AI 銘柄分析 · 10年
The Magnum Ice Cream Company N.V.
MICC · EUR · 分析基準日 2026-11-06
ブランド力と季節性、分離後の資本配分を織り込む10年シナリオ
AIによるシナリオ分析です。基準日以降の出来事、株価や為替の変化は個別に確認が必要です。各数値は元の分析の単位と前提に従います。
分析の要約
2025年にUnileverから分離したアイス事業を5ケースで予測。2027年初回配当の2025年分上乗せは0.20億ユーロの未確定仮定。基準日株数は従業員信託の決済を仮定した代理値で、非売却1株の受取を拡大した合成尺度を用いる。
要約の補足
- rating
2025分離後の未確定配当を条件付きで含む時点別保有者評価
- price_eur
- 17.602
- valuation_asof
2026-11-06
- valuation_end
2036-11-06
- holding_days
- 3653
- terminal_year_by_act365_25
- 10.001368925
- holder_convention
old_share_one_non_tendering_non_subscribing_share
- initial_old_economic_shares_proxy
- 606718453
- reported_issued_shares
- 612259739
- market_cap_implied_proxy_oku
- 106.794582097
- probability_weighted_holder_terminal_mcap_oku
- 153.250725897
- probability_weighted_holder_cash_payout_oku
- 39.493391997
- probability_weighted_terminal_pv_oku
- 61.831159898
- probability_weighted_timed_payout_pv_oku
- 24.395887211
- probability_weighted_intrinsic_value_oku
- 86.227047108
- probability_weighted_per_share_eur
- 14.212036354266
- price_gap_eur_per_share
- -3.389963645734
- upside
- -0.192589685589
- expected_cashflows_IRR
- 0.068272523442
- probability_weighted_scenario_IRR
- 0.047056476969
- IRR_definition
XIRR uses 10 actual one-share cash dividends and ONE terminal sale value on 2036-11-06, terminal not included in timed_cashflows nor payout_oku
- scenario_values
内容を開く
- bull
内容を開く
- prob
- 10.00%
- 現在価値（億）
- 165.150453791
- intrinsic_per_share_eur
- 27.220278693
- upside
- 0.546431013
- expected_irr
- 0.151187177601
- initial_dividend_2027_oku
- 3.17
- initial_dividend_ratio
- 0.55
- terminal_oku
- 310.837716981
- cash_payout_oku
- 66.526456655
- mild_bull
内容を開く
- prob
- 22.00%
- 現在価値（億）
- 117.782079789
- intrinsic_per_share_eur
- 19.412971405
- upside
- 0.102884411
- expected_irr
- 0.107465898837
- initial_dividend_2027_oku
- 3.008
- initial_dividend_ratio
- 0.52
- terminal_oku
- 213.933567407
- cash_payout_oku
- 51.668812179
- base
内容を開く
- prob
- 40.00%
- 現在価値（億）
- 88.078259042
- intrinsic_per_share_eur
- 14.517155133
- upside
- -0.175255361
- expected_irr
- 0.070700683518
- initial_dividend_2027_oku
- 2.9
- initial_dividend_ratio
- 0.5
- terminal_oku
- 154.106578541
- cash_payout_oku
- 41.807065747
- mild_bear
内容を開く
- prob
- 20.00%
- 現在価値（億）
- 39.169720761
- intrinsic_per_share_eur
- 6.455996281
- upside
- -0.633223709
- expected_irr
- -0.027074312231
- initial_dividend_2027_oku
- 2.36
- initial_dividend_ratio
- 0.4
- terminal_oku
- 62.391874947
- cash_payout_oku
- 21.414657042
- bear
内容を開く
- prob
- 8.00%
- 現在価値（億）
- 9.183705084
- intrinsic_per_share_eur
- 1.513668331
- upside
- -0.91400589
- expected_irr
- -0.182126868702
- initial_dividend_2027_oku
- 1.28
- initial_dividend_ratio
- 0.2
- terminal_oku
- 12.257037048
- cash_payout_oku
- 5.848124315
- previous_calendar_2027_2036_and_5year_lump_reference
内容を開く
- reference_only
- はい
- previous_value_oku
- 85.828046
- previous_per_share_eur
- 14.018241
- not_comparable_without_adjusting_for_denominator_and_old_cohort_method
- はい
- timed_method_required_for_primary_value
- はい
- dividend_basis_corrected_to_company_policy
prior FY adjusted net income after adjusting items, not prior FY IFRS profit
- FY2026_forecast_IFRS_parent_profit_oku
- 4.12
- FY2026_forecast_posttax_adjustments_oku
- 1.28
- FY2026_forecast_adjusted_parent_profit_oku
- 5.4
- 2027_initial_dividend_by_scenario_oku
内容を開く
- bull
- 3.17
- mild_bull
- 3.008
- base
- 2.9
- mild_bear
- 2.36
- bear
- 1.28
- previous_timed_holder_v1_reference_only
- expected_per_share_eur
- 13.946528994
- expected_PV_oku
- 84.616164959
- old_dividend_policy_inconsistent_and_superseded
- はい
- FY2025_post_demerger_IFRS_parent_loss_oku_reported
- -1.87
- FY2025_pre_demerger_parent_profit_oku_reported
- 4.8
- FY2025_parent_annual_IFRS_profit_oku_reported
- 2.93
- FY2025_post_demerger_adjusted_parent_profit_oku_confirmed
- 未確認
- FY2025_post_demerger_extra_dividend_confirmed_oku
- 未確認
- FY2025_post_demerger_extra_dividend_main_conditional_assumption_oku
- 0.2
- FY2025_post_demerger_extra_dividend_not_zero_fact
- はい
- 2027_first_dividend_components
内容を開く
- bull
内容を開く
- regular_2026_adjusted_income_component_oku
- 2.97
- conditional_2025_post_demerger_extra_oku
- 0.2
- total_company_first_dividend_oku
- 3.17
- synthetic_old_share_scaled_cash_oku
- 3.19684671
- real_old_one_share_cash_eur
- 0.526907776441
- mild_bull
内容を開く
- regular_2026_adjusted_income_component_oku
- 2.808
- conditional_2025_post_demerger_extra_oku
- 0.2
- total_company_first_dividend_oku
- 3.008
- synthetic_old_share_scaled_cash_oku
- 3.033474733
- real_old_one_share_cash_eur
- 0.499980628244
- base
内容を開く
- regular_2026_adjusted_income_component_oku
- 2.7
- conditional_2025_post_demerger_extra_oku
- 0.2
- total_company_first_dividend_oku
- 2.9
- synthetic_old_share_scaled_cash_oku
- 2.924560082
- real_old_one_share_cash_eur
- 0.482029196113
- mild_bear
内容を開く
- regular_2026_adjusted_income_component_oku
- 2.16
- conditional_2025_post_demerger_extra_oku
- 0.2
- total_company_first_dividend_oku
- 2.36
- synthetic_old_share_scaled_cash_oku
- 2.379986825
- real_old_one_share_cash_eur
- 0.392272035457
- bear
内容を開く
- regular_2026_adjusted_income_component_oku
- 1.08
- conditional_2025_post_demerger_extra_oku
- 0.2
- total_company_first_dividend_oku
- 1.28
- synthetic_old_share_scaled_cash_oku
- 1.290840312
- real_old_one_share_cash_eur
- 0.212757714146
- sensitivity_2025_post_demerger_conditional_extra
内容を開く
- extra_0_oku
内容を開く
- value_per_share_eur
- 14.18591332975
- weighted_PV_oku
- 86.068553898
- IRR
- 0.06809683
- interpretation
no approved additional stub distribution (NOT a confirmed zero)
- extra_0_2_oku_main
内容を開く
- value_per_share_eur
- 14.212036354266
- weighted_PV_oku
- 86.227047108
- IRR
- 0.068272523
- interpretation
illustrative conditional gross dividend from 2025 stub; no reported adjusted stub profit supports a unique amount
- extra_0_5_oku_high
内容を開く
- value_per_share_eur
- 14.251220891005
- weighted_PV_oku
- 86.464786924
- IRR
- 0.068536794
- interpretation
upper illustrative case, not company guidance
- special_2025_entitlement_not_2026_buyer_reference
内容を開く
- extra_paid_by_company_oku
- 0.2
- buyer_receives_extra
- いいえ
- value_per_share_eur
- 14.180365272655
- IRR
- 0.068049976
- interpretation
NOT the primary interpretation; no primary evidence for a ring-fenced 2025 shareholder right
- synthetic_scale_warning
1 share cash receipts × N0 may exceed annual company distributions because N0 > later eligible shares. This is NOT a real group cash flow aggregate.
事業
- 説明
Unileverのアイス事業を2025年12月6日に分離し、同8日にAmsterdam/ロンドン/NY上場。Magnum、Ben & Jerry’s、Cornetto、Heartbrand、Yasso等を80市場で展開。営業部門は地域3区分Europe & ANZ、Americas、AMEA。
- demerger
2025-12-06分離、Unilever旧株主への80.15%の非現金分配とUnileverによる19.85%継続保有。旧Unileverの持分19.85%はTMICC連結財務諸表の非支配株主持分ではない。
- region_segments
- 1
Europe & ANZ
- 2
Americas
- 3
AMEA
- revenue_model
revenue_oku = volume_index × price_oku_per_index × rev_factor。volumeは2026年通期推計を1とする地域別事業量代理指数で、販売個数実績ではない。priceは平均価格・構成・通貨換算を含むモデル係数。
- organic_vs_inorganic
インドKwality Wall’sとポルトガルULICCの買収は2026年4月から連結。2026年度通期推計基準に当該取得後売上を含め、2027年初年度は未連結3か月分のわずかなcarryoverのみを一度加算。2028年以降同じ買収売上を再加算せず、将来未契約買収増収は0と仮定。
- risks
内容を開く
- 1
北半球の夏と天候・冬季の季節性
- 2
乳・ココア・砂糖・エネルギーと冷凍配送費
- 3
大型小売の棚割・価格競争
- 4
トルコ競争当局の小型店舗冷凍庫容量30%措置
- 5
インド/ポルトガル買収統合と為替換算
- 6
TSAを2027末までに退出するIT/人員移管
- 7
金利負担と大型債務の満期
- 8
Ben & Jerry’s等のブランド評判
競争力・事業の質
- pricing_power
プレミアム化とブランド認知は強いが、欧州Q3 2026は数量+11.6%に対し価格-2.4%。地域ごとに需要・ミックス差が大きく、全市場で強気の値上げは仮定しない。
- consumption
アイスクリームは反復消費だが、天候依存・夏季偏重。H1 2026売上46.91億EUR、2025年通期79.10億EURを安易に2倍年率化しない。
- SBC
H1 2026費用18百万EURは報告営業利益587百万EURに既に反映。非現金SBC資本振替18百万EURおよび自己株購入8百万EURを区別。16 June 2026オプション10,952,635個の実際の権利確定数・交付株数は未確定。
- M_and_A
KWIL 279百万EUR、Portugal ULICC 152百万EUR、取得時対価総額431百万EUR、取得対象純資産96百万EUR、取得時非支配持分25百万EUR、のれん360百万EUR（96−25+360=431）。買収対価はIFRS利益に一括費用化しない。のれん通常償却せず、減損は発生時に報告利益へ計上。
- spinoff_accounting
2025年のcarve-out比較数値と2026年の独立後TSA費用、借入利息、株式報酬を混同しない。
業界と環境
- markets
約80市場。2026 Q3の地域別OSG：Europe & ANZ 8.9%、Americas 3.9%、AMEA 17.6%。欧州は好天により四半期成長の2～3%ポイント分押し上げとの会社推計。
- 2026_H1_organic
- total
- 0.047
- 数量
- 0.025
- 価格・単価
- 0.022
- 2026_Q3_organic
- total
- 0.096
- 数量
- 0.073
- 価格・単価
- 0.022
- 2026_9m_organic
- total
- 0.064
- 数量
- 0.041
- 価格・単価
- 0.022
- 2026_guidance
内容を開く
- organic_sales_growth_approx
- 0.055
- adjusted_EBITDA_margin_uplift_comparable_bps
- 1
- 40
- 2
- 60
- reported_margin_uplift_bps
- 1
- 0
- 2
- 20
- long_run_OSG_target_range
- 1
- 0.03
- 2
- 0.05
- productivity_savings_target_eur_oku_by_2028
- 5
- TSA_exit_expected
2027-12-31
- 2026_guidance_not_reported_IFRS
会社予想は有機売上・調整後EBITDA。報告IFRS営業利益・普通株利益をそのまま会社目標として転記しない。
