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

+586.0%

$138.77

vs $20.23 price

Levered DCF

$83.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.87

Grey zone

Rating

C+

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	28.1×	19.47×	16.66×	16.79×	0×
P/B	13.18×	3.18×	3.29×	4.37×	0×
P/S	1.04×	1.11×	1.08×	1.14×	0×
EV / EBITDA	12.03×	8.12×	7.79×	7.88×	0×
Gross margin	100.0%	34.9%	34.1%	34.2%	0.0%
Operating margin	7.6%	9.2%	9.7%	9.8%	0.0%
Net margin	3.7%	5.7%	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	4.31×	5.18×	74.2×	25.41×	0×
Dividend yield	1.0%	0.1%	0.0%	0.0%	0.0%
Payout ratio	28.3%	2.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	46.9%	16.2%	19.6%	26.1%	0.0%
Return on invested capital	9.2%	16.4%	15.6%	19.7%	0.0%
Return on assets	3.9%	8.2%	9.3%	10.7%	0.0%
Free cash flow yield	0.1%	9.2%	7.7%	5.0%	0.0%
Earnings yield	3.6%	5.1%	6.0%	6.0%	0.0%
Enterprise value	$11B	$8.9B	$8.4B	$8.7B	$133M
Net debt / EBITDA	3.06×	0.11×	0.13×	0.13×	0×
Cash conversion cycle (days)	83	1	3	5	0