Magnum Ice Cream Co N.V.
MICCdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'
Magnum Ice Cream Co N.V. earns about 78% on invested capital, far above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between €8.33 and €20.72 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | €7.62B1 | €7.95B1 | €7.91B1 |
| Net income | €492M2 | €579M2 | €293M2 |
| Operating cash flow | €914M3 | €1.11B3 | €483M3 |
| Capital expenditure | €278M4 | €321M4 | €357M4 |
| Free cash flow (derived) | €636M3 | €792M3 | €126M3 |
| Total debt | — | — | — |
| Cash & equivalents | — | €70M5 | €441M5 |
| Diluted shares | — | — | 612.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on €10.21 of net worth that earned you €4.79 and generated €2.06 of cash last year.
It earned about 78% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between €8.33 and €20.72 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase€636M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase€636M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings€492M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | €15.56 |
| Base | 5.0% | €19.15 |
| Bull | 10.0% | €23.45 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0001104659-26-029805 (RevenueFromContractsWithCustomers)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-029805 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-029805 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001104659-26-029805 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2024-12-31 · accession 0001104659-26-029805 (CashAndCashEquivalents)