財務・資本配分
- reported_2025_IFRS
内容を開く
- 期間末
2025-12-31
- 売上高
- 79.1
- 営業利益（億）
- 5.99
- consolidated_profit_oku
- 3.07
- parent_attributable_profit_oku
- 2.93
- 親会社持分（億）
- 6.25
- 非支配持分資本（億）
- 0.08
- net_debt_oku
- 29.67
- separation_adjusting_items_within_operating_profit_oku
- 3.18
- 出典
https://www.sec.gov/Archives/edgar/data/2071668/000110465926029805/micc-20251231x20f.htm
- reported_2026_H1_IFRS
内容を開く
- 期間末
2026-06-30
- unaudited
- はい
- 売上高
- 46.91
- 営業利益（億）
- 5.87
- adjusted_EBIT_oku_nonIFRS
- 7.16
- finance_costs_net_oku
- -0.72
- turkey_hyperinflation_loss_oku
- -0.13
- profit_before_tax_oku
- 5.02
- income_tax_oku
- -1.53
- consolidated_profit_oku
- 3.49
- nci_profit_oku
- 0.07
- parent_common_profit_oku
- 3.42
- 親会社持分（億）
- 10.81
- 非支配持分資本（億）
- 0.41
- total_equity_oku
- 11.22
- net_debt_oku
- 32.64
- gross_financial_liabilities_oku
- 38.45
- cash_equivalents_oku
- 5.77
- goodwill_oku
- 8.85
- intangible_assets_oku
- 7.64
- cash_purchase_acquisitions_oku
- 4.45
- sbc_expense_oku
- 0.18
- sbc_equity_credit_oku
- 0.18
- cash_purchase_shares_for_employee_plan_oku
- 0.08
- employee_plan_movements_equity_oku
- -0.1
- OCI_parent_oku
- 0.64
- hedges_transferred_to_nonfinancial_assets_equity_oku
- 0.42
- parent_equity_roll
6.25+3.42+0.64-0.10+0.18+0.42=10.81
- ordinary_dividends_declared_oku
- 0
- ordinary_buybacks_for_cash_return_oku
- 0
- 出典
https://news.magnumicecream.com/2026-half-year-results/
- nonIFRS_adjusted_parent_earnings_oku_reported
- 4.42
- reported_posttax_adjusting_items_oku_rounded_difference
- 1
- company_table_posttax_adjustments_oku_as_published
- 1.01
- rounding_reconciliation_note
会社開示のIFRS親会社利益3.42億EURとAdjusted net profit4.42億EURの表示差は1.00億EUR。税引後調整項目テーブルは1.01億EURであり、百万EUR丸めにより一致しない。配当計算は4.42億EURの調整後利益を優先。
- adjusted_parent_profit_is_not_ifrs_profit
- はい
- acquisition_2026_H1
内容を開く
- KWIL_purchase_consideration_oku
- 2.79
- Portugal_purchase_consideration_oku
- 1.52
- total_consideration_oku
- 4.31
- identifiable_net_assets_oku
- 0.96
- acquisition_NCI_oku
- 0.25
- acquisition_goodwill_oku
- 3.6
- cash_flow_acquisitions_net_cash_oku
- 4.45
- consolidation_start
2026-04-01
- 注記
取得価額4.31は取得資産純額0.96−NCI0.25＋のれん3.60。営業利益から取得現金4.31億EURを再控除しない。キャッシュフロー表示4.45との差0.14は厳密な内訳不明。
- Philippines_Put_Option_oku
- 1.33
- Philippines_Put_Option_exercisable_after
2028-04
- Philippines_put_note
フィリピンRFM合弁の相手方が保有する売付権に対応した金融負債1.33億EUR。負債に既に含まれ、企業価値から再控除しない。行使まで猶予との開示。
- SBC_2026_grant_options
- 10952635
- SBC_granted_on
2026-06-16
- SBC_vesting
付与後3年と4年の二回、相対TSR・継続在職条件
- 2026_Q3_trading_update
内容を開く
- 期間末
2026-09-30
- revenue_9m_oku
- 72.02
- revenue_q3_oku
- 25.11
- reported_net_profit_9m_oku
- 未確認
- reported_equity_2026_09_30_oku
- 未確認
- 理由
Q3はTrading Updateであり、9か月のIFRS普通株利益・資本は開示されていない。
- 2026_FY_model_bridge
内容を開く
- classification
会社のQ3取引更新からQ3 IFRS利益や財務諸表を読み取れないため、Q3・Q4利益とFY2026末資本は分析上の推計。
- H1_reported_revenue_oku
- 46.91
- H1_reported_op_oku
- 5.87
- H1_reported_parent_profit_oku
- 3.42
- Q3_reported_revenue_oku
- 25.11
- Q3_estimated_op_oku
- 1.92
- Q3_estimated_finance_oku
- -0.33
- Q3_estimated_hyperinflation_oku
- 0.02
- Q3_estimated_tax_oku
- -0.42
- Q3_estimated_NCI_profit_oku
- 0.04
- Q3_estimated_parent_profit_oku
- 1.15
- Q4_estimated_revenue_oku
- 12.45
- Q4_estimated_op_oku
- -0.12
- Q4_estimated_finance_oku
- -0.4
- Q4_estimated_hyperinflation_oku
- -0.02
- Q4_estimated_tax_oku
- 0.123
- Q4_estimated_NCI_profit_oku
- 0.033
- Q4_estimated_parent_profit_oku
- -0.45
- FY2026_revenue_oku
- 84.47
- FY2026_operating_profit_oku
- 7.67
- FY2026_finance_net_oku
- -1.45
- FY2026_hyperinflation_oku
- -0.13
- FY2026_tax_oku
- -1.827
- FY2026_noncontrolling_profit_oku
- 0.143
- FY2026_parent_profit_oku
- 4.12
- Q3_parent_book_oku_after_partial_settlement_model
- 11.518761288
- 2026_11_06_parent_book_oku_after_model_settlement
- 11.01194628
- 2026_12_31_parent_book_oku_after_100pct_forward_settlement_plus_0p3_unconfirmed
- 9.81190322
- 2026_12_31_net_debt_oku_model
- 31.82809678
- FY2026_book_formula
2026H1報告B10.81+H2推計普通株利益0.70+H2 OCI(-0.15)+H2SBCcredit0.18-8～9月報告LTIP先渡取引についてFY2026末までに全額決済のモデル1.42809678-未確定新規LTIP購入0.30=9.81190322。
- no_double_LTIP_stock_counted
- はい
- 注記
旧版のQ3末に8～9月公表全額を決済した仮定は撤回し、2026年11月6日前後の決済不確実性を再配分。
- FY2026_after_tax_adjustments_oku_model
- 1.28
- FY2026_adjusted_parent_profit_oku_model
- 5.4
- FY2026_ifrs_parent_profit_oku_model
- 4.12
- H1_reported_IFRS_parent_profit_oku
- 3.42
- H1_reported_adjusted_parent_profit_oku
- 4.42
- H1_posttax_adjustments_oku_source_rounded_bridge
- 1
- H2_estimated_IFRS_parent_profit_oku
- 0.7
- H2_estimated_posttax_adjustments_oku
- 0.28
- H2_estimated_adjusted_parent_profit_oku
- 0.98
- FY2026_dividend_2027_model_formula
FY2026 IFRS親会社利益4.12億 + 会社H1調整差1.00億 + 推計H2調整額0.28億 = FY2026調整後5.40億EUR。2027年初回会社配当はシナリオ別配当性向×5.40億 + 2025分離後期間の条件付き追加配当0.20億（全額未公表、感応度0〜0.50億）。
- 2025_post_demerger_extra_dividend_oku_in_base_model
- 0.2
- 2025_post_demerger_additional_distribution_known
- 未確認
- 2025_post_demerger_caveat
Company FAQ expects some 2025 post-demerger component to be included in the first 2027 payment, but the reported post-demerger IFRS parent profit is a loss of 1.87億EUR and adjusted stub profit is not separately reported. Additional amount 0.20億EUR is a conditional illustration, not a declared or otherwise supported estimate. Sensitivities 0 and 0.50億EUR.
- future_policy
内容を開く
- company_dividend_policy
会社公式の年間配当目安は「調整項目後の純利益(net income after adjusting items)」の40～60%。IFRS純利益の40～60%とは異なる。初回配当はFY2026に関して2027H1支払予定、額とex dateは基準日時点未確認。2025年分離後の期間分の追加内訳は未確認。
- first_dividend_approved_amount_oku
- 未確認
- first_dividend_payment_date
- 未確認
- gross_discretionary_buyback_program_announced_asof
- 未確認
- buyback_confirmation_limit
2026-11-06までの一次資料で確定の将来自社株買いプログラムと金額を確認できない。未来の買戻し額はモデル仮定。
- future_SBC
IFRS営業利益のSBC費用を戻さない。既存2026LTIP株式取得8,452,144株は2026-11-06前60%、同日後40%決済と予測。2027以降の株式購入は別報酬サイクルとし年別に株数・EBT残・社員交付を記録。2029/2030に2026 Foundation Planからそれぞれ450万/400万株交付、以後新規サイクルは3年後に90%交付する仮定。取得済み株式の交付を追加購入費用として再計上しない。
- future_issuance
base/bull/mild_bullは新規有償発行0、mild_bear 2031 0.7億EUR、bear 2028 1.5億EUR・2032 1.0億EURの新株発行を資本保全シナリオとして仮定。旧株1株は新株を引き受けず、追加支払なし、希薄化を分母で反映。
- forecast_dividend_income_definition
adjusted_parent_income_for_dividend_oku = IFRS_parent_net_oku + post_tax_adjusting_items_oku_already_embedded_in_IFRS。IFRS資本rollforwardはIFRS利益のみ。
- forecast_dividend_timing
FY t-1調整後親会社利益を基準にFY tの5月20日に配当（全日付が仮定）。後年のFY t IFRS利益から当年配当を計算しない。
- special_dividend_2025_stub_unknown
- はい
- no_duplicate_adjusted_profit_in_equity_or_terminal
調整後利益を普通株資本や終価用利益へ転記しない。調整後利益は配当目安の算定だけに使用し、IFRS費用・SBCはすべて報告ベースの利益に残す。
- valuation
内容を開く
- 方法
timed_holder_cashflows_v1
- 開始日
2026-11-06
- 終了日
2036-11-06
- holding_period_days
- 3653
- year_day_count
ACT/365.25
- year_formula
year=(date_assumed−2026-11-06).days/365.25
- discount_formula
PV_case=Σ (dividend per share received by the one initial share × N0/1e8)/(1+k)^year + mcap_oku/(1+k)^terminal_year. mcap and terminal_event_review never in timed_cashflows.
- holder_convention
旧株1株を期間中売却しない・一般買戻しに非応札・増資に追加参加せず・2036-11-06に全て売却。旧株1株の円滑な比較のためt0モデル流通株数倍の合成持分億EURとして表示。
- payout_oku_definition
Only 10 cash dividends received by ONE original 2026-11-06 share × N0 synthetic index scale. No buybacks and no terminal.
- mcap_oku_definition
Only 2036-11-06 original one share terminal intrinsic value × N0 synthetic index scale; terminal value excluded from timed_cashflows.
- terminal_firm_equity_formula
E_terminal×[(earnings_coming_12m/E_terminal - g)/(k-g)] = [forward_12m_earnings-g×E_terminal]/(k-g)
- terminal_earnings_basis
2036-11-06末尾12か月の利益＝2035年11/07-12/31推定利益+2036年1/01-11/06推定利益。次の12か月予想＝同末尾12か月×(1+g)。2036年末全期予想を2036-11-06終価に誤用しない。
- terminal_share_price_formula
firm_equity_value_2036_11_06/(economic_shares_2036_11_06 + expected_future_treasury_release_shares)
- terminal_ltip_post_valuation
2036-11-06時点の社員制度向け保有株の90%が将来交付されると予想して、同日の旧株売却価格の分母に予想交付株数を含める。現金購入費用を二重計上せず、継続して利益に含むSBCと照合。
- no_permanent_share_reduction_from_ltip_purchases
LTIP市場取得はEBT保有時に経済流通株を減らし、従業員交付時に増やす。恒久消却の通常自己株買いとは区別。
- no_market_PER_or_PBR_regression
- はい
- common_discount_k
- 0.095
- xirr_formula
0=-17.602 +Σ dividend_EUR_one_share/(1+IRR)^actual_year + ONLY_ONE terminal_sale_one_share/(1+IRR)^10.001369
- reference_old_method
旧版2027～2036年暦年利益と終価を5年一括・10年で割引した金額は参考専用。今回の厳密な保有者時点別キャッシュフローとは比較時点・持分希薄化・受領者が異なるため主計算には流用しない。
- dividend_policy_basis
forecast adjusted aftertax earnings (company policy), IFRS net retained for accounting and terminal
- FY2026_2027_dividend_bridge
2026 FY IFRS profit 4.12 + H1 posttax adjusting 1.00 + H2 estimated posttax adjusting 0.28 = adjusted parent income 5.40. FY2027 ratio ×5.40.
