin-off [32]. - The demerger is seen as a significant restructuring for Unilever, potentially leading to a re-rating of the company's market value as it focuses on its core brands [19][20].

来源：@中国经营报微博 来源：@中国经营报微博 #梦龙上市#【#梦龙卖冰淇淋一年赚666亿元#】全球最大冰淇淋公司梦龙如期上市。12月8日，该公司正 式开始在阿姆斯特丹泛欧交易所、伦敦证券交易所和纽约证券交易所三地上市交易。从联合利华分拆 后，梦龙成为独立冰淇淋巨头，其旗下拥有梦龙、和路雪、可爱多、Ben & Jerry's等众多知名品牌。据 联合利华披露，2024年，其冰淇淋业务收入达到79亿欧元，调整后EBITDA达到13亿欧元，在全球冰淇 淋零售市场的占有率约为21%。按2024年营收计算，在全球前五大品牌中，梦龙占据了4席——和路雪 （28亿欧元）、梦龙（18亿欧元）、Ben & Jerry's（11亿欧元）、可爱多（7亿欧元）。 （红星新闻） #梦龙上市#【#梦龙卖冰淇淋一年赚666亿元#】全球最大冰淇淋公司梦龙如期上市。12月8日，该公司正 式开始在阿姆斯特丹泛欧交易所、伦敦证券交易所和纽约证券交易所三地上市交易。从联合利华分拆 后，梦龙成为独立冰淇淋巨头，其旗下拥有梦龙、和路雪、可爱多、Ben & Jerry's等众多知名品牌。据 联合利华披露，2024年，其冰淇淋业务收入达到79亿欧元，调整后 ...

记者从梦龙冰淇淋公司了解到，其普通股于当地时间2025年12月8日上午正式开始在阿姆斯特丹泛欧交易所、伦敦证券交易所和纽约证券交易所三地上市交 易，股票代码分别为AMS:MICC、LSE:MICC、NYSE:MICC。据媒体报道，这是今年泛欧交易所规模最大的上市项目，上市当日，该公司市值达78亿欧元 （约合人民币642亿元）。 据悉，去年3月，联合利华宣布了食品板块的一个极为重大的调整，计划剥离拥有和路雪、梦龙、可爱多等品牌的冰淇淋业务，预计到2025年底完成。 今年3月，这家新注册成立的冰淇淋公司正式启用位于荷兰阿姆斯特丹市中心的新总部，并揭晓了全新标识与名字——梦龙冰淇淋公司（The Magnum Ice Cream Company）。7月1日，梦龙冰淇淋公司正式完成业务的独立运营，包括设立法人实体、构建新的运营模式，以及剥离财务报表，成为联合利华旗下的 独立公司。 在中国大陆市场，公司更名为梦龙投资（上海）有限公司，在新设立的运营实体中，"联合利华"已从股东名单中消失，该新公司由梦龙冰淇淋关联公司The Magnum Ice Cream Company HoldCo 3 Netherlands B.V. ...

Core Insights - Magnum Ice Cream Company, the largest standalone ice cream business globally, debuted on the Amsterdam stock exchange with an opening stock price of 12.20 euros, slightly below the reference price of 12.80 euros [1][2] - The company aims to be more agile, focused, and ambitious as an independent entity, according to CEO Peter ter Kulve [2] - Unilever's decision to spin off its ice cream division, which includes brands like Ben & Jerry's and Magnum, was influenced by investor pressure for a business overhaul [3] Financial Performance - The ice cream division generated 7.9 billion euros (approximately $9.2 billion) in revenue in 2023, indicating strong financial performance that supports the rationale for its independence [3]