Magnum Ice Cream Co. N.V. (NL:MICC)
NYSE:MICC
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Magnum Ice Cream Co. N.V.
(NYSE:MICC)
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Rating:61Neutral
Price Target:
€15.00
Action:Reiterated
Date:05/16/26
The score is held back primarily by weakened recent financial performance, especially the sharp deterioration in free cash flow and profitability metrics. Technicals are supportive with solid momentum, and the earnings call adds confidence via growth and margin-improvement guidance, but valuation is a risk signal given the negative P/E and lack of dividend yield data.
Positive Factors
Brand & Innovation Momentum
A diversified portfolio with successful new launches and rapid idea-to-shelf execution strengthens durable competitive advantage. Consistent brand-led growth (e.g., Yasso +30%) supports pricing power, premium positioning and market-share gains across geographies, underpinning sustainable revenue and margin resilience.
Negative Factors
Free Cash Flow Collapse
A near-collapse in free cash flow and weakened cash conversion (operating cash covering ~12% of net income; FCF ~3% of net income) materially reduces internal funding for capex, de-leveraging and shareholder returns. Recovery depends on phasing out transition costs and normalizing working capital.
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Positive Factors
Negative Factors
Brand & Innovation Momentum
A diversified portfolio with successful new launches and rapid idea-to-shelf execution strengthens durable competitive advantage. Consistent brand-led growth (e.g., Yasso +30%) supports pricing power, premium positioning and market-share gains across geographies, underpinning sustainable revenue and margin resilience.
Read all positive factors
Magnum Ice Cream Co. N.V. (MICC) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€8.83B
Dividend YieldN/A
Average Volume (3M)2.15M
Price to Earnings (P/E)30.1
Beta (1Y)0.21
Revenue Growth-0.47%
EPS Growth-49.39%
CountryNL
Employees18,582
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.48
Shares Outstanding612,259,770
10 Day Avg. Volume1,879,776
30 Day Avg. Volume2,150,842
Financial Highlights & Ratios
PEG Ratio-0.57
Price to Book (P/B)13.30
Price to Sales (P/S)1.05
P/FCF Ratio67.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€14.34Price Target Upside― Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)0.92
Revenue Forecast (FY)€8.24B
Magnum Ice Cream Co. N.V. Business Overview & Revenue Model
Company Description
The Magnum Ice Cream Company N.V. focuses on ice cream business. The Magnum Ice Cream Company N.V. is based in Amsterdam, Noord-Holland, Netherlands....
How the Company Makes Money
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Magnum Ice Cream Co. N.V. Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call presents a constructive operational story: solid top-line performance (4.2% organic growth), positive volume growth, brand-led innovation and clear execution (market share gains and expanded cabinets), backed by a productivity program that has already delivered meaningful savings and a staged plan to reinvest for growth. Offsetting these positives are significant near-term headwinds and technical impacts: exceptional commodity inflation (380 bps) in 2025, TSA-related margin effects and separation/demerger cash costs that materially depressed reported EBITDA and free cash flow in the near term, plus acquisition-related perimeter dilution from India. Management frames most negatives as transitional or non-recurring (TSAs, separation costs, commodity normalization expected) while highlighting 2026 guidance for 3–5% organic growth and a 40–60 bps comparable adjusted EBITDA margin improvement. Given the balance of durable operational strengths and clear mitigation plans versus largely transitional and explainable near-term financial impacts, the overall tone is positive but pragmatic and execution-focused.Positive Updates
Revenue and Organic Growth
Reported full-year revenue of EUR 7.9 billion with organic sales growth of 4.2% in 2025.
Negative Updates
Severe Commodity Inflation Impact
Unprecedented commodity inflation of ~380 basis points in 2025 (notably cocoa) materially pressured margins and required selective pricing and reinvestment of productivity savings to protect volume.
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Q4-2025 Updates
Positive
Negative
Revenue and Organic Growth
Reported full-year revenue of EUR 7.9 billion with organic sales growth of 4.2% in 2025.
Read all positive updates
Company Guidance
Management guided 2026 organic sales growth of 3–5% (industry growth 3–4%) with adjusted EBITDA margin improvement of 40–60 bps on a comparable perimeter (0–20 bps reported including the India/Portugal acquisition impact), an adjusted effective tax rate around 27%, expected net finance cost ~€180m and adjusting items of €425–450m; they said commodity inflation that hit 380 bps in 2025 should normalize to low single digits with benefits weighted to H2, TSAs/RTSA exit planned by end‑2027, and the €500m productivity program has delivered cumulative savings of ~€250m to date (€70m H2‑24 + €180m in 2025) helping deliver 170 bps of supply‑chain savings vs. 230 bps pricing contribution and an operational (ex‑FX) gross‑margin improvement of +20 bps while reported gross margin was -30 bps; 2025 metrics cited include revenue €7.9bn, organic growth 4.2% (price ≈+2.6 p.p., volume +1.5%), adjusted EBIT at constant FX +€48m, adjusted EBITDA -100 bps (50 bps FX translation, 50 bps TSA), US share +24 bps with US organic +1.7% (volume +1.8%), Europe/ANZ OSG 3.3% (+37 bps share), EMEA +10.9% (volume +4.5%), Yasso >30% growth, cabinet fleet ~3 million (cabinet CapEx +~10%), net debt/adjusted EBITDA 2.4x, comparable free cash flow €602m in 2025 vs. €660m in 2024, and net free cash flow €38m after €564m of separation/transition costs.Magnum Ice Cream Co. N.V. Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 7.91B | 7.95B | 7.62B | 7.51B |
| Gross Profit | 2.74B | 2.77B | 2.60B | 2.57B |
| EBITDA | 1.16B | 1.22B | 1.21B | 1.10B |
| Net Income | 293.00M | 579.00M | 492.00M | 509.00M |
Balance Sheet | ||||
| Total Assets | 7.49B | 5.52B | 5.27B | 4.75B |
| Cash, Cash Equivalents and Short-Term Investments | 449.00M | 179.00M | 59.00M | 53.00M |
| Total Debt | 3.42B | 188.00M | 197.00M | 188.00M |
| Total Liabilities | 6.86B | 2.72B | 2.74B | 2.77B |
| Stockholders Equity | 625.00M | 2.78B | 2.51B | 1.95B |
Cash Flow | ||||
| Free Cash Flow | 123.00M | 792.00M | 634.00M | 426.00M |
| Operating Cash Flow | 483.00M | 1.11B | 914.00M | 721.00M |
| Investing Cash Flow | -315.00M | -359.00M | -854.00M | -258.00M |
| Financing Cash Flow | 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.
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