- current_version
v3_post2025_demerger_conditional_dividend_terminal_separation_2026_11_08
- reported_2026_post_H1_LTIP_share_transactions
内容を開く
- source_disclosure_cutoff
2026-09-30
- first_tranche
内容を開く
- announcement_date
2026-08-18
- final_transaction_date
2026-09-09
- completion_announced_on
2026-09-10
- authorised_up_to_shares
- 5500000
- confirmed_acquired_shares
- 5401973
- confirmed_daily_transaction_amount_eur
- 91856763.68
- confirmed_transaction_amount_oku
- 0.9185676368
- company_says_tranche_complete
- はい
- second_tranche
内容を開く
- announcement_date
2026-09-18
- last_transaction_date_confirmed
2026-09-30
- announced_up_to_shares
- 6600000
- confirmed_acquired_shares_through_sept30
- 3050171
- confirmed_daily_transaction_amount_eur
- 50952914.32
- confirmed_transaction_amount_oku
- 0.5095291432
- additional_authorised_not_confirmed_as_acquired_shares
- 3549829
- confirmed_total_to_sept30
内容を開く
- 株数
- 8452144
- gross_transaction_amount_eur
- 142809678
- gross_transaction_amount_oku
- 1.42809678
- purchase_intent
長期インセンティブ制度の既存株による履行であり、通常の株主還元買戻しとは異なる。先渡取引を通じて取得後EBTへ交付予定。
- may_not_equal_treasury_shares_on_2026_11_06
- はい
- 2026_10_01_to_2026_11_06_verified_additional_acquisitions
- 未確認
- 2026_10_01_to_2026_11_06_unknown_reason
9月30日以降の取得総数、受渡日、会計自己株残高について、確認した基準日前の会社一次資料に一株単位の確定値がない。追加購入0株と断定しない。
- H2_cash_settlement_timing_verified
- 未確認
- accounting_assumption
8～9月に確定公表された取引8,452,144株・1.42809678億EURを、実際の先渡決済日未確認のまま期中取得株として計上しない。11/06までに60%（5,071,286株）が現金決済されEBTで保有と仮定、残40%（3,380,858株）を2026-12-15に決済と仮定。さらに2026-12-15新規0.30億EURのLTIP株取得を追加する仮定だが公表済み8,452,144株とは別取引。
- Q4_additional_stock_purchase_model_assumption_oku
- 0.3
- Q4_assumption_reason
第2トランシェ最大660万株の未確認残に対し追加取得の可能性があるため、0.30億EURを予測計上。会社公表の確定購入ではない。
- sources
- 1
https://www.sec.gov/Archives/edgar/data/2071668/000117184326005969/f6k_091026.htm
- 2
https://www.sec.gov/Archives/edgar/data/2071668/000117184326006305/f6k_093026.htm
- 3
https://www.globenewswire.com/news-release/2026/09/18/3364532/0/en/share-purchase-long-term-incentive-plans.html
- settled_asof_2026_11_06_company_confirmed
- 未確認
- asof_settlement_fraction_model_assumed
- 0.6
- postbase_settlement_date_assumed
2026-12-15
- pre_2026_11_06_shares_settled_model
- 5071286
- post_2026_11_06_pre_2026_12_31_reported_trades_settlement_shares_model
- 3380858
- post_2026_11_06_new_unconfirmed_shares_acquired_model
- 1714286
- asof_2026_11_06_model_bridge
内容を開く
- 状態
未監査Q3損益と先渡決済率の独自推計。正確な基準日IFRS B/Sは未公表。
- period_start
2026-06-30
- 期間末
2026-11-06
- h1_parent_common_equity_oku_reported
- 10.81
- h1_nci_equity_oku_reported
- 0.41
- h1_net_debt_oku_reported
- 32.64
- Q3_parent_profit_oku_estimate
- 1.15
- Q3_OCI_parent_oku_estimate
- 0.05
- Q3_sbc_equity_credit_oku_estimate
- 0.08
- Q3_ltip_forward_settlement_oku_assumed
- 0.571238712
- Q4_oct01_nov06_parent_profit_oku_estimate
- -0.180978261
- Q4_oct01_nov06_OCI_oku_estimate
- -0.080434783
- Q4_oct01_nov06_sbc_equity_credit_oku_estimate
- 0.040217391
- Q4_oct01_nov06_ltip_settlement_oku_assumed
- 0.285619356
- asof_common_equity_oku_proxy
- 11.01194628
- asof_nci_equity_oku_proxy
- 0.448271739
- asof_consolidated_equity_oku_proxy
- 11.460218019
- asof_net_debt_oku_proxy
- 31.786858068
- asof_issued_shares_proxy
- 612259739
- asof_employee_treasury_shares_proxy
- 5541286
- asof_economic_shares_proxy
- 606718453
- asof_company_equity_attributable_to_1_old_share_eur
- 1.815001048
- h1_ebt_shares_assumed
- 470000
- 2026_aug_sept_forward_acquired_shares_observed
- 8452144
- forward_shares_settled_at_base_assumed
- 5071286
- forward_cash_settled_at_base_assumed_oku
- 0.856858068
- asof_denominator_exact_verified
- 未確認
- book_formula
10.81+(1.15+0.05+0.08)-0.40×1.42809678+37/92×(-0.45-0.20+0.10)-0.20×1.42809678
- nci_note
NCI資本は親会社普通株資本から除外。Q3/Q4予想NCI利益と分配を単独管理。
- post_2026_11_06_to_year_end_bridge
内容を開く
- 状態
2026-11-07～2026-12-31未発表部分の分析仮定。FY2027期首とは同一視しない。
- period_id
2026_remaining_stub
- 対象年度
- 2026
- period_start
2026-11-07
- 期間末
2026-12-31
- period_start_exclusive_from_base
2026-11-06
- days
- 55
- is_full_fiscal_year
- いいえ
- reported_vs_forecast
推計のみ。2026-11-06時点で以降は全て未実績
- 売上高
- 7.442935
- 営業利益
- -0.071739
- finance_net_oku
- -0.23913
- hyperinflation_oku
- -0.011957
- tax_oku
- 0.073533
- noncontrolling_profit_oku
- 0.019728
- 純利益
- -0.269022
- oci_parent_oku
- -0.119565
- sbc_expense_oku
- 0.059783
- sbc_equity_credit_oku
- 0.059783
- dividends_oku
- 0
- gross_discretionary_buybacks_oku
- 0
- ltip_pre_valuation_disclosed_trades_settled_post_base_oku
- 0.571239
- ltip_pre_valuation_disclosed_trades_shares_settled_post_base
- 3380858
- ltip_new_unverified_shares_acquired_post_base_oku
- 0.3
- ltip_new_unverified_shares_acquired_post_base
- 1714286
- ltip_total_cash_oku
- 0.871239
- ltip_delivered_shares
- 0
- new_issuance_proceeds_oku
- 0
- new_issue_shares
- 0
- old_holder_cash_payout_oku
- 0
- company_equity_oku
- 9.811903
- noncontrolling_equity_oku
- 0.468
- consolidated_equity_oku
- 10.279903
- net_debt_oku
- 31.828097
- 発行済株式数
- 612259739
- employee_treasury_shares
- 10636430
- economic_outstanding_shares
- 601623309
- book_identity
E2026-12-31=E2026-11-06+NI_st+OCI_st+SBCcredit_st-LTIPforward_settlement_st-LTIPnewpurchase_st, no dividends or discretionary buybacks
- exact_stale_LTIP_cash_settlement_post_base_oku
- 0.571238712
- prebase_forward_shares_settled_postbase
- 3380858
- new_2026_Q4_LTIP_stock_purchases_unverified_amount_oku
- 0.3
- new_2026_Q4_stock_purchases_unverified_shares
- 1714286
- 2026_dec31_profit_after_base_estimate_oku
- -0.269021739
- 2026_dec31_equity_estimate_oku
- 9.81190322
- 2026_dec31_no_old_holder_cash_return_assumed
- はい
- 2026_dec31_denominator_estimate_shares
- 601623309
- strict_period_ledger
内容を開く
- H1_2026_reported
内容を開く
- end
2026-06-30
- book_oku
- 10.81
- noncontrolling_equity_oku
- 0.41
- 純利益
- 3.42
- sbc_expense_oku
- 0.18
- sbc_credit_oku
- 0.18
- employee_market_purchases_oku
- 0.08
- EBT_shares_count
- 未確認
- 2026_07_01_to_2026_09_30_estimated
内容を開く
- end
2026-09-30
- parent_profit_oku
- 1.15
- OCI_oku
- 0.05
- sbc_credit_oku
- 0.08
- disclosed_ltip_trades_not_identical_to_settlements_oku
- 1.42809678
- assumed_cash_settlement_oku
- 0.571238712
- book_end_oku
- 11.518761288
- reported_Q3_revenue_oku
- 25.11
- Q3_IFRS_net_unreported
- 未確認
- Q3_finance_oku_estimated
- -0.33
- Q3_tax_oku_estimated
- -0.42
- Q3_hyperinflation_oku_estimated
- 0.02
- Q3_noncontrolling_profit_oku_estimated
- 0.04
- 注記
Q3は売上のみ公表、親会社利益・OCI・SBC・LTIP決済率は全て仮定。
- 2026_10_01_to_2026_11_06_estimated
内容を開く
- end
2026-11-06
- days
- 37
- Q4_days
- 92
- 売上高
- 5.007065217
- 営業利益
- -0.04826087
- parent_profit_oku
- -0.180978261
- finance_oku
- -0.160869565
- hyperinflation_oku
- -0.008043478
- tax_oku
- 0.049467391
- noncontrolling_profit_oku
- 0.013271739
- OCI_oku
- -0.080434783
- sbc_credit_oku
- 0.040217391
- assumed_ltip_cash_settlement_oku
- 0.285619356
- book_end_oku
- 11.01194628
- issued_shares_proxy
- 612259739
- treasury_shares_proxy
- 5541286
- economic_shares_proxy
- 606718453
- 2026_11_07_to_2026_12_31_stub
内容を開く
- period_id
2026_remaining_stub
- 対象年度
- 2026
- period_start
2026-11-07
- 期間末
2026-12-31
- period_start_exclusive_from_base
2026-11-06
- days
- 55
- is_full_fiscal_year
- いいえ
- reported_vs_forecast
推計のみ。2026-11-06時点で以降は全て未実績
- 売上高
- 7.442935
- 営業利益
- -0.071739
- finance_net_oku
- -0.23913
- hyperinflation_oku
- -0.011957
- tax_oku
- 0.073533
- noncontrolling_profit_oku
- 0.019728
- 純利益
- -0.269022
- oci_parent_oku
- -0.119565
- sbc_expense_oku
- 0.059783
- sbc_equity_credit_oku
- 0.059783
- dividends_oku
- 0
- gross_discretionary_buybacks_oku
- 0
- ltip_pre_valuation_disclosed_trades_settled_post_base_oku
- 0.571239
- ltip_pre_valuation_disclosed_trades_shares_settled_post_base
- 3380858
- ltip_new_unverified_shares_acquired_post_base_oku
- 0.3
- ltip_new_unverified_shares_acquired_post_base
- 1714286
- ltip_total_cash_oku
- 0.871239
- ltip_delivered_shares
- 0
- new_issuance_proceeds_oku
- 0
- new_issue_shares
- 0
- old_holder_cash_payout_oku
- 0
- company_equity_oku
- 9.811903
- noncontrolling_equity_oku
- 0.468
- consolidated_equity_oku
- 10.279903
- net_debt_oku
- 31.828097
- 発行済株式数
- 612259739
- employee_treasury_shares
- 10636430
- economic_outstanding_shares
- 601623309
- book_identity
E2026-12-31=E2026-11-06+NI_st+OCI_st+SBCcredit_st-LTIPforward_settlement_st-LTIPnewpurchase_st, no dividends or discretionary buybacks
- 2027_through_2035
9暦年の通期損益・配当・LTIP出納・資本ロールを全ケースannualに収録
- 2036_01_01_to_2036_11_06_stub
内容を開く
- days
- 311
- calendar_year_days
- 366
- sales_fraction
- 0.911886649
- finance_day_fraction
- 0.849726776
- excluded_2036_11_07_to_12_31_days
- 55
- 2036_FY_pro_forma_not_reported_nor_included_in_pv
- はい
- total_holding_days
- 3653
- last_cashflow_date
2036-11-06
- day_count
ACT/365.25
- dividend_adjusted_income_reconciliation_v2
内容を開く
- policy_basis
net income after adjusting items (not reported IFRS net income)
- primary_source_2025_20F
https://www.sec.gov/Archives/edgar/data/2071668/000110465926029805/micc-20251231x20f.htm
- primary_source_2026_H1_reconciliation
https://news.magnumicecream.com/2026-half-year-results/
- financial_2026_H1_reported
内容を開く
- ifrs_parent_profit_oku
- 3.42
- after_tax_adjustments_display_difference_oku
- 1
- reported_adjusted_parent_profit_oku
- 4.42
- company_separately_disclosed_adjustment_oku_rounded
- 1.01
- rounding_residual_oku
- -0.01
- financial_2026_H2_forecast
内容を開く
- ifrs_parent_profit_oku
- 0.7
- after_tax_adjustments_oku
- 0.28
- adjusted_parent_profit_oku
- 0.98
- unverified
- はい
- financial_2026_FY_forecast
内容を開く
- ifrs_parent_profit_oku
- 4.12
- after_tax_adjustments_oku
- 1.28
- adjusted_parent_profit_oku
- 5.4
- not_company_FY_guidance
- はい
- initial_2027_payout_by_case_oku
内容を開く
- bull
- 3.17
- mild_bull
- 3.008
- base
- 2.9
- mild_bear
- 2.36
- bear
- 1.28
- year_2027_dividends_include_incremental_2025_stub_oku_model
- 0.2
- year_2025_undeclared_stub_amount_known
- 未確認
- other_adjusting_items_forecast_method
FY2027～2036の税引後調整項目をケース別に独立予測。税金控除後の追加控除ではなく、各年のIFRS営業費用・金融損益等にすでに含まれた特殊費用を非GAAP利益計算のみに再分類する。2036年度末を跨ぐ分は部分年度のみに按分。
- share_based_compensation_not_adjusted_out
- はい
- explicit_exception_bear
bear配当性向20%は財務保全のため公式40～60%目安を一時的に下回る分析仮定。役員会決議済みではない。
- reported_2025_after_demerger_split
内容を開く
- 出典
https://www.sec.gov/Archives/edgar/data/2071668/000110465926029805/micc-20251231x20f.htm
- parent_full_2025_IFRS_profit_oku
- 2.93
- parent_pre_2025_12_06_IFRS_profit_oku
- 4.8
- parent_post_demerger_2025_IFRS_profit_oku
- -1.87
- parent_post_demerger_2025_IFRS_profit_is_a_loss
- はい
- reported_2025_full_year_share_based_payment_credit_oku
- 0.35
- reported_2025_pre_demerger_SBC_credit_oku
- 0.28
- reported_2025_post_demerger_SBC_credit_oku
- 0.07
- post_demerger_2025_adjusted_parent_profit_oku
- 未確認
- post_demerger_2025_posttax_adjusting_items_oku
- 未確認
- why_not_calculate_post_demerger_adjusted_from_full_year
Annual group adjusted income, adjusting items and effective taxes span pre and post demerger. No stand-alone post-6-Dec adjusted income reconciliation found in filed report. December ice cream earnings seasonality makes 25/365 of annual profits unreliable.
- full_year_2025_adjusted_parent_income_oku_company_table
- 5.74
- full_year_2025_adjusted_income_reconciliation_mismatch_company_table
内容を開く
- IFRS_parent_profit_oku
- 2.93
- posttax_adjusting_items_oku_company_disclosed
- 2.18
- sum_oku
- 5.11
- printed_adjusted_parent_profit_oku
- 5.74
- unresolved_difference_oku
- 0.63
- another_annual_report_table_printed_adjusted_profit_oku
- 5.47
- 理由
2025 Form 20-F non-GAAP appendix contains inconsistent printed totals; use primary profit and clear H1 2026 bridge, not 2025 annual adjusted profit for the 2025 stub.
- 2025_dividend_to_Unilever_eur_million
- 83
- 2025_dividend_to_Unilever_accounting
€83m pre-demerger retained Unilever owner transaction, not new TMICC 2027 cash entitlement to 2026 buyer
- not_rebooked_into_2027_profit_or_2026_opening_book
- はい
- FY2025_stub_dividend_2027_first_payment_model
内容を開く
- FAQ_url
https://corporate.magnumicecream.com/en/investors/faq.html
- FAQ_language_summary
dividend on 2025 pre-demerger was Unilever dividend; post-demerger 2025 dividends earned to be paid as part of first H1 2027 payment
- asof_2026_11_06_2025_stub_dividend_declared_oku
- 未確認
- 2025_stub_adjusted_parent_income_identifiable
- 未確認
- 2025_stub_reported_IFRS_parent_income_oku
- -1.87
- base_conditional_extra_gross_oku
- 0.2
- plausible_zero_or_positive_or_reduced_unapproved
- はい
- low_extra_oku
- 0
- high_extra_oku
- 0.5
- rights_if_normal_2027_dividend_ex_date
2026-11-06 buyer will generally receive if remains eligible through 2027 ex-date; 2025 historical holding not required
- rights_if_company_separately_ring_fences_entitlement
2026 buyer might not receive that separately allocated portion; no evidence of such arrangement as at valuation date
- 2025_Unilever_dividend_not_received_by_2026_11_06_buyer
- はい
- 2027_first_payment_ex_date_declared
- 未確認
- 2027_first_payment_ex_date_model
2027-05-13
- 2027_first_payment_date_model
2027-05-20
- 2027_ordinary_dividend_announcement_confirmed
- 未確認
- recognition_policy
no liability assumed at 2026-11-06 or 2026-12-31 before valid declaration; cash and equity reduction are assumed in 2027 only
- accounting_warning
2025 post-demerger net loss already in opening capital; do not book this pre-valuation loss again.
