Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

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Stock Spin-offs

Event-Driven

<ul><li>Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025.</li><li>Shareholders and ADS holders received one Magnum Share for every five Unilever Shares or Unilever ADS.</li><li>The stock opened at $14.50 and has performed surprisingly well in its first couple weeks of trading.</li></ul>

Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025.Shareholders and ADS holders received one Magnum Share for every five Unilever Shares or Unilever ADS.The stock opened at $14.50 and has performed surprisingly well in its first couple weeks of trading.

<ul><li>Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC) next week. Regular way trading is expected to begin on December 8, 2025.</li><li>Shareholders and ADS holders will receive one Magnum Share for every five Unilever Shares or Unilever ADS.</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>

Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC) next week. 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 ADS.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.

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Leading Provider of Equity and Investment Research

GSBR Research

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<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

<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?

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)

Weekly Update (MICC, 3134, 441A)

Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025. Shareholders and ADS holders received one Magnum Share...

Richard Howe

Weekly Update (MICC, IDT, UNTC)

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

Richard Howe

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Weekly Update (MICC, 3134, 441A)

Unilever (UL) spun off the Magnum Ice Cream Company (MICC) on December 8, 2025. Shareholders and ADS holders received one Magnum Share...

Richard Howe

Weekly Update (MICC, IDT, UNTC)

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

Richard Howe

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