GS cuts Magnum 'sell' on cash flow, revenue development woes

Magnum Ice Cream NV

20/03/2026 10:07

** Goldman Sachs downgrades The Magnum Ice Cream Company MICCT.AS to "sell" from "neutral," citing low visibility on cash generation and risk to revenue growth due to Middle East impacts

** The company already missed free cash flow expectations for FY25, it notes

** GS also views Magnum's exposure to Turkey and potential softening of consumer confidence as a risks to topline development

** Turkey, which prior to Magnum's demerger from Unilever ULVR.L was its second largest global business, is battling with high inflation

** Last week Turkey's central bank halted its easing cycle and left its key interest rate on hold at 37% due to market fallout from the Iran war that it said could impact consumer prices growth

** Shares in Magnum fall about 2% at 10:00 GMT

 (Reporting by Zakarya Meliani)

 ((zakarya.meliani@thomsonreuters.com))