評価の前提と確認
- 市場
Euronext Amsterdam
- 株価基準日
2026-11-06
- price_eur
- 17.602
- issued_shares_reported
- 612259739
- issued_asof_base_confirmed
- 未確認
- asof_h1_employee_treasury_shares_assumed
- 470000
- asof_ltip_forward_settlement_shares_assumed
- 5071286
- asof_treasury_shares_proxy
- 5541286
- asof_economic_shares_proxy
- 606718453
- market_cap_proxy_oku
- 106.794582097
- valuation_cashflow_method
timed_holder_cashflows_v1
- time_discount_k
- 0.095
- terminal_calendar_date
2036-11-06
- terminal_year_act365_25
- 10.001368925
- weighted_mcap_oku_same_old_share_cohort
- 153.250725897
- weighted_cash_payout_oku_same_old_share_cohort
- 39.493391997
- weighted_terminal_pv_oku
- 61.831159898
- weighted_timed_cash_pv_oku
- 24.395887211
- weighted_equity_value_oku
- 86.227047108
- per_share_eur
- 14.212036354266
- upside
- -0.192589685589
- old_holder_expected_cashflows_XIRR
- 0.068272523442
- weighted_mean_scenario_IRR_reference
- 0.047056476969
- price_gap_eur_per_share
- -3.389963645734
- fx_conversion_needed
- いいえ
- market_per_used
- いいえ
- market_pbr_used
- いいえ
- no_issuer_buyback_cash_to_non_tendering_holder
- はい
- basis_treasury_assumption_sensitivity
内容を開く
- zero_2026_aug_sept_settled_assumption_shares
- 611789739
- sixty_percent_settled_assumption_shares
- 606718453
- all_2026_aug_sept_settled_assumption_shares
- 603337595
- 状態
株数だけを動かして同じ経済価値を割る機械的参考差。実際は決済が資本・将来Eと株数両方を動かすため評価額の確定上限・下限ではない。
- FY2026_2027_dividend_adjusted_income_bridge_oku
- IFRS_profit
- 4.12
- post_tax_adjustments
- 1.28
- adjusted_profit
- 5.4
- cashflows_match_2026_11_06_to_2036_11_06
- はい
- terminal_in_timed_cashflows
- いいえ
- timed_cashflows_are_only_cash_dividends
- はい
- conditional_2025_stub_dividend_for_2027_gross_oku
- 0.2
- 2025_stub_dividend_confirmed_oku
- 未確認
- synthetic_cohort_is_not_an_actual_group_of_shareholders
- はい
- N0_exceeds_first_dividend_eligible_shares
- はい
- can_synthetic_holder_cash_exceed_issuer_total_cash
- はい
- ex_date_2027_assumed
2027-05-13
- ex_date_2027_confirmed
- 未確認
- sensitivity_0_extra_per_share_eur
- 14.18591333
- sensitivity_high_extra_per_share_eur
- 14.251220891
- sensitivity_special_prior_holder_per_share_eur
- 14.180365273
資本コストの前提
- 資本コスト
- 9.50%
- 事業の質
- 0.7
- 事業の質の内訳
内容を開く
- ブランドと販路
- 0.89
- 需要の安定性
- 0.73
- 投資効率と転換実行
- 0.68
- 財務負担
- 0.48
- 規制・季節性
- 0.55
- 事業の質の根拠
品質は0～1の独自評価。Magnum・Ben & Jerry’s・Cornetto・Heartbrandと冷凍陳列網を評価。分離で導入された純負債32.64億EUR、TSA移行、トルコの冷凍庫規制、気候・為替・原料コストを減点。共通名目EUR株主資本コスト9.5%は分析仮定。
事業別データ
事業別の内訳と、収録されている年度別データを確認できます。
10年のシナリオ
シナリオごとの確率、期間内の株主還元・追加負担、終価です。金額は億EUR。株主の範囲や受取時点は各分析の前提を確認してください。
| シナリオ | 確率 | 株主還元・追加負担 | 終価 |
|---|---|---|---|
| 強気：革新・アジア浸透と利益率大幅改善 | 10.0% | 66.53 | 310.84 |
| やや強気：基幹ブランドの成長と組織独立費用の逓減 | 22.0% | 51.67 | 213.93 |
| 基本：有機成長、分離費用正常化、投資負担継続 | 40.0% | 41.81 | 154.11 |
| やや弱気：価格転嫁限界と独立費用長期化 | 20.0% | 21.41 | 62.39 |
| 弱気：継続的需要悪化、地域規制と財務負担 | 8.0% | 5.85 | 12.26 |
強気：革新・アジア浸透と利益率大幅改善（確率 10.0%）
プレミアム商品・冷凍設備拡張・印度の販売密度上昇、TSA終了、€5億生産性施策の実現。買収済み印度・ポルトガルの売上は2026基準値へ含め、以降は未契約買収の売上を追加しない。
確率の根拠
持続的なシェア上昇と地域を跨ぐ高利益率化の同時達成が必要なため10%。
事業別の前提
- 1
内容を開く
- id
eu
- 数量
- 1.236951
- 価格・単価
- 44.124514
- 売上換算係数
- 1
- 売上高
- 54.579843
- 営業利益
- 8.023237
- 2
内容を開く
- id
am
- 数量
- 1.269622
- 価格・単価
- 37.683415
- 売上換算係数
- 1
- 売上高
- 47.843693
- 営業利益
- 7.894209
- 3
内容を開く
- id
amea
- 数量
- 1.595463
- 価格・単価
- 31.886428
- 売上換算係数
- 1
- 売上高
- 50.873613
- 営業利益
- 9.665986
日付別キャッシュフロー
- 1
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2027-05-20
- date_confirmed
- 未確認
- year
- 0.533880903491
- 金額
- 3.19684671
- amount_oku
- 3.19684671
- amount_eur_per_initial_share
- 0.526907776441
- company_total_dividend_oku
- 3.17
- company_regular_dividend_oku
- 2.97
- company_2025_post_demerger_conditional_extra_oku
- 0.2
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 601623309
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2027-05-13
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2026
- prior_fy_ifrs_profit_oku
- 4.12
- prior_fy_posttax_adjusting_items_oku
- 1.28
- prior_fy_adjusted_profit_oku
- 5.4
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 3.045645603
- pv_at_coc_k_eur_per_old_share
- 0.501986644373
- 2
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2028-05-20
- date_confirmed
- 未確認
- year
- 1.535934291581
- 金額
- 4.213694175
- amount_oku
- 4.213694175
- amount_eur_per_initial_share
- 0.694505689455
- company_total_dividend_oku
- 4.168877563
- company_regular_dividend_oku
- 4.168877563
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 600265430
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2028-05-11
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2027
- prior_fy_ifrs_profit_oku
- 6.882777388
- prior_fy_posttax_adjusting_items_oku
- 0.697
- prior_fy_adjusted_profit_oku
- 7.579777388
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 3.665434934
- pv_at_coc_k_eur_per_old_share
- 0.604141000765
- 3
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2029-05-20
- date_confirmed
- 未確認
- year
- 2.535249828884
- 金額
- 4.738521199
- amount_oku
- 4.738521199
- amount_eur_per_initial_share
- 0.781008254464
- company_total_dividend_oku
- 4.677613943
- company_regular_dividend_oku
- 4.677613943
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 598919911
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2029-05-10
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2028
- prior_fy_ifrs_profit_oku
- 7.909752623
- prior_fy_posttax_adjusting_items_oku
- 0.595
- prior_fy_adjusted_profit_oku
- 8.504752623
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 3.764594375
- pv_at_coc_k_eur_per_old_share
- 0.620484568536
- 4
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2030-05-20
- date_confirmed
- 未確認
- year
- 3.534565366188
- 金額
- 5.311610429
- amount_oku
- 5.311610429
- amount_eur_per_initial_share
- 0.875465448996
- company_total_dividend_oku
- 5.239673748
- company_regular_dividend_oku
- 5.239673748
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 598501489
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2030-05-09
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2029
- prior_fy_ifrs_profit_oku
- 9.025179542
- prior_fy_posttax_adjusting_items_oku
- 0.5015
- prior_fy_adjusted_profit_oku
- 9.526679542
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 3.854024173
- pv_at_coc_k_eur_per_old_share
- 0.635224485821
- 5
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2031-05-20
- date_confirmed
- 未確認
- year
- 4.533880903491
- 金額
- 5.938294154
- amount_oku
- 5.938294154
- amount_eur_per_initial_share
- 0.978756147041
- company_total_dividend_oku
- 5.856275377
- company_regular_dividend_oku
- 5.856275377
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 598338554
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2031-05-08
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2030
- prior_fy_ifrs_profit_oku
- 10.231273413
- prior_fy_posttax_adjusting_items_oku
- 0.4165
- prior_fy_adjusted_profit_oku
- 10.647773413
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 3.935163527
- pv_at_coc_k_eur_per_old_share
- 0.648597962999
- 6
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2032-05-20
- date_confirmed
- 未確認
- year
- 5.535934291581
- 金額
- 6.686764756
- amount_oku
- 6.686764756
- amount_eur_per_initial_share
- 1.102119891553
- company_total_dividend_oku
- 6.541819371
- company_regular_dividend_oku
- 6.541819371
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 593566945
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2032-05-13
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2031
- prior_fy_ifrs_profit_oku
- 11.554217037
- prior_fy_posttax_adjusting_items_oku
- 0.34
- prior_fy_adjusted_profit_oku
- 11.894217037
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 4.045964528
- pv_at_coc_k_eur_per_old_share
- 0.666860305253
- 7
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2033-05-20
- date_confirmed
- 未確認
- year
- 6.535249828884
- 金額
- 7.541378835
- amount_oku
- 7.541378835
- amount_eur_per_initial_share
- 1.242978320109
- company_total_dividend_oku
- 7.312054978
- company_regular_dividend_oku
- 7.312054978
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 588268907
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2033-05-12
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2032
- prior_fy_ifrs_profit_oku
- 13.005645414
- prior_fy_posttax_adjusting_items_oku
- 0.289
- prior_fy_adjusted_profit_oku
- 13.294645414
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 4.167442747
- pv_at_coc_k_eur_per_old_share
- 0.686882478457
- 8
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2034-05-20
- date_confirmed
- 未確認
- year
- 7.534565366188
- 金額
- 8.507136082
- amount_oku
- 8.507136082
- amount_eur_per_initial_share
- 1.402155487472
- company_total_dividend_oku
- 8.167826667
- company_regular_dividend_oku
- 8.167826667
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 582519324
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2034-05-11
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2033
- prior_fy_ifrs_profit_oku
- 14.59559394
- prior_fy_posttax_adjusting_items_oku
- 0.255
- prior_fy_adjusted_profit_oku
- 14.85059394
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 4.293536138
- pv_at_coc_k_eur_per_old_share
- 0.707665329279
- 9
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2035-05-20
- date_confirmed
- 未確認
- year
- 8.533880903491
- 金額
- 9.591032171
- amount_oku
- 9.591032171
- amount_eur_per_initial_share
- 1.580804428085
- company_total_dividend_oku
- 9.111539979
- company_regular_dividend_oku
- 9.111539979
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 576386289
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2035-05-10
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2034
- prior_fy_ifrs_profit_oku
- 16.336936326
- prior_fy_posttax_adjusting_items_oku
- 0.2295
- prior_fy_adjusted_profit_oku
- 16.566436326
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 4.420892441
- pv_at_coc_k_eur_per_old_share
- 0.728656334599
- 10
内容を開く
- kind
cash_dividend
- 種類
forecast_common_dividend
- 想定日
2036-05-20
- date_confirmed
- 未確認
- year
- 9.535934291581
- 金額
- 10.801178144
- amount_oku
- 10.801178144
- amount_eur_per_initial_share
- 1.780262012846
- company_total_dividend_oku
- 10.146276361
- company_regular_dividend_oku
- 10.146276361
- company_2025_post_demerger_conditional_extra_oku
- 0
- holder_entitled_to_2025_extra_assumed
- はい
- shares_dividend_eligible
- 569931633
- old_holder_synthetic_N0_shares
- 606718453
- actual_one_share_not_tendering
- はい
- synthetic_not_actual_company_aggregate
- はい
- ex_date_assumed
2036-05-08
- ex_date_confirmed
- 未確認
- record_date_confirmed
- 未確認
- prior_fy
- 2035
- prior_fy_ifrs_profit_oku
- 18.243775203
- prior_fy_posttax_adjusting_items_oku
- 0.204
- prior_fy_adjusted_profit_oku
- 18.447775203
- assumed_payout_ratio
- 0.55
- source_2025_extra
Company FAQ says 2025 post-demerger accrued dividend to be included in first H1 2027 distribution, but amount and rights date not declared
- interpretation
actual one-share dividend multiplied by N0 solely for index scale; not real aggregate holder payout
- pv_at_coc_k_oku
- 4.545908378
- pv_at_coc_k_eur_per_old_share
- 0.749261598242
その他の数値・前提
- holder_definition
2026-11-06終値で保有し、期間中の裁量的自己株買いに応募せず、増資へ追加参加せず、配当のみ現金受領し、2036-11-06に当該旧株1株を売却
- assumptions
内容を開く
- annual_volume_growth_2027
- eu
- 0.032
- am
- 0.035
- amea
- 0.057
- annual_price_growth
- eu
- 0.025
- am
- 0.03
- amea
- 0.038
- 2027_region_reported_operating_margins
- eu
- 0.107
- am
- 0.115
- amea
- 0.16
- 2036_region_reported_operating_margins
- eu
- 0.147
- am
- 0.165
- amea
- 0.19
- dividend_payout_of_prior_ifrs_parent_profit
- 未確認
- first_dividend_2027_company_cash_oku
- 3.17
- finance_interest_on_opening_net_debt
- 0.043
- effective_tax
- 0.255
- forecast_new_employee_plan_purchases_2027plus_not_repeat_2026
- はい
- share_buyback_execution_price_2026_eur_start
- 17.602
- share_buyback_execution_price_assumed_annual_drift
- 0.06
- perpetual_growth
- 0.03
- new_equity_issue_schedule_assumption
- 記載なし
- 2026_award_vesting_assumed_2029_shares
- 4500000
- 2026_award_vesting_assumed_2030_shares
- 4000000
- future_awards_delivery_from_grant_lots_after_3_years_fraction
- 0.9
- dividend_policy_basis
prior_FY_adjusted_parent_earnings_not_IFRS
- dividend_payout_of_prior_adjusted_parent_profit
- 0.55
- forecast_posttax_adjusting_items_full_year_oku_by_fy
内容を開く
- 2028
- 0.697
- 2029
- 0.595
- 2030
- 0.5015
- 2031
- 0.4165
- 2032
- 0.34
- 2033
- 0.289
- 2034
- 0.255
- 2035
- 0.2295
- 2036
- 0.204
- 2037
- 0.187
- FY2026_common_reported_IFRS_parent_profit_oku_forecast
- 4.12
- FY2026_common_posttax_adjustments_oku_forecast
- 1.28
- FY2026_common_adjusted_parent_profit_oku_forecast
- 5.4
- 2025_post_demerger_extra_dividend_oku_model
- 0.2
- prior_FY_accounting_FY_rule
2027分はFY2026、2028分はFY2027、...、2036分はFY2035の調整後親会社利益に基づく。
- adjustment_is_not_SBC_addback
- はい
- 2025_post_demerger_extra_dividend_is_conditional
- はい
- 2025_post_demerger_extra_entitlement_asof_buyer_assumed
- はい
- adjust_oku
- -0.109426
- 売上高
- 153.297149
- 営業利益
- 25.474006
- 純利益
- 18.567984742
- 期間内の親会社利益合計（億）
- 126.084113629
- opening_common_equity_2026_11_06_oku
- 11.01194628
- equity_oku
- 60.506960641
- 非支配持分資本（億）
- 1.626531
- cash_dividends_company_sum_oku
- 64.391957987
- gross_discretionary_buybacks_company_sum_oku
- 11.2
- employee_plan_share_purchases_sum_oku
- 4.571239
- sbc_equity_credit_sum_oku
- 3.693663
- new_issuance_sum_oku
- 0
- company_net_distributions_oku
- 75.591957987
- gross_discretionary_buyback_shares_cancelled
- 42043366
- employee_legacy_stock_deliveries_shares
- 9000000
- employee_post2026_stock_deliveries_shares
- 9791720
- issued_shares_asof_terminal
- 570216373
- employee_treasury_shares_terminal
- 7004956
- economic_outstanding_shares_terminal
- 563211417
- assumed_future_delivery_of_held_ebt_shares_post2036
- 6304460
- terminal_effective_fully_diluted_shares
- 569515877
- old_share_ownership_fraction_at_terminal
- 1.755877E-9
- old_share_book_value_eur_at_terminal
- 10.743205627
- old_share_terminal_sale_eur_per_share
- 51.232612992701
- synthetic_old_share_cohort_terminal_book_value_oku
- 65.181010981
- old_share_ownership_change_vs_asof
- 0.065323159
- multiple
内容を開く
- kind
forward_ROE_growth_reinvestment_cost_of_equity_justified_PB
- 値
- 4.822219826
- why
2036-11-06 retained 12m IFRS=20.17550491, next 12m IFRS=20.780770057, common equity=60.506960641, g=0.03, k=0.095; justified P/B=(forward ROE−g)/(k−g), no adjusted-profit addback, no market multiple. 2025 post-demerger dividend only paid in 2027 and subsequently alters net debt and finance cost.
