MICC // The Magnum Ice Cream Company N.V.

DES <GO> NYSE RQD COCKPIT → CIK 0002071668 ↗

Consumer Staples • Specialty Foods

$19.87 ▲ +1.00 (+5.30%)

MKT CAP: $12.17B • VOL: 1.17M

52W L $13 52W H $21

ALTMAN Z

3.74 SAFE

PIOTROSKI

8 / 9

MICC // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

▲ UPGRADE // C (RQD 65) -> B- (RQD 70) AS OF 2026-11-03

ROARABLE B-

RQD CONFIDENCE

70 / 100 +5D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Buy — Sound Institutional Accumulation

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

16 / 20

STRONG

52W RANGE 90% • VS 200D +15.4% • RSI 59.7

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=-0.07 (+19bp) • r(OAS)=-0.05

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON MICC)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // MACRO TAILWIND SCORE (26/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 86/100 Z-SCORE: +2.71σ

MICC Exhibits 2.53x True Net Liquidity Elasticity as Fed-TGA-RRP Prints $5,746B

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

2.53x BETA (r=+0.25)

MACRO TAILWIND SCORE

26 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

Wall Street's True Net Liquidity Index (WALCL minus Treasury General Account WTREGEN minus Overnight RRP) stands at $5,745.73B (-0.64% 4-week RoC; High-Yield OAS +34 bps). Rolling 5-year regression assigns The Magnum Ice Cream Company N.V. (MICC) a 2.53x Net Liquidity beta (r = +0.25), placing it in the top decile of liquidity-sensitive equities. Current plumbing translates to a deterministic Macro Tailwind Score of 26/100.

MICC // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +30.98%⚡ TESTING RESISTANCE

2026-11-03O $18.87H $19.87L $18.87C $19.87VOL 1.17M

RES: $19.97SUP: $16.66SMA50: $18.90SMA200: $17.22

MICC // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 49/100

BEAR 0

100 BULL

The Magnum Ice Cream Company N.V. (MICC) exhibits 45.0% gross margins and 9.9% return on invested capital within Consumer Staples (Specialty Foods), balanced against a 21.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into 13.9% operating margin and 9.9% ROIC, outpacing sector cost of capital.

ROIC: 9.9% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +7.7% paired with 2.21% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +7.7% // FCF YLD: 2.21%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 3.74 and Piotroski F-Score of 8/9 indicate low near-term refinancing stress.

ALTMAN Z: 3.74 // F-SCORE: 8/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 32.8x trailing P/E (30.5x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 32.8x // EV/EBITDA: 21.0x

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $19.87 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Specialty Foods require continuous execution to defend 10.9% net margins.

NET MARGIN: 10.9% // D/E: 0.39x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 30.5x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.94).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 32.8x

FORWARD P/E 30.5x

EV / EBITDA 21.0x

FCF YIELD 2.21%

GROSS MARGIN —

OPERATING MARGIN 13.9%

NET MARGIN 10.9%

ROIC % 9.9%

REV GROWTH YOY +7.7%

DILUTED EPS TTM $0.57

DEBT / EQUITY 0.39x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 59.7

5Y EQUITY BETA 0.94

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // MICCPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $18.18

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for MICC & activate live FRED threshold breach alerts.

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