Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.06, read 2026-11-03
Ethical does not pass the values gate
Price19.44 USD
Fair value20.50
Ethical score70.0/100
Value readFairas of 6 Nov 2026
Our investment reviews on this name
2026-11-04Read Accumulation19.39+0.3% to today ✓Markup gives way to Accumulation
2026-10-28Read Markup19.05+2.0% to today ✓Markdown gives way to Markup first Markup read since July
2026-10-02Read Markdown19.25+1.0% to today Accumulation gives way to Markdown with volume flow in agreement
2026-08-05Read Accumulation18.74+3.7% to today ✓Markup gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Magnum Ice Cream Company NV holds its Markup at $19.44. Consolidating, no directional conviction, held for 68 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 68 days
Price at the screen
$19.44
Valuation
39.67 trailing · 16.12 forward price to earnings
Values screen
FAIL· score 70.0
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
43.47%
Below 33%
Interest-bearing debt is 43.5% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.49%
Below 33%
Cash held in interest-bearing accounts and securities is 0.5% of assets, under the one-third limit.
Pass
Receivables
14.32%
Below 49%
Money owed to the company is 14.3% of assets, under the 49% limit.
Pass
Revenue purity
0.34%
Below 5%
Only 0.3% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Magnum Ice Cream's business is in a permissible area, but its interest-bearing debt is about 43% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 6 Nov 2026: it trades at roughly a 5% discount to our $20.50 fair value, narrow competitive moat, 4.20% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 5.2% discount to the base estimate.
Where our models see it going: fair-value estimate $20.50, with a range of $18.09 to $30.15, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Ice Cream Sales Cool in Key Markets
Think of a freezer full of premium ice creams on a hot day that suddenly turns cool. Magnum Ice Cream sells the Magnum, Ben and Jerry's and Cornetto brands across Europe and beyond, yet revenue has slipped four percent while profit margins sit at just four percent. At eighteen dollars seventy the shares trade almost in line with our fair value, leaving almost no margin of safety.
We pass because the business shows a narrow moat, modest returns on equity and little growth to justify a higher price. Four analysts see the same picture, with a median target at eighteen dollars. The ethical screen clears, yet the numbers offer no real opportunity.
The main risk is that slowing sales could persist if consumers trade down or private labels gain ground. A narrow moat also leaves room for bigger rivals to squeeze shelf space. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Netherlands and to currency swings; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
MICC trades on the NYSE (the company is based in Netherlands). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18.
2026-10-28Markup · changed$19.05+7.6%Entry 9
The framework has shifted from markdown to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 7.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18.
2026-10-21Markdown$17.70+2.4%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 2.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18.
2026-10-14Markdown$17.28-10.2%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 10.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18. Since the last review it its composite score rose.
2026-10-02Markdown · changed$19.25-3.0%Entry 6
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18.
2026-09-05Accumulation$19.85+5.9%Entry 5
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 4.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18.
2026-07-18Markup$17.92+0.0%Entry 3
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Our forward projection puts the odds of a 10% gain over the next month near 33%. The street (4 analysts) rates it hold, with a mean price target of $18.
2026-07-03Markup$17.92+0.0%Entry 2
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$17.92Entry 1
Our analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.