- forward_ifrs_roe
- 0.343444289
- dividend_policy_adjusted_income_not_used_for_terminal
- はい
- terminal_2036_11_06_trailing_twelve_month_parent_profit_oku
- 20.17550491
- terminal_forward_12_month_net_oku
- 20.780770057
- terminal_required_book_reinvestment_oku
- 1.815208819
- terminal_forward_fcfe_oku
- 18.965561238
- firm_all_common_shares_terminal_value_oku
- 291.777865195
- 終価
- 310.837716981
- 期間内株主受取
- 66.526456655
- discount_k_used
- 0.095
- terminal_date_assumed
2036-11-06
- terminal_year
- 10.001368925394
- terminal_pv_oku
- 125.411846947
- payout_pv_oku
- 39.738606844
- 現在価値（億）
- 165.150453791
- intrinsic_per_old_share_eur
- 27.220278693
- upside
- 0.546431013
- holder_expected_irr
- 0.151187177601
- annual
内容を開く
- 1
内容を開く
- 対象年度
- 2027
- period_start
2027-01-01
- 期間末
2027-12-31
- period_days_included
- 365
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 90.991248
- 営業利益
- 10.855155
- 純利益
- 6.882777388
- sbc_expense_in_reported_net_oku
- 0.3
- sbc_equity_credit_oku
- 0.3
- finance_costs_net_oku
- -1.368608171
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 2.403769441
- noncontrolling_profit_oku
- 0.14
- dividends_oku
- 3.17
- gross_buybacks_oku
- 0
- employee_plan_share_purchases_oku
- 0.3
- employee_share_delivery_shares
- 250000
- employee_delivery_from_2026_inventory_shares
- 250000
- employee_delivery_from_post2026_lots_shares
- 0
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 3.19684671
- corporate_cash_net_returns_oku
- 3.17
- old_holder_cash_dividend_oku
- 3.19684671
- equity_begin_oku
- 9.811903
- equity_oku
- 13.524680388
- noncontrolling_equity_begin_oku
- 0.468
- noncontrolling_equity_oku
- 0.545
- total_consolidated_equity_oku
- 14.069680388
- net_debt_begin_oku
- 31.828097
- net_debt_oku
- 29.543188612
- capex_oku
- 4.822536
- depreciation_oku
- 3.821632
- working_capital_investment_oku
- 0.363965
- nci_cash_dividends_oku
- 0.063
- fcf_before_discretionary_returns_and_ltip_oku
- 5.754908388
- issued_shares_end
- 612259739
- employee_treasury_shares_end
- 11994309
- economic_outstanding_shares_begin
- 601623309
- economic_outstanding_shares_end
- 600265430
- old_share_fraction_of_company_end
- 1.666E-9
- old_holder_cash_yield_eur_per_share
- 0.02993454
- old_share_book_value_eur_at_yearend_or_cutoff
- 2.253116657
- synthetic_old_share_cohort_book_value_oku
- 13.670074524
- segment_revenue_oku
- eu
- 36.571753
- am
- 29.892042
- amea
- 24.527453
- segment_op_oku
- eu
- 3.913178
- am
- 3.437585
- amea
- 3.924393
- adjust_oku
- -0.42
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 4.12
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 1.28
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 5.4
- prior_fy_ended_on
2026-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (4.12 + 1.28) + 0.2 (conditional 2025 demerger stub)
- income_before_tax_oku
- 9.426546829
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.697
- adjusted_parent_profit_oku_non_ifrs_illustration
- 7.579777388
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 2.97
- dividend_2025_post_demerger_extra_oku_conditional
- 0.2
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 0.526907776441
- company_dividend_eur_per_share_on_eligibles
- 0.526907776441
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2027-05-13
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- -1.87
- company_dividend_payment_date_assumed
2027-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 2
内容を開く
- 対象年度
- 2028
- period_start
2028-01-01
- 期間末
2028-12-31
- period_days_included
- 366
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 97.434579
- 営業利益
- 12.157766
- 純利益
- 7.909752623
- sbc_expense_in_reported_net_oku
- 0.315556
- sbc_equity_credit_oku
- 0.315556
- finance_costs_net_oku
- -1.27035711
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 2.760989267
- noncontrolling_profit_oku
- 0.156667
- dividends_oku
- 4.168877563
- gross_buybacks_oku
- 0
- employee_plan_share_purchases_oku
- 0.315556
- employee_share_delivery_shares
- 250000
- employee_delivery_from_2026_inventory_shares
- 250000
- employee_delivery_from_post2026_lots_shares
- 0
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 4.213694175
- corporate_cash_net_returns_oku
- 4.168877563
- old_holder_cash_dividend_oku
- 4.213694175
- equity_begin_oku
- 13.524680388
- equity_oku
- 17.265555447
- noncontrolling_equity_begin_oku
- 0.545
- noncontrolling_equity_oku
- 0.631167
- total_consolidated_equity_oku
- 17.896722447
- net_debt_begin_oku
- 29.543188612
- net_debt_oku
- 27.334332553
- capex_oku
- 5.164033
- depreciation_oku
- 4.092252
- working_capital_investment_oku
- 0.389738
- nci_cash_dividends_oku
- 0.0705
- fcf_before_discretionary_returns_and_ltip_oku
- 6.693289623
- issued_shares_end
- 612259739
- employee_treasury_shares_end
- 13339828
- economic_outstanding_shares_begin
- 600265430
- economic_outstanding_shares_end
- 598919911
- old_share_fraction_of_company_end
- 1.67E-9
- old_holder_cash_yield_eur_per_share
- 0.039456067
- old_share_book_value_eur_at_yearend_or_cutoff
- 2.88278201
- synthetic_old_share_cohort_book_value_oku
- 17.490370413
- segment_revenue_oku
- eu
- 38.674355
- am
- 31.857175
- amea
- 26.90305
- segment_op_oku
- eu
- 4.310042
- am
- 3.840559
- amea
- 4.394165
- adjust_oku
- -0.387
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 6.882777388
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.697
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 7.579777388
- prior_fy_ended_on
2027-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (6.882777388 + 0.697) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 10.82740889
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.595
- adjusted_parent_profit_oku_non_ifrs_illustration
- 8.504752623
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 4.168877563
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 0.694505689455
- company_dividend_eur_per_share_on_eligibles
- 0.694505689455
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2028-05-11
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2028-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 3
内容を開く
- 対象年度
- 2029
- period_start
2029-01-01
- 期間末
2029-12-31
- period_days_included
- 365
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 104.327957
- 営業利益
- 13.582373
- 純利益
- 9.025179542
- sbc_expense_in_reported_net_oku
- 0.331111
- sbc_equity_credit_oku
- 0.331111
- finance_costs_net_oku
- -1.1753763
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 3.148484159
- noncontrolling_profit_oku
- 0.173333
- dividends_oku
- 4.677613943
- gross_buybacks_oku
- 0.7
- employee_plan_share_purchases_oku
- 0.331111
- employee_share_delivery_shares
- 4500000
- employee_delivery_from_2026_inventory_shares
- 4500000
- employee_delivery_from_post2026_lots_shares
- 0
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 4.738521199
- corporate_cash_net_returns_oku
- 5.377613943
- old_holder_cash_dividend_oku
- 4.738521199
- equity_begin_oku
- 17.265555447
- equity_oku
- 20.913121046
- noncontrolling_equity_begin_oku
- 0.631167
- noncontrolling_equity_oku
- 0.7265
- total_consolidated_equity_oku
- 21.639621046
- net_debt_begin_oku
- 27.334332553
- net_debt_oku
- 25.329686954
- capex_oku
- 5.529382
- depreciation_oku
- 4.381774
- working_capital_investment_oku
- 0.417312
- nci_cash_dividends_oku
- 0.078
- fcf_before_discretionary_returns_and_ltip_oku
- 7.713370542
- issued_shares_end
- 608920724
- employee_treasury_shares_end
- 10419235
- economic_outstanding_shares_begin
- 598919911
- economic_outstanding_shares_end
- 598501489
- old_share_fraction_of_company_end
- 1.671E-9
- old_holder_cash_yield_eur_per_share
- 0.044370427
- old_share_book_value_eur_at_yearend_or_cutoff
- 3.494247121
- synthetic_old_share_cohort_book_value_oku
- 21.200242074
- segment_revenue_oku
- eu
- 40.885948
- am
- 33.941653
- amea
- 29.500356
- segment_op_oku
- eu
- 4.738227
- am
- 4.28042
- amea
- 4.916726
- adjust_oku
- -0.353
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 7.909752623
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.595
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 8.504752623
- prior_fy_ended_on
2028-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (7.909752623 + 0.595) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 12.3469967
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.5015
- adjusted_parent_profit_oku_non_ifrs_illustration
- 9.526679542
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 4.677613943
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 0.781008254464
- company_dividend_eur_per_share_on_eligibles
- 0.781008254464
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2029-05-10
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2029-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 4
内容を開く
- 対象年度
- 2030
- period_start
2030-01-01
- 期間末
2030-12-31
- period_days_included
- 365
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 111.702702
- 営業利益
- 15.137463
- 純利益
- 10.231273413
- sbc_expense_in_reported_net_oku
- 0.346667
- sbc_equity_credit_oku
- 0.346667
- finance_costs_net_oku
- -1.089176539
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 3.567013048
- noncontrolling_profit_oku
- 0.19
- dividends_oku
- 5.239673748
- gross_buybacks_oku
- 0.9
- employee_plan_share_purchases_oku
- 0.346667
- employee_share_delivery_shares
- 5447091
- employee_delivery_from_2026_inventory_shares
- 4000000
- employee_delivery_from_post2026_lots_shares
- 1447091
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 5.311610429
- corporate_cash_net_returns_oku
- 6.139673748
- old_holder_cash_dividend_oku
- 5.311610429
- equity_begin_oku
- 20.913121046
- equity_oku
- 25.004720712
- noncontrolling_equity_begin_oku
- 0.7265
- noncontrolling_equity_oku
- 0.831
- total_consolidated_equity_oku
- 25.835720712
- net_debt_begin_oku
- 25.329686954
- net_debt_oku
- 22.999127288
- capex_oku
- 5.920243
- depreciation_oku
- 4.691514
- working_capital_investment_oku
- 0.446811
- nci_cash_dividends_oku
- 0.0855
- fcf_before_discretionary_returns_and_ltip_oku
- 8.816900413
- issued_shares_end
- 604870705
- employee_treasury_shares_end
- 6532151
- economic_outstanding_shares_begin
- 598501489
- economic_outstanding_shares_end
- 598338554
- old_share_fraction_of_company_end
- 1.671E-9
- old_holder_cash_yield_eur_per_share
- 0.049736703
- old_share_book_value_eur_at_yearend_or_cutoff
- 4.179025494
- synthetic_old_share_cohort_book_value_oku
- 25.354918827
- segment_revenue_oku
- eu
- 43.211438
- am
- 36.152036
- amea
- 32.339229
- segment_op_oku
- eu
- 5.199776
- am
- 4.760018
- amea
- 5.497669
- adjust_oku
- -0.32
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 9.025179542
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.5015
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 9.526679542
- prior_fy_ended_on
2029-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (9.025179542 + 0.5015) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 13.988286461
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.4165
- adjusted_parent_profit_oku_non_ifrs_illustration
- 10.647773413
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 5.239673748
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 0.875465448996
- company_dividend_eur_per_share_on_eligibles
- 0.875465448996
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2030-05-09
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2030-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 5
内容を開く
- 対象年度
- 2031
- period_start
2031-01-01
- 期間末
2031-12-31
- period_days_included
- 365
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 119.592323
- 営業利益
- 16.835384
- 純利益
- 11.554217037
- sbc_expense_in_reported_net_oku
- 0.362222
- sbc_equity_credit_oku
- 0.362222
- finance_costs_net_oku
- -0.988962473
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 4.025537489
- noncontrolling_profit_oku
- 0.206667
- dividends_oku
- 5.856275377
- gross_buybacks_oku
- 1.1
- employee_plan_share_purchases_oku
- 0.362222
- employee_share_delivery_shares
- 1435967
- employee_delivery_from_2026_inventory_shares
- 0
- employee_delivery_from_post2026_lots_shares
- 1435967
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 5.938294154
- corporate_cash_net_returns_oku
- 6.956275377
- old_holder_cash_dividend_oku
- 5.938294154
- equity_begin_oku
- 25.004720712
- equity_oku
- 29.602662372
- noncontrolling_equity_begin_oku
- 0.831
- noncontrolling_equity_oku
- 0.944667
- total_consolidated_equity_oku
- 30.547329372
- net_debt_begin_oku
- 22.999127288
- net_debt_oku
- 20.288069628
- capex_oku
- 6.338393
- depreciation_oku
- 5.022878
- working_capital_investment_oku
- 0.478369
- nci_cash_dividends_oku
- 0.093
- fcf_before_discretionary_returns_and_ltip_oku
- 10.029555037
- issued_shares_end
- 600200872
- employee_treasury_shares_end
- 6633927
- economic_outstanding_shares_begin
- 598338554
- economic_outstanding_shares_end
- 593566945
- old_share_fraction_of_company_end
- 1.685E-9
- old_holder_cash_yield_eur_per_share
- 0.055604826
- old_share_book_value_eur_at_yearend_or_cutoff
- 4.987249142
- synthetic_old_share_cohort_book_value_oku
- 30.258560842
- segment_revenue_oku
- eu
- 45.655909
- am
- 38.495194
- amea
- 35.44122
- segment_op_oku
- eu
- 5.696843
- am
- 5.282396
- amea
- 6.143145
- adjust_oku
- -0.287
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 10.231273413
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.4165
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 10.647773413
- prior_fy_ended_on
2030-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (10.231273413 + 0.4165) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 15.786421527
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.34
- adjusted_parent_profit_oku_non_ifrs_illustration
- 11.894217037
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 5.856275377
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 0.978756147041
- company_dividend_eur_per_share_on_eligibles
- 0.978756147041
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2031-05-08
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2031-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 6
内容を開く
- 対象年度
- 2032
- period_start
2032-01-01
- 期間末
2032-12-31
- period_days_included
- 366
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 128.032671
- 営業利益
- 18.689405
- 純利益
- 13.005645414
- sbc_expense_in_reported_net_oku
- 0.377778
- sbc_equity_credit_oku
- 0.377778
- finance_costs_net_oku
- -0.872386994
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 4.528039592
- noncontrolling_profit_oku
- 0.223333
- dividends_oku
- 6.541819371
- gross_buybacks_oku
- 1.3
- employee_plan_share_purchases_oku
- 0.377778
- employee_share_delivery_shares
- 1421466
- employee_delivery_from_2026_inventory_shares
- 0
- employee_delivery_from_post2026_lots_shares
- 1421466
