| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 46 | 54.3x | 17.8x | Around median | |
Growth | 41 | 0.2% | 7.1% | Around median | |
Quality | 84 | 10.0% | 4.5% | Top tier | |
Safety | 40 | 3.6x | 2.6x | Around median | |
Capital Return | 42 | 0.79% | 2.12% | Around median | |
Momentum | 89 | — | 2.9% | Top tier | |
Sentiment | 90 | 8 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
The Magnum Ice Cream Company N.V. is a specialized ice cream company with a portfolio led by Magnum, Ben & Jerry's, Cornetto, and Heartbrand, alongside Yasso, Popsicle, and local brands. It generates revenue through in-home, out-of-home, and digital commerce channels, benefiting from the expansion of formats, sizes, and price points, as well as a fleet of approximately 3 million freezers; the in-home and out-of-home channels delivered mid-single-digit growth during the first half of FY 2026, while digital commerce maintained double-digit growth.
In FY 2025, revenue was $7.9 billion, unchanged from FY 2024, while gross profit was $2.7 billion versus $2.8 billion, implying that the gross profit margin declined from approximately 35.4% to 34.2%. Net income fell to $307 million from $595 million, or by approximately 48.4%, and earnings per share were $0.48; these figures show that stable annual sales did not prevent clear pressure on profitability.
On the Q2 FY 2026 call, the company presented its first-half FY 2026 results: revenue increased to €4.7 billion from €4.5 billion, and organic growth was 4.7%, comprising 2.5% volume growth and 2.2% pricing growth. Adjusted operating profit increased to €716 million from €666 million, and its margin improved by 50 basis points to 15.3%. Adjusted earnings before interest, taxes, depreciation, and amortization also increased to €880 million from €853 million, but its margin declined to 18.7% from 19.0%. Regionally, organic growth was 4.1% in Europe, Australia, and New Zealand, 3.2% in the Americas, and 7.6% in Asia, the Middle East, and Africa, while the U.S. market, the company's largest, generated revenue of $1.1 billion during the period.
The average analyst target is $16, which is also both the highest and lowest target, so the consensus provides no dispersion with which to assess the diversity of views. The target is approximately 23.6% above the 52-week range low of $12.94, but approximately 21.9% below its high of $20.49. This target should be weighed against the 48.4% decline in FY 2025 net income, the 30-basis-point decline in the adjusted earnings before interest, taxes, depreciation, and amortization margin in the first half of FY 2026, and the absence of a benchmark price-to-earnings multiple in the provided data.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
MICC delivered organic growth of 4.7%, comprising 2.5% volume growth and 2.2% pricing growth, bringing revenue to €4.7 billion. All three regions contributed to growth, led by Asia, the Middle East, and Africa at 7.6%, followed by Europe, Australia, and New Zealand at 4.1%, and the Americas at 3.2%. Innovation was a key driver through Magnum Signature La Pistache and Ben & Jerry's stick and sandwich formats, alongside double-digit growth for Yasso and Popsicle in the United States.
The Q2 FY 2026 call covered first-half results, in which the adjusted operating profit margin increased by 50 basis points to 15.3%. In contrast, the adjusted earnings before interest, taxes, depreciation, and amortization margin declined to 18.7% from 19.0% due to the 70-basis-point impact of transitional service agreements and the 30-basis-point impact of the acquisition in India. Productivity had a positive impact equivalent to 190 basis points, and selective pricing contributed the equivalent of 160 basis points, but commodity inflation and supply-chain costs consumed the equivalent of 200 basis points.
Automated analysis for informational purposes only — not investment advice.
Management estimates that innovation is responsible for approximately 40% of business growth, making it a central part of MICC's model. Magnum delivered mid-single-digit growth supported by Magnum Signature La Pistache, La Peche, and Bonbons, while Ben & Jerry's growth accelerated to 9.2% in Q2 FY 2026. In the United States, Ben & Jerry's sticks accounted for four of the top ten super-premium innovations, while its sandwiches were the leading new product in the single-serve ice cream category in the United Kingdom.
The Indian business recorded double-digit growth in Q2 FY 2026 after price adjustments, the shift from vegetable fats to dairy, and an increased focus on Cornetto and Magnum. The company has approximately 250,000 freezers in India, placed 50,000 in the previous year, and is targeting another 50,000 in FY 2026, with a long-term vision of reaching 1 million freezers. In the United States, MICC is rebuilding distribution in value and club channels, has restored historical levels in some accounts, and has established a strong presence in Sam's, while it continues seeking to expand its portfolio in Costco.
Margins in Asia, the Middle East, and Africa declined significantly, with the adjusted operating profit margin falling by 190 basis points and the adjusted earnings before interest, taxes, depreciation, and amortization margin falling by 270 basis points. The Turkish Competition Authority requires 30% of certain freezers to be allocated to competing products or left empty, while high cocoa costs also had an impact in the first half of FY 2026. In addition, India remains loss-making during the investment phase, and the decline in Brazil continues despite structural changes to the portfolio, sizes, pricing, and channels.
Management reaffirmed its organic growth guidance of between 3% and 5% for the full FY 2026. It expects the adjusted earnings before interest, taxes, depreciation, and amortization margin to improve by between 40 and 60 basis points on a comparable perimeter basis and by between zero and 20 basis points on a reported basis due to the impact of the acquisition in India. It also expects an adjusted effective tax rate of approximately 27% and net finance costs of approximately €160 million, compared with a previous estimate of €180 million.
