Deutsche Bank Begins Magnum Ice Cream Coverage at Hold Amid Seasonality, Volatility Concerns

02:21 AM EST, 12/17/2025 (MT Newswires) -- Deutsche Bank Research initiated Magnum Ice Cream (MICC.AS, MICC.L) at hold, with a price target of 14.50 euros, saying the Dutch ice cream maker's valuation will "likely reflect" the built-in volatility and seasonality of its segment. "The Magnum Ice Cream Company is the global market leader in the Ice Cream category, which management estimates could plausibly grow at a 3-4% [compound annual growth rate] into the medium term. That said, we expect category growth to be more volatile than the Staples average and it remains highly seasonal," according to a Tuesday note. The research firm identified emerging market expansion as a "key driver," alongside an expected two-year downward trend in raw material expenses, which should support gross margin and investment. However, analysts also flagged currency risks and Magnum Ice Cream's "high exposure" to Turkey, digital competition and the lack of clarity related to transitional service agreements. Deutsche Bank Research models a 3.6% like-for-like revenue compound annual growth rate from full-year 2025 to 2028 for Magnum Ice Cream, with a 5.7% like-for-like compound annual growth rate for EBITDA.