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 6.686764756
- corporate_cash_net_returns_oku
- 7.841819371
- old_holder_cash_dividend_oku
- 6.686764756
- equity_begin_oku
- 29.602662372
- equity_oku
- 34.766488416
- noncontrolling_equity_begin_oku
- 0.944667
- noncontrolling_equity_oku
- 1.0675
- total_consolidated_equity_oku
- 35.833988416
- net_debt_begin_oku
- 20.288069628
- net_debt_oku
- 17.145234584
- capex_oku
- 6.785732
- depreciation_oku
- 5.377372
- working_capital_investment_oku
- 0.512131
- nci_cash_dividends_oku
- 0.1005
- fcf_before_discretionary_returns_and_ltip_oku
- 11.362432414
- issued_shares_end
- 594994369
- employee_treasury_shares_end
- 6725462
- economic_outstanding_shares_begin
- 593566945
- economic_outstanding_shares_end
- 588268907
- old_share_fraction_of_company_end
- 1.7E-9
- old_holder_cash_yield_eur_per_share
- 0.062613333
- old_share_book_value_eur_at_yearend_or_cutoff
- 5.909965324
- synthetic_old_share_cohort_book_value_oku
- 35.856850187
- segment_revenue_oku
- eu
- 48.224625
- am
- 40.978326
- amea
- 38.82972
- segment_op_oku
- eu
- 6.231693
- am
- 5.850794
- amea
- 6.859917
- adjust_oku
- -0.253
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 11.554217037
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.34
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 11.894217037
- prior_fy_ended_on
2031-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (11.554217037 + 0.34) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 17.757018006
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.289
- adjusted_parent_profit_oku_non_ifrs_illustration
- 13.294645414
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 6.541819371
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 1.102119891553
- company_dividend_eur_per_share_on_eligibles
- 1.102119891553
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2032-05-13
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2032-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 7
内容を開く
- 対象年度
- 2033
- period_start
2033-01-01
- 期間末
2033-12-31
- period_days_included
- 365
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 137.062104
- 営業利益
- 20.710794
- 純利益
- 14.59559394
- sbc_expense_in_reported_net_oku
- 0.393333
- sbc_equity_credit_oku
- 0.393333
- finance_costs_net_oku
- -0.737245087
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 5.077954973
- noncontrolling_profit_oku
- 0.24
- dividends_oku
- 7.312054978
- gross_buybacks_oku
- 1.5
- employee_plan_share_purchases_oku
- 0.393333
- employee_share_delivery_shares
- 1404006
- employee_delivery_from_2026_inventory_shares
- 0
- employee_delivery_from_post2026_lots_shares
- 1404006
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 7.541378835
- corporate_cash_net_returns_oku
- 8.812054978
- old_holder_cash_dividend_oku
- 7.541378835
- equity_begin_oku
- 34.766488416
- equity_oku
- 40.550027378
- noncontrolling_equity_begin_oku
- 1.0675
- noncontrolling_equity_oku
- 1.1995
- total_consolidated_equity_oku
- 41.749527378
- net_debt_begin_oku
- 17.145234584
- net_debt_oku
- 13.525626622
- capex_oku
- 7.264291
- depreciation_oku
- 5.756608
- working_capital_investment_oku
- 0.548248
- nci_cash_dividends_oku
- 0.108
- fcf_before_discretionary_returns_and_ltip_oku
- 12.82499594
- issued_shares_end
- 589326913
- employee_treasury_shares_end
- 6807589
- economic_outstanding_shares_begin
- 588268907
- economic_outstanding_shares_end
- 582519324
- old_share_fraction_of_company_end
- 1.717E-9
- old_holder_cash_yield_eur_per_share
- 0.070615744
- old_share_book_value_eur_at_yearend_or_cutoff
- 6.96114716
- synthetic_old_share_cohort_book_value_oku
- 42.234564359
- segment_revenue_oku
- eu
- 50.923034
- am
- 43.608971
- amea
- 42.530099
- segment_op_oku
- eu
- 6.806712
- am
- 6.468664
- amea
- 7.655418
- adjust_oku
- -0.22
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 13.005645414
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.289
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 13.294645414
- prior_fy_ended_on
2032-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (13.005645414 + 0.289) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 19.913548913
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.255
- adjusted_parent_profit_oku_non_ifrs_illustration
- 14.85059394
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 7.312054978
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 1.242978320109
- company_dividend_eur_per_share_on_eligibles
- 1.242978320109
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2033-05-12
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2033-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 8
内容を開く
- 対象年度
- 2034
- period_start
2034-01-01
- 期間末
2034-12-31
- period_days_included
- 365
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 146.721662
- 営業利益
- 22.914895
- 純利益
- 16.336936326
- sbc_expense_in_reported_net_oku
- 0.408889
- sbc_equity_credit_oku
- 0.408889
- finance_costs_net_oku
- -0.581601945
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 5.679689729
- noncontrolling_profit_oku
- 0.256667
- dividends_oku
- 8.167826667
- gross_buybacks_oku
- 1.7
- employee_plan_share_purchases_oku
- 0.408889
- employee_share_delivery_shares
- 1383969
- employee_delivery_from_2026_inventory_shares
- 0
- employee_delivery_from_post2026_lots_shares
- 1383969
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 8.507136082
- corporate_cash_net_returns_oku
- 9.867826667
- old_holder_cash_dividend_oku
- 8.507136082
- equity_begin_oku
- 40.550027378
- equity_oku
- 47.019137037
- noncontrolling_equity_begin_oku
- 1.1995
- noncontrolling_equity_oku
- 1.340667
- total_consolidated_equity_oku
- 48.359804037
- net_debt_begin_oku
- 13.525626622
- net_debt_oku
- 9.372841963
- capex_oku
- 7.776248
- depreciation_oku
- 6.16231
- working_capital_investment_oku
- 0.586887
- nci_cash_dividends_oku
- 0.1155
- fcf_before_discretionary_returns_and_ltip_oku
- 14.429500326
- issued_shares_end
- 583267368
- employee_treasury_shares_end
- 6881079
- economic_outstanding_shares_begin
- 582519324
- economic_outstanding_shares_end
- 576386289
- old_share_fraction_of_company_end
- 1.735E-9
- old_holder_cash_yield_eur_per_share
- 0.079658873
- old_share_book_value_eur_at_yearend_or_cutoff
- 8.157573824
- synthetic_old_share_cohort_book_value_oku
- 49.493505708
- segment_revenue_oku
- eu
- 53.756773
- am
- 46.395017
- amea
- 46.569872
- segment_op_oku
- eu
- 7.424408
- am
- 7.139678
- amea
- 8.53781
- adjust_oku
- -0.187
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 14.59559394
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.255
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 14.85059394
- prior_fy_ended_on
2033-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (14.59559394 + 0.255) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 22.273293055
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.2295
- adjusted_parent_profit_oku_non_ifrs_illustration
- 16.566436326
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 8.167826667
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 1.402155487472
- company_dividend_eur_per_share_on_eligibles
- 1.402155487472
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2034-05-11
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2034-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 9
内容を開く
- 対象年度
- 2035
- period_start
2035-01-01
- 期間末
2035-12-31
- period_days_included
- 365
- is_partial_fiscal_year
- いいえ
- sales_seasonal_fraction_included
- 1
- financial_day_fraction_included
- 1
- 売上高
- 157.055258
- 営業利益
- 25.318211
- 純利益
- 18.243775203
- sbc_expense_in_reported_net_oku
- 0.424444
- sbc_equity_credit_oku
- 0.424444
- finance_costs_net_oku
- -0.403032204
- hyperinflation_oku
- -0.06
- tax_expense_oku
- 6.338070593
- noncontrolling_profit_oku
- 0.273333
- dividends_oku
- 9.111539979
- gross_buybacks_oku
- 1.9
- employee_plan_share_purchases_oku
- 0.424444
- employee_share_delivery_shares
- 1361701
- employee_delivery_from_2026_inventory_shares
- 0
- employee_delivery_from_post2026_lots_shares
- 1361701
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 9.591032171
- corporate_cash_net_returns_oku
- 11.011539979
- old_holder_cash_dividend_oku
- 9.591032171
- equity_begin_oku
- 47.019137037
- equity_oku
- 54.25137226
- noncontrolling_equity_begin_oku
- 1.340667
- noncontrolling_equity_oku
- 1.491
- total_consolidated_equity_oku
- 55.74237226
- net_debt_begin_oku
- 9.372841963
- net_debt_oku
- 4.61943574
- capex_oku
- 8.323929
- depreciation_oku
- 6.596321
- working_capital_investment_oku
- 0.628221
- nci_cash_dividends_oku
- 0.123
- fcf_before_discretionary_returns_and_ltip_oku
- 16.189390203
- issued_shares_end
- 576878281
- employee_treasury_shares_end
- 6946648
- economic_outstanding_shares_begin
- 576386289
- economic_outstanding_shares_end
- 569931633
- old_share_fraction_of_company_end
- 1.755E-9
- old_holder_cash_yield_eur_per_share
- 0.089808228
- old_share_book_value_eur_at_yearend_or_cutoff
- 9.518926327
- synthetic_old_share_cohort_book_value_oku
- 57.753082554
- segment_revenue_oku
- eu
- 56.731673
- am
- 49.34472
- amea
- 50.978865
- segment_op_oku
- eu
- 8.087415
- am
- 7.867741
- amea
- 9.516055
- adjust_oku
- -0.153
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
- 未確認
- fy2036_full_year_if_not_cutoff
- 未確認
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 16.336936326
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.2295
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 16.566436326
- prior_fy_ended_on
2034-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (16.336936326 + 0.2295) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 24.855178796
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.204
- adjusted_parent_profit_oku_non_ifrs_illustration
- 18.447775203
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 9.111539979
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 1.580804428085
- company_dividend_eur_per_share_on_eligibles
- 1.580804428085
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2035-05-10
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2035-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- 10
内容を開く
- 対象年度
- 2036
- period_start
2036-01-01
- 期間末
2036-11-06
- period_days_included
- 311
- is_partial_fiscal_year
- はい
- sales_seasonal_fraction_included
- 0.911886649
- financial_day_fraction_included
- 0.849726776
- 売上高
- 153.297149
- 営業利益
- 25.474006
- 純利益
- 18.567984742
- sbc_expense_in_reported_net_oku
- 0.37388
- sbc_equity_credit_oku
- 0.37388
- finance_costs_net_oku
- -0.168786104
- hyperinflation_oku
- -0.050984
- tax_expense_oku
- 6.439830153
- noncontrolling_profit_oku
- 0.246421
- dividends_oku
- 10.146276361
- gross_buybacks_oku
- 2.1
- employee_plan_share_purchases_oku
- 0.44
- employee_share_delivery_shares
- 1337520
- employee_delivery_from_2026_inventory_shares
- 0
- employee_delivery_from_post2026_lots_shares
- 1337520
- employee_share_delivery_book_value_oku
- 0
- new_issuance_oku
- 0
- new_issuance_shares
- 0
- net_payout_oku
- 10.801178144
- corporate_cash_net_returns_oku
- 12.246276361
- old_holder_cash_dividend_oku
- 10.801178144
- equity_begin_oku
- 54.25137226
- equity_oku
- 60.506960641
- noncontrolling_equity_begin_oku
- 1.491
- noncontrolling_equity_oku
- 1.626531
- total_consolidated_equity_oku
- 62.133491641
- net_debt_begin_oku
- 4.61943574
- net_debt_oku
- 0.774194359
- capex_oku
- 8.124749
- depreciation_oku
- 6.43848
- working_capital_investment_oku
- 0.613189
- nci_cash_dividends_oku
- 0.110889
- fcf_before_discretionary_returns_and_ltip_oku
- 16.531517742
- issued_shares_end
- 570216373
- employee_treasury_shares_end
- 7004956
- economic_outstanding_shares_begin
- 569931633
- economic_outstanding_shares_end
- 563211417
- old_share_fraction_of_company_end
- 1.776E-9
- old_holder_cash_yield_eur_per_share
- 0.101139758
- old_share_book_value_eur_at_yearend_or_cutoff
- 10.743205627
- synthetic_old_share_cohort_book_value_oku
- 65.181010981
- segment_revenue_oku
- eu
- 54.579843
- am
- 47.843693
- amea
- 50.873613
- segment_op_oku
- eu
- 8.023237
- am
- 7.894209
- amea
- 9.665986
- adjust_oku
- -0.109426
- parent_equity_rollforward_residual_oku
- 0
- 出典
model_projection
- after_terminal_tail_excluded_note
2036-11-07以降の2036年度末収益・還元・資本は含めない
- fy2036_full_year_if_not_cutoff
内容を開く
- 売上高
- 168.109873
- 営業利益
- 27.935497
- 純利益
- 20.336585074
- adjusting_items_after_tax_oku_forecast
- 0.187
- adjusted_parent_profit_oku_forecast
- 20.523585074
- dividend_policy_basis
prior_FY_adjusted_parent_net_income_plus_2025_post_demerger_conditional_one_time_extra_for_FY2027
- dividend_payout_ratio_assumed
- 0.55
- prior_fy_ifrs_parent_profit_oku_for_dividend
- 18.243775203
- prior_fy_posttax_adjusting_items_oku_for_dividend
- 0.204
- prior_fy_adjusted_parent_profit_oku_for_dividend
- 18.447775203
- prior_fy_ended_on
2035-12-31
- reported_vs_projected_dividend
forecast_unapproved
- dividend_ex_date_confirmed
- 未確認
- dividend_policy_formula
0.55 × (18.243775203 + 0.204) + 0.0 (conditional 2025 demerger stub)
- income_before_tax_oku
- 25.254235896
- interest_policy_assumption
annual opening net debt × scenario rate × included time fraction; year-of-dividend financing impact starts following FY
- net_debt_cash_identity_residual_oku
- 0
- adjusting_items_after_tax_oku_included_in_reported_earnings
- 0.158898907
- adjusted_parent_profit_oku_non_ifrs_illustration
- 18.726883649
- non_ifrs_adjustment_does_not_change_equity_or_fcf
- はい
- after_2036_11_06_NI_not_in_10y_oku
- 1.762376887
- dividend_current_FY2026_or_prior_FY_adjusted_income_part_oku
- 10.146276361
- dividend_2025_post_demerger_extra_oku_conditional
- 0
- fy2025_stub_extra_entitlement_of_2026_11_06_holder_assumed
- はい
- old_share_cash_eur_per_share
- 1.780262012846
- company_dividend_eur_per_share_on_eligibles
- 1.780262012846
- shareholder_synthetic_not_company_aggregate
- はい
- dividend_ex_date_assumed
2036-05-08
- dividend_2025_extra_ifrs_base_2025_standalone_profit_oku
- 未確認
- company_dividend_payment_date_assumed
2036-05-20
- old_holder_cash_yield_eur_per_share_note
この値は1株現金配当を基準株価で割った利回り。1株配当額はold_share_cash_eur_per_shareを参照。
- company_share_events
内容を開く
- 1
内容を開く
- 想定日
2027-05-20
- event
ordinary_dividend
- company_cash_oku
- 3.17
- old_holder_cash_oku
- 3.19684671
- 発行済株式数
- 612259739
- 自己株式数
- 10636430
- shares_eligible
- 601623309
- total_adjusted_parent_income_prior_fy_oku
- 5.4
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 2.97
- conditional_2025_post_demerger_extra_company_cash_oku
- 0.2
- old_holder_one_share_cash_eur
- 0.526907776441
- forecast_ex_date_assumed
2027-05-13
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 2
内容を開く
- 想定日
2027-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 250000
- future_award_delivery_shares
- 0
- employee_delivery_shares
- 250000
