BNP cuts Magnum to 'neutral' on inflation, margin risks

Unilever

21/04/2026 09:33

** BNP Paribas downgrades ice cream maker The Magnum Ice Cream Company MICCT.AS to "neutral" from "outperform", citing inflation and margin pressure risks

** Broker expects material cost-of-goods-sold headwinds in FY 2027, noting that past inflation periods led to margin declines

** "Inflationary cycles are rarely fully priced so early in the evolution of a cycle," it says

** BNP cuts adjusted earnings estimates for FY 2026 to FY 2028, placing FY 2027 forecasts 8% below consensus

** Broker lowers its PT by 19% to 13 euros, citing concerns over reliance on Unilever ULVR.L for transition service agreements

** Out of 15 analysts that cover the company, seven rate the stock "strong buy" or "buy, "​six rate it "hold" and two​ rate it "strong sell" or "sell" - LSEG data

 (Reporting by Jerome Terroy)

 ((jerome.terroy@thomsonreuters.com))