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Magnum Ice Cream Co. N.V.
(MICC)
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Rating:60Neutral
Price Target:
€17.00
▲(7.87% Upside)
Action:Reiterated
Date:08/03/26
Overall score reflects financial pressure as the biggest constraint (sharp latest-year revenue decline, margin compression, and a major free-cash-flow drop), partially offset by constructive technical momentum (price above key moving averages and positive MACD) and a generally supportive earnings call with reaffirmed guidance and productivity-driven progress. Valuation is a meaningful headwind due to the very high P/E.
Positive Factors
Brand & Innovation Strength
A portfolio of leading brands (Magnum, Ben & Jerry's, Cornetto, Heartbrand) combined with repeated successful format innovations supplies a durable competitive advantage. Consistent innovation-driven growth supports premiumization, market share gains and resilient revenue mix across regions over the medium term.
Negative Factors
Revenue & Margin Weakness
A sharp revenue decline and sustained margin compression materially weaken earnings quality and competitiveness. Lower scale reduces fixed‑cost absorption, limits reinvestment capacity and heightens sensitivity to commodity inflation and financing costs, constraining durable profit recovery.
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Positive Factors
Negative Factors
Brand & Innovation Strength
A portfolio of leading brands (Magnum, Ben & Jerry's, Cornetto, Heartbrand) combined with repeated successful format innovations supplies a durable competitive advantage. Consistent innovation-driven growth supports premiumization, market share gains and resilient revenue mix across regions over the medium term.
Read all positive factors
Magnum Ice Cream Co. N.V. (MICC) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€9.92B
Dividend YieldN/A
Average Volume (3M)1.31M
Price to Earnings (P/E)54.0
Beta (1Y)0.34
Revenue Growth0.52%
EPS Growth-68.82%
CountryNL
Employees18,582
SectorGeneral
Sector StrengthN/A
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.30
Shares Outstanding612,259,770
10 Day Avg. Volume960,212
30 Day Avg. Volume1,310,807
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)13.34
Price to Sales (P/S)1.05
P/FCF Ratio67.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€15.00Price Target Upside-4.82% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.95
Revenue Forecast (FY)€8.31B
Magnum Ice Cream Co. N.V. Business Overview & Revenue Model
Company Description
Headquartered in Amsterdam, Noord-Holland, Netherlands, The Magnum Ice Cream Company N.V. specializes in the ice cream sector....
How the Company Makes Money
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Magnum Ice Cream Co. N.V. Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 18, 2027
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: solid organic growth (4.7%), profit gains (higher adjusted EBIT and EBITDA) and substantial productivity savings (EUR 90m) that support margins and cash generation (EUR 273m FCF). Brand-led innovation, market share gains and strong digital commerce were notable strengths. However, the company continues to face material headwinds that temper the outlook: TSAs and separation accounting effects, commodity inflation (notably in AMEA), regulatory constraints in Turkiye, underperformance in Brazil and weather-impacted China, and higher financing costs. Management reaffirmed full-year guidance but adopted a conservative reported-margin outlook owing to acquisition and separation impacts. On balance, the positives (broad-based growth, margin progression before one-offs, strong cash flow and innovation momentum) outweigh the lowlights, though risks remain that could constrain reported near-term improvement.Positive Updates
Solid Revenue and Organic Growth
Reported revenue of EUR 4.7 billion for H1 2026, with organic sales growth of 4.7%. Growth balanced between volume (2.5%) and price (2.2%). Reported revenue growth 4.2% (including +2.3% from acquisitions and -2.7% FX translation).
Negative Updates
Adjusted EBITDA Margin Impacted by TSAs and India Acquisition
Adjusted EBITDA margin was 18.7% vs 19.0% a year ago (≈-30 bps). Management attributed ~70 bps headwind to TSAs (previously allocated depreciation now charged as cash costs) and ~30 bps adverse impact from the India acquisition on reported EBITDA margin.
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Q2-2026 Updates
Positive
Negative
Solid Revenue and Organic Growth
Reported revenue of EUR 4.7 billion for H1 2026, with organic sales growth of 4.7%. Growth balanced between volume (2.5%) and price (2.2%). Reported revenue growth 4.2% (including +2.3% from acquisitions and -2.7% FX translation).
Read all positive updates
Company Guidance
Management reaffirmed its full‑year guidance: organic sales growth of 3–5% and an adjusted EBITDA margin improvement of 40–60 basis points on a comparable perimeter (reported improvement 0–20 bps, reflecting the India acquisition). For context, H1 revenue was EUR 4.7bn with adjusted EBITDA of EUR 880m (18.7% margin) and adjusted EBIT of EUR 716m (15.3% margin); free cash flow was EUR 273m and net debt/adjusted EBITDA was 2.5x. H1 productivity delivered EUR 90m of savings (EUR 70m supply chain, EUR 20m overhead) towards a EUR 0.5bn medium‑term target; TSAs and the India deal reduced H1 margin by ~70 bps and ~30 bps respectively. Management expects adjusted items in line with prior estimates, an adjusted effective tax rate around 27%, net finance cost ~EUR 160m, and noted an accounting change that will shift some Turkiye revenue from Q3 into Q4 with no full‑year effect.Magnum Ice Cream Co. N.V. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.10B | 7.91B | 7.95B | 7.62B | 7.51B |
| Gross Profit | 3.41B | 2.74B | 2.77B | 2.60B | 2.57B |
| EBITDA | 894.00M | 911.00M | 1.22B | 1.21B | 1.10B |
| Net Income | 181.00M | 293.00M | 579.00M | 492.00M | 509.00M |
Balance Sheet | |||||
| Total Assets | 9.81B | 7.49B | 5.52B | 5.27B | 4.75B |
| Cash, Cash Equivalents and Short-Term Investments | 577.00M | 449.00M | 179.00M | 59.00M | 53.00M |
| Total Debt | 3.85B | 3.25B | 188.00M | 197.00M | 188.00M |
| Total Liabilities | 8.69B | 6.86B | 2.72B | 2.74B | 2.77B |
| Stockholders Equity | 1.08B | 625.00M | 2.78B | 2.51B | 1.95B |
Cash Flow | |||||
| Free Cash Flow | 162.00M | 123.00M | 792.00M | 634.00M | 426.00M |
| Operating Cash Flow | 551.00M | 483.00M | 1.11B | 914.00M | 721.00M |
| Investing Cash Flow | -824.00M | -315.00M | -359.00M | -854.00M | -258.00M |
| Financing Cash Flow | 791.00M | 205.00M | -737.00M | -51.00M | -470.00M |
Magnum Ice Cream Co. N.V. Peers Comparison
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.