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 601623309
- shares_after
- 601873309
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 3
内容を開く
- 想定日
2027-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.3
- new_ltip_treasury_shares
- 1607879
- execution_price_model_eur_per_share
- 18.65812
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2027
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 4
内容を開く
- 想定日
2028-05-20
- event
ordinary_dividend
- company_cash_oku
- 4.168877563
- old_holder_cash_oku
- 4.213694175
- 発行済株式数
- 612259739
- 自己株式数
- 11994309
- shares_eligible
- 600265430
- total_adjusted_parent_income_prior_fy_oku
- 7.579777388
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 4.168877563
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 0.694505689455
- forecast_ex_date_assumed
2028-05-11
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 5
内容を開く
- 想定日
2028-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 250000
- future_award_delivery_shares
- 0
- employee_delivery_shares
- 250000
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 600265430
- shares_after
- 600515430
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 6
内容を開く
- 想定日
2028-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.315555556
- new_ltip_treasury_shares
- 1595519
- execution_price_model_eur_per_share
- 19.777607
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2028
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 7
内容を開く
- 想定日
2029-05-20
- event
ordinary_dividend
- company_cash_oku
- 4.677613943
- old_holder_cash_oku
- 4.738521199
- 発行済株式数
- 612259739
- 自己株式数
- 13339828
- shares_eligible
- 598919911
- total_adjusted_parent_income_prior_fy_oku
- 8.504752623
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 4.677613943
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 0.781008254464
- forecast_ex_date_assumed
2029-05-10
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 8
内容を開く
- 想定日
2029-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 4500000
- future_award_delivery_shares
- 0
- employee_delivery_shares
- 4500000
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 598919911
- shares_after
- 603419911
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 9
内容を開く
- 想定日
2029-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 0.7
- shares_cancelled
- 3339015
- execution_price_model_eur_per_share
- 20.964264
- old_holder_cash_oku
- 0
- economic_shares_after
- 600080896
- 10
内容を開く
- 想定日
2029-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.331111111
- new_ltip_treasury_shares
- 1579407
- execution_price_model_eur_per_share
- 20.964264
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2029
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 11
内容を開く
- 想定日
2030-05-20
- event
ordinary_dividend
- company_cash_oku
- 5.239673748
- old_holder_cash_oku
- 5.311610429
- 発行済株式数
- 608920724
- 自己株式数
- 10419235
- shares_eligible
- 598501489
- total_adjusted_parent_income_prior_fy_oku
- 9.526679542
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 5.239673748
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 0.875465448996
- forecast_ex_date_assumed
2030-05-09
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 12
内容を開く
- 想定日
2030-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 4000000
- future_award_delivery_shares
- 1447091
- employee_delivery_shares
- 5447091
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 598501489
- shares_after
- 603948580
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 13
内容を開く
- 想定日
2030-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 0.9
- shares_cancelled
- 4050019
- execution_price_model_eur_per_share
- 22.222119
- old_holder_cash_oku
- 0
- economic_shares_after
- 599898561
- 14
内容を開く
- 想定日
2030-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.346666667
- new_ltip_treasury_shares
- 1560007
- execution_price_model_eur_per_share
- 22.222119
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2030
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 15
内容を開く
- 想定日
2031-05-20
- event
ordinary_dividend
- company_cash_oku
- 5.856275377
- old_holder_cash_oku
- 5.938294154
- 発行済株式数
- 604870705
- 自己株式数
- 6532151
- shares_eligible
- 598338554
- total_adjusted_parent_income_prior_fy_oku
- 10.647773413
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 5.856275377
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 0.978756147041
- forecast_ex_date_assumed
2031-05-08
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 16
内容を開く
- 想定日
2031-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 0
- future_award_delivery_shares
- 1435967
- employee_delivery_shares
- 1435967
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 598338554
- shares_after
- 599774521
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 17
内容を開く
- 想定日
2031-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 1.1
- shares_cancelled
- 4669833
- execution_price_model_eur_per_share
- 23.555447
- old_holder_cash_oku
- 0
- economic_shares_after
- 595104688
- 18
内容を開く
- 想定日
2031-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.362222222
- new_ltip_treasury_shares
- 1537743
- execution_price_model_eur_per_share
- 23.555447
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2031
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 19
内容を開く
- 想定日
2032-05-20
- event
ordinary_dividend
- company_cash_oku
- 6.541819371
- old_holder_cash_oku
- 6.686764756
- 発行済株式数
- 600200872
- 自己株式数
- 6633927
- shares_eligible
- 593566945
- total_adjusted_parent_income_prior_fy_oku
- 11.894217037
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 6.541819371
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 1.102119891553
- forecast_ex_date_assumed
2032-05-13
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 20
内容を開く
- 想定日
2032-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 0
- future_award_delivery_shares
- 1421466
- employee_delivery_shares
- 1421466
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 593566945
- shares_after
- 594988411
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 21
内容を開く
- 想定日
2032-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 1.3
- shares_cancelled
- 5206503
- execution_price_model_eur_per_share
- 24.968773
- old_holder_cash_oku
- 0
- economic_shares_after
- 589781908
- 22
内容を開く
- 想定日
2032-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.377777778
- new_ltip_treasury_shares
- 1513001
- execution_price_model_eur_per_share
- 24.968773
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2032
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 23
内容を開く
- 想定日
2033-05-20
- event
ordinary_dividend
- company_cash_oku
- 7.312054978
- old_holder_cash_oku
- 7.541378835
- 発行済株式数
- 594994369
- 自己株式数
- 6725462
- shares_eligible
- 588268907
- total_adjusted_parent_income_prior_fy_oku
- 13.294645414
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 7.312054978
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 1.242978320109
- forecast_ex_date_assumed
2033-05-12
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 24
内容を開く
- 想定日
2033-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 0
- future_award_delivery_shares
- 1404006
- employee_delivery_shares
- 1404006
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 588268907
- shares_after
- 589672913
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 25
内容を開く
- 想定日
2033-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 1.5
- shares_cancelled
- 5667456
- execution_price_model_eur_per_share
- 26.4669
- old_holder_cash_oku
- 0
- economic_shares_after
- 584005457
- 26
内容を開く
- 想定日
2033-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.393333333
- new_ltip_treasury_shares
- 1486133
- execution_price_model_eur_per_share
- 26.4669
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2033
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 27
内容を開く
- 想定日
2034-05-20
- event
ordinary_dividend
- company_cash_oku
- 8.167826667
- old_holder_cash_oku
- 8.507136082
- 発行済株式数
- 589326913
- 自己株式数
- 6807589
- shares_eligible
- 582519324
- total_adjusted_parent_income_prior_fy_oku
- 14.85059394
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 8.167826667
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 1.402155487472
- forecast_ex_date_assumed
2034-05-11
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 28
内容を開く
- 想定日
2034-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 0
- future_award_delivery_shares
- 1383969
- employee_delivery_shares
- 1383969
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 582519324
- shares_after
- 583903293
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 29
内容を開く
- 想定日
2034-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 1.7
- shares_cancelled
- 6059545
- execution_price_model_eur_per_share
- 28.054914
- old_holder_cash_oku
- 0
- economic_shares_after
- 577843748
- 30
内容を開く
- 想定日
2034-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.408888889
- new_ltip_treasury_shares
- 1457459
- execution_price_model_eur_per_share
- 28.054914
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2034
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 31
内容を開く
- 想定日
2035-05-20
- event
ordinary_dividend
- company_cash_oku
- 9.111539979
- old_holder_cash_oku
- 9.591032171
- 発行済株式数
- 583267368
- 自己株式数
- 6881079
- shares_eligible
- 576386289
- total_adjusted_parent_income_prior_fy_oku
- 16.566436326
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 9.111539979
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 1.580804428085
- forecast_ex_date_assumed
2035-05-10
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 32
内容を開く
- 想定日
2035-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 0
- future_award_delivery_shares
- 1361701
- employee_delivery_shares
- 1361701
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 576386289
- shares_after
- 577747990
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 33
内容を開く
- 想定日
2035-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 1.9
- shares_cancelled
- 6389087
- execution_price_model_eur_per_share
- 29.738209
- old_holder_cash_oku
- 0
- economic_shares_after
- 571358903
- 34
内容を開く
- 想定日
2035-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.424444444
- new_ltip_treasury_shares
- 1427270
- execution_price_model_eur_per_share
- 29.738209
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2035
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- 35
内容を開く
- 想定日
2036-05-20
- event
ordinary_dividend
- company_cash_oku
- 10.146276361
- old_holder_cash_oku
- 10.801178144
- 発行済株式数
- 576878281
- 自己株式数
- 6946648
- shares_eligible
- 569931633
- total_adjusted_parent_income_prior_fy_oku
- 18.447775203
- assumed_payout_ratio
- 0.55
- confirmed_declared_dividend
- いいえ
- company_2026_or_prior_FY_regular_dividend_cash_oku
- 10.146276361
- conditional_2025_post_demerger_extra_company_cash_oku
- 0
- old_holder_one_share_cash_eur
- 1.780262012846
- forecast_ex_date_assumed
2036-05-08
- confirmed_ex_date
- 未確認
- rights_condition
holding before forecast ex-date; not a right accruing to 2025 Unilever shareholder in person; confirmation pending
- eligible_cohort_model
2026-11-06 one share held through ex-date
- 36
内容を開く
- 想定日
2036-06-16
- event
employee_treasury_share_delivery
- legacy_award_delivery_shares
- 0
- future_award_delivery_shares
- 1337520
- employee_delivery_shares
- 1337520
- company_cash_oku
- 0
- old_holder_cash_oku
- 0
- shares_before
- 569931633
- shares_after
- 571269153
- 注記
信託が既に保有する株式を社員へ移転する。取得額を再計上しない。自己資本総額の追加増減は0。
- 37
内容を開く
- 想定日
2036-06-30
- event
discretionary_buyback_and_cancellation
- company_cash_oku
- 2.1
- shares_cancelled
- 6661908
- execution_price_model_eur_per_share
- 31.522501
- old_holder_cash_oku
- 0
- economic_shares_after
- 564607245
- 38
内容を開く
- 想定日
2036-10-15
- event
future_employee_share_plan_market_purchase
- company_cash_oku
- 0.44
- new_ltip_treasury_shares
- 1395828
- execution_price_model_eur_per_share
- 31.522501
- old_holder_cash_oku
- 0
- future_award_cycle_start
- 2036
- 注記
2026年の既取得8,452,144株とは別の、FY2027以降の追加報酬サイクル向け仮定。
- periods
内容を開く
- 2026_stub
内容を開く
- period_id
2026_remaining_stub
- 対象年度
- 2026
- period_start
2026-11-07
- 期間末
2026-12-31
- period_start_exclusive_from_base
2026-11-06
- days
- 55
- is_full_fiscal_year
- いいえ
- reported_vs_forecast
推計のみ。2026-11-06時点で以降は全て未実績
- 売上高
- 7.442935
- 営業利益
- -0.071739
- finance_net_oku
- -0.23913
- hyperinflation_oku
- -0.011957
- tax_oku
- 0.073533
- noncontrolling_profit_oku
- 0.019728
- 純利益
- -0.269022
- oci_parent_oku
- -0.119565
- sbc_expense_oku
- 0.059783
- sbc_equity_credit_oku
- 0.059783
- dividends_oku
- 0
- gross_discretionary_buybacks_oku
- 0
- ltip_pre_valuation_disclosed_trades_settled_post_base_oku
- 0.571239
- ltip_pre_valuation_disclosed_trades_shares_settled_post_base
- 3380858
- ltip_new_unverified_shares_acquired_post_base_oku
- 0.3
- ltip_new_unverified_shares_acquired_post_base
- 1714286
- ltip_total_cash_oku
- 0.871239
- ltip_delivered_shares
- 0
- new_issuance_proceeds_oku
- 0
- new_issue_shares
- 0
- old_holder_cash_payout_oku
- 0
- company_equity_oku
- 9.811903
- noncontrolling_equity_oku
- 0.468
- consolidated_equity_oku
- 10.279903
- net_debt_oku
- 31.828097
- 発行済株式数
- 612259739
- employee_treasury_shares
- 10636430
- economic_outstanding_shares
- 601623309
- book_identity
E2026-12-31=E2026-11-06+NI_st+OCI_st+SBCcredit_st-LTIPforward_settlement_st-LTIPnewpurchase_st, no dividends or discretionary buybacks
- 2027_2035_full_year_count
- 9
- 2036_partial_cutoff
内容を開く
- period_start
2036-01-01
- 期間末
2036-11-06
- calendar_days
- 311
- days_in_year
- 366
- sales_fraction
- 0.911886649
- earnings_finance_day_fraction
- 0.849726776
- full_2036_revenue_excluded_after_cutoff_oku
- 14.812724327
- full_2036_profit_excluded_after_cutoff_oku
- 1.762376887
- 注記
FY2036年末2036-12-31の会社資本・利益・配当・自己株買いを终点として混ぜない。
- forecast_part_2036_IFRS_parent_profit_oku
- 18.567984742
- excluded_2036_post_cutoff_dividends_oku
- 0
- after_tax_adjusting_items_2036_partial_oku
- 0.158898907
- full_2036_profit_without_financing_feedback_if_not_cutoff_oku
- 20.336585074
- after_cutoff_profits_not_included
- はい
- full_2036_post_valuation_tail_not_modeled
- はい
- economic_book_rollforward
内容を開く
- begin_equity_oku
- 11.01194628
- forecast_parent_net_sum_oku
- 126.084113629
- forecast_OCI_sum_oku
- -0.119565
- forecast_SBC_equity_credit_sum_oku
- 3.693663
- forecast_post_base_ltip_cash_purchases_oku
- 4.571239
- forecast_regular_dividends_oku
- 64.191957987
- forecast_conditional_2025_post_demerger_extra_oku
- 0.2
- forecast_total_dividends_oku
- 64.391957987
- forecast_discretionary_buybacks_oku
- 11.2
- forecast_new_cash_equity_issuance_oku
- 0
- end_equity_oku
- 60.506960641
- identity_residual_oku
- -2.8E-7
- model_description
Includes 2026-11-07 to Dec31 stub, FY2027-35, partial FY2036. 2025 pre-2026 profit already in opening equity and never booked twice.
