The Magnum Ice Cream Company N.V. (MICC.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+397.3%

€89.76

vs €18.05 price

Levered DCF

€52.87

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.79

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	28.38×	13.65×	16.21×	15.63×	0×
P/B	13.34×	2.86×	3.16×	4.07×	0×
P/S	1.05×	1×	1.04×	1.06×	0×
EV / EBITDA	12.24×	6.06×	6.67×	6.61×	0×
Gross margin	34.6%	34.9%	34.1%	34.2%	0.0%
Operating margin	11.6%	9.6%	9.7%	9.8%	0.0%
Net margin	3.7%	7.3%	6.5%	6.8%	0.0%
Current ratio	1.02×	0.8×	0.77×	0.81×	0.68×
Debt / equity	5.21×	0.07×	0.08×	0.1×	0.12×
Interest coverage	7.28×	5.38×	74.2×	25.41×	0×
Dividend yield	1.0%	0.1%	0.0%	0.0%	0.0%
Payout ratio	28.3%	1.9%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	46.9%	20.8%	19.6%	26.1%	0.0%
Return on invested capital	14.1%	17.0%	15.6%	19.7%	0.0%
Return on assets	3.9%	10.5%	9.3%	10.7%	0.0%
Free cash flow yield	1.5%	10.0%	8.0%	5.4%	0.0%
Earnings yield	3.5%	7.3%	6.2%	6.4%	0.0%
Enterprise value	€11.2B	€8.1B	€8.1B	€8.1B	€133M
Net debt / EBITDA	3.09×	0.09×	0.12×	0.12×	0×
Cash conversion cycle (days)	-0	1	3	5	0