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Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Unilever is set to complete the spin-off of its ice cream business by December 6, 2025. The new company will start trading from December 8, 2025.</li>
<li>The Magnum Ice Cream Company lists with ~€8 billion in revenue and improving margins, though elevated leverage post-spin is a concern.</li>
<li>Unilever’s ice cream spin-off streamlines its portfolio, but valuation uplift appears limited.</li>
</ul>


Unilever is set to complete the spin-off of its ice cream business by December 6, 2025. The new company will start trading from December 8, 2025.
The Magnum Ice Cream Company lists with ~€8 billion in revenue and improving margins, though elevated leverage post-spin is a concern.
Unilever’s ice cream spin-off streamlines its portfolio, but valuation uplift appears limited.


Unilever PLC to Spin Off Ice Cream Business on December 6

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Stock Spin-offs

<ul><li>In December 2025, Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC).</li><li>Regular way trading is expected to begin on December 8, 2025. Shareholders and ADS holders will receive one Magnum Share for every five Unilever Shares or Unilever ADSs.</li><li>The spin-off was announced in March 2024 as a way for Unilever to separate its lower margin, higher capital intensity business, leaving behind a higher quality business.</li></ul>

In December 2025, Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC).Regular way trading is expected to begin on December 8, 2025. Shareholders and ADS holders will receive one Magnum Share for every five Unilever Shares or Unilever ADSs.The spin-off was announced in March 2024 as a way for Unilever to separate its lower margin, higher capital intensity business, leaving behind a higher quality business.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational challenges across its global business units.</li><li>The company reported an underlying sales growth of 3.4% in the first half, driven by a combination of volume (1.5%) and price (1.9%) contributions, showcasing a balanced approach to growth.</li><li>The overall volume growth was balanced across its diverse portfolio and regions, reflecting Unilever's focus on a multi-pronged growth strategy.</li></ul>

Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational challenges across its global business units.The company reported an underlying sales growth of 3.4% in the first half, driven by a combination of volume (1.5%) and price (1.9%) contributions, showcasing a balanced approach to growth.The overall volume growth was balanced across its diverse portfolio and regions, reflecting Unilever's focus on a multi-pronged growth strategy.

Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?

<ul><li>Unilever has reported its financial results for the first half of 2025, showcasing several strategic advancements and challenges across various business sectors and geographic regions.</li><li>These results are marked by an underlying sales growth of 3.4% for the half-year, a commendable balance between volume and price increases.</li><li>The company has successfully achieved volume improvements, indicating a strategic focus on maintaining competitive edge and operational efficiency despite prevailing subdued market conditions.</li></ul>

Unilever has reported its financial results for the first half of 2025, showcasing several strategic advancements and challenges across various business sectors and geographic regions.These results are marked by an underlying sales growth of 3.4% for the half-year, a commendable balance between volume and price increases.The company has successfully achieved volume improvements, indicating a strategic focus on maintaining competitive edge and operational efficiency despite prevailing subdued market conditions.

Unilever PLC: How Are They Executing Portfolio Transformation Through M&A and Divestments!

<ul><li>The recent performance of Unilever highlights both strengths and potential challenges for the company.</li><li>The full year results for 2024 demonstrate a notable recovery, characterized by an overall increase in gross margin and consistent volume growth across various business segments.</li><li>Unilever's Growth Action Plan (GAP), launched in late 2023, appears to be yielding results, reflected in the underlying sales growth of 4.2%, driven by volume growth of 2.9% and pricing contributions of 1.3%.</li></ul>

The recent performance of Unilever highlights both strengths and potential challenges for the company.The full year results for 2024 demonstrate a notable recovery, characterized by an overall increase in gross margin and consistent volume growth across various business segments.Unilever's Growth Action Plan (GAP), launched in late 2023, appears to be yielding results, reflected in the underlying sales growth of 4.2%, driven by volume growth of 2.9% and pricing contributions of 1.3%.

Unilever PLC: Growth in Beauty & Wellbeing & Personal Care Segments Propelling Our ‘Outperform’ Rating!

United Kingdom

Unilever PLC manufactures personal care products. The Company offers consumer goods, food, detergents, fragrances, beauty, home, and personal care products. Unilever serves customers worldwide.

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Unilever (UL US)

Unilever PLC to Spin Off Ice Cream Business on December 6

Unilever to spin off ice cream business by December 6, 2025, new company to start trading on December 8. Overall, spin-off unlikely to create...

GSBR Research

Unilever Spin-off (Magnum) Deep Dive

In December 2025, Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC). Regular way trading is expected to begin on December 8, 2025.

Richard Howe

Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?

Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational...

Baptista Research

Unilever PLC: How Are They Executing Portfolio Transformation Through M&A and Divestments!

Unilever has reported its financial results for the first half of 2025, showcasing several strategic advancements and challenges across various...

Baptista Research

Unilever PLC: Growth in Beauty & Wellbeing & Personal Care Segments Propelling Our ‘Outperform’ Rating!

The recent performance of Unilever highlights both strengths and potential challenges for the company. The full year results for 2024 demonstrate...

Baptista Research

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Unilever PLC to Spin Off Ice Cream Business on December 6

​Unilever to spin off ice cream business by December 6, 2025, new company to start trading on December 8. Overall, spin-off unlikely to create...

GSBR Research

Unilever Spin-off (Magnum) Deep Dive

In December 2025, Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC). Regular way trading is expected to begin on December 8, 2025.

Richard Howe

Unilever’s Global Shift, Portfolio Realignment & Strategic Disposals—What Will Shape Its Future?

Unilever's second quarter and first half results of 2025 demonstrate a mixture of growth patterns, strategic advancements, and operational...

Baptista Research

Unilever PLC: How Are They Executing Portfolio Transformation Through M&A and Divestments!

Unilever has reported its financial results for the first half of 2025, showcasing several strategic advancements and challenges across various...

Baptista Research

Unilever PLC: Growth in Beauty & Wellbeing & Personal Care Segments Propelling Our ‘Outperform’ Rating!

The recent performance of Unilever highlights both strengths and potential challenges for the company. The full year results for 2024 demonstrate...

Baptista Research

Unilever to spin off ice cream business by December 6, 2025, new company to start trading on December 8. Overall, spin-off unlikely to create...