- dividend_income_base_year_ledger
内容を開く
- 1
内容を開く
- payment_fy
- 2027
- basis_fy
- 2026
- IFRS_parent_profit_oku
- 4.12
- posttax_adjustment_oku
- 1.28
- adjusted_parent_profit_oku
- 5.4
- payout_ratio
- 0.55
- regular_dividend_oku
- 2.97
- 2025_post_demerger_conditional_extra_oku
- 0.2
- corporate_dividend_oku
- 3.17
- formula_residual_oku
- -0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2027-05-13
- 2
内容を開く
- payment_fy
- 2028
- basis_fy
- 2027
- IFRS_parent_profit_oku
- 6.882777388
- posttax_adjustment_oku
- 0.697
- adjusted_parent_profit_oku
- 7.579777388
- payout_ratio
- 0.55
- regular_dividend_oku
- 4.168877563
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 4.168877563
- formula_residual_oku
- -0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2028-05-11
- 3
内容を開く
- payment_fy
- 2029
- basis_fy
- 2028
- IFRS_parent_profit_oku
- 7.909752623
- posttax_adjustment_oku
- 0.595
- adjusted_parent_profit_oku
- 8.504752623
- payout_ratio
- 0.55
- regular_dividend_oku
- 4.677613943
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 4.677613943
- formula_residual_oku
- 0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2029-05-10
- 4
内容を開く
- payment_fy
- 2030
- basis_fy
- 2029
- IFRS_parent_profit_oku
- 9.025179542
- posttax_adjustment_oku
- 0.5015
- adjusted_parent_profit_oku
- 9.526679542
- payout_ratio
- 0.55
- regular_dividend_oku
- 5.239673748
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 5.239673748
- formula_residual_oku
- -0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2030-05-09
- 5
内容を開く
- payment_fy
- 2031
- basis_fy
- 2030
- IFRS_parent_profit_oku
- 10.231273413
- posttax_adjustment_oku
- 0.4165
- adjusted_parent_profit_oku
- 10.647773413
- payout_ratio
- 0.55
- regular_dividend_oku
- 5.856275377
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 5.856275377
- formula_residual_oku
- -0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2031-05-08
- 6
内容を開く
- payment_fy
- 2032
- basis_fy
- 2031
- IFRS_parent_profit_oku
- 11.554217037
- posttax_adjustment_oku
- 0.34
- adjusted_parent_profit_oku
- 11.894217037
- payout_ratio
- 0.55
- regular_dividend_oku
- 6.541819371
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 6.541819371
- formula_residual_oku
- 1.0E-9
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2032-05-13
- 7
内容を開く
- payment_fy
- 2033
- basis_fy
- 2032
- IFRS_parent_profit_oku
- 13.005645414
- posttax_adjustment_oku
- 0.289
- adjusted_parent_profit_oku
- 13.294645414
- payout_ratio
- 0.55
- regular_dividend_oku
- 7.312054978
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 7.312054978
- formula_residual_oku
- 0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2033-05-12
- 8
内容を開く
- payment_fy
- 2034
- basis_fy
- 2033
- IFRS_parent_profit_oku
- 14.59559394
- posttax_adjustment_oku
- 0.255
- adjusted_parent_profit_oku
- 14.85059394
- payout_ratio
- 0.55
- regular_dividend_oku
- 8.167826667
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 8.167826667
- formula_residual_oku
- 0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2034-05-11
- 9
内容を開く
- payment_fy
- 2035
- basis_fy
- 2034
- IFRS_parent_profit_oku
- 16.336936326
- posttax_adjustment_oku
- 0.2295
- adjusted_parent_profit_oku
- 16.566436326
- payout_ratio
- 0.55
- regular_dividend_oku
- 9.111539979
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 9.111539979
- formula_residual_oku
- -0
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2035-05-10
- 10
内容を開く
- payment_fy
- 2036
- basis_fy
- 2035
- IFRS_parent_profit_oku
- 18.243775203
- posttax_adjustment_oku
- 0.204
- adjusted_parent_profit_oku
- 18.447775203
- payout_ratio
- 0.55
- regular_dividend_oku
- 10.146276361
- 2025_post_demerger_conditional_extra_oku
- 0
- corporate_dividend_oku
- 10.146276361
- formula_residual_oku
- -1.0E-9
- source_of_amount
all predicted; FAQ basis, 2025 extra amount explicitly assumed and unapproved
- ex_date_confirmed
- 未確認
- ex_date_assumed
2036-05-08
- company_net_debt_end_oku
- 0.774194359
- interest_cost_and_payout_convention
配当年の財務費用は期首純負債から概算。配当増減による期末純負債の変動は次年度利息に反映。年内追加借入の期中利息は省略。
- cash_dividends_regular_company_sum_oku
- 64.191957987
- cash_dividends_2025_post_demerger_conditional_company_sum_oku
- 0.2
- company_dividend_plus_2025_extra_not_holder_synthetic_oku
- 64.391957987
- dividend_2027_2025_stub_extra_conditional_oku
- 0.2
- 2025_post_demerger_extra_declared_exact_oku
- 未確認
- 2025_post_demerger_IFRS_parent_profit_oku_reported
- -1.87
- 2025_post_demerger_adjusted_parent_profit_oku_reported
- 未確認
- terminal_event_review
内容を開く
- event_type
terminal_unrealized_value_not_cashflow
- 想定日
2036-11-06
- date_confirmed
- 未確認
- year
- 10.001368925394
- value_eur_per_old_share
- 51.232612992701
- synthetic_value_oku
- 310.837716981
- issuer_all_common_terminal_value_oku
- 291.777865195
- terminal_economic_outstanding_shares
- 563211417
- terminal_effective_diluted_shares
- 569515877
- prospective_employee_awards_to_be_delivered_shares
- 6304460
- terminal_common_equity_oku
- 60.506960641
- trailing_parent_IFRS_12m_oku
- 20.17550491
- forward_IFRS_12m_oku
- 20.780770057
- required_reinvestment_oku
- 1.815208819
- forward_FCFE_oku
- 18.965561238
- market_PER_or_PBR_used
- いいえ
- included_in_timed_cashflows
- いいえ
- only_add_once_for_PV_IRR
- はい
- synthetic_not_real_aggregate
N0×1 share value, not a physically existing holder cohort or whole-company market cap
- timed_cashflows_include_terminal
- いいえ
- timed_cashflows_number_of_cash_dividends
- 10
- terminal_valued_separately
- はい
- non_tendering_holder_cashflows_exclude_discretionary_buyback
- はい
やや強気：基幹ブランドの成長と組織独立費用の逓減（確率 22.0%）
中期計画の売上・生産性改善がおおむね達成。米国のYasso・Ben & Jerry’s、欧州Magnum、AMEAの冷凍設備展開が堅調。為替中立ではなく報告EURベースで予測。
確率の根拠
成長投資・生産性改善の成功可能性を認めつつ、地域リスクと原材料を見込んで22%。
基本：有機成長、分離費用正常化、投資負担継続（確率 40.0%）
2026年Q3の好調には天候上振れを含み、そのまま10年間外挿しない。TSA終了・独立企業費用の段階的正常化、通常の冷凍設備投資、金利負担、為替を折り込む。
確率の根拠
ブランド資産の強みと低温物流コスト、季節性を均衡させた中心経路40%。
やや弱気：価格転嫁限界と独立費用長期化（確率 20.0%）
欧州数量停滞・米州市況弱含み、トルコ規制と燃料/乳原料コスト、システム移行費用の継続。配当はストレスを反映して政策目標レンジより一時低くなる。
確率の根拠
気候・コモディティ・規制が複数年重なる可能性を20%。
弱気：継続的需要悪化、地域規制と財務負担（確率 8.0%）
欧米数量減少と原材料価格の逆行、トルコ規制、TSA/IT移管費用、レバレッジを同時に悪化させる。2027の初回配当は未承認であり、縮小を仮定する。
確率の根拠
深刻な複合ショックは起こりにくいが無視できないため8%。
事業の詳細
- 説明
Unileverのアイス事業を2025年12月6日に分離し、同8日にAmsterdam/ロンドン/NY上場。Magnum、Ben & Jerry’s、Cornetto、Heartbrand、Yasso等を80市場で展開。営業部門は地域3区分Europe & ANZ、Americas、AMEA。
- demerger
2025-12-06分離、Unilever旧株主への80.15%の非現金分配とUnileverによる19.85%継続保有。旧Unileverの持分19.85%はTMICC連結財務諸表の非支配株主持分ではない。
- region_segments
- 1
Europe & ANZ
- 2
Americas
- 3
AMEA
- revenue_model
revenue_oku = volume_index × price_oku_per_index × rev_factor。volumeは2026年通期推計を1とする地域別事業量代理指数で、販売個数実績ではない。priceは平均価格・構成・通貨換算を含むモデル係数。
- organic_vs_inorganic
インドKwality Wall’sとポルトガルULICCの買収は2026年4月から連結。2026年度通期推計基準に当該取得後売上を含め、2027年初年度は未連結3か月分のわずかなcarryoverのみを一度加算。2028年以降同じ買収売上を再加算せず、将来未契約買収増収は0と仮定。
- risks
内容を開く
- 1
北半球の夏と天候・冬季の季節性
- 2
乳・ココア・砂糖・エネルギーと冷凍配送費
- 3
大型小売の棚割・価格競争
- 4
トルコ競争当局の小型店舗冷凍庫容量30%措置
- 5
インド/ポルトガル買収統合と為替換算
- 6
TSAを2027末までに退出するIT/人員移管
- 7
金利負担と大型債務の満期
- 8
Ben & Jerry’s等のブランド評判
競争力の詳細
- pricing_power
プレミアム化とブランド認知は強いが、欧州Q3 2026は数量+11.6%に対し価格-2.4%。地域ごとに需要・ミックス差が大きく、全市場で強気の値上げは仮定しない。
- consumption
アイスクリームは反復消費だが、天候依存・夏季偏重。H1 2026売上46.91億EUR、2025年通期79.10億EURを安易に2倍年率化しない。
- SBC
H1 2026費用18百万EURは報告営業利益587百万EURに既に反映。非現金SBC資本振替18百万EURおよび自己株購入8百万EURを区別。16 June 2026オプション10,952,635個の実際の権利確定数・交付株数は未確定。
- M_and_A
KWIL 279百万EUR、Portugal ULICC 152百万EUR、取得時対価総額431百万EUR、取得対象純資産96百万EUR、取得時非支配持分25百万EUR、のれん360百万EUR（96−25+360=431）。買収対価はIFRS利益に一括費用化しない。のれん通常償却せず、減損は発生時に報告利益へ計上。
- spinoff_accounting
2025年のcarve-out比較数値と2026年の独立後TSA費用、借入利息、株式報酬を混同しない。
業界の詳細
- markets
約80市場。2026 Q3の地域別OSG：Europe & ANZ 8.9%、Americas 3.9%、AMEA 17.6%。欧州は好天により四半期成長の2～3%ポイント分押し上げとの会社推計。
- 2026_H1_organic
- total
- 0.047
- 数量
- 0.025
- 価格・単価
- 0.022
- 2026_Q3_organic
- total
- 0.096
- 数量
- 0.073
- 価格・単価
- 0.022
- 2026_9m_organic
- total
- 0.064
- 数量
- 0.041
- 価格・単価
- 0.022
- 2026_guidance
内容を開く
- organic_sales_growth_approx
- 0.055
- adjusted_EBITDA_margin_uplift_comparable_bps
- 1
- 40
- 2
- 60
- reported_margin_uplift_bps
- 1
- 0
- 2
- 20
- long_run_OSG_target_range
- 1
- 0.03
- 2
- 0.05
- productivity_savings_target_eur_oku_by_2028
- 5
- TSA_exit_expected
2027-12-31
- 2026_guidance_not_reported_IFRS
会社予想は有機売上・調整後EBITDA。報告IFRS営業利益・普通株利益をそのまま会社目標として転記しない。
財務・資本配分の詳細
- reported_2025_IFRS
内容を開く
- 期間末
2025-12-31
- 売上高
- 79.1
- 営業利益（億）
- 5.99
- consolidated_profit_oku
- 3.07
- parent_attributable_profit_oku
- 2.93
- 親会社持分（億）
- 6.25
- 非支配持分資本（億）
- 0.08
- net_debt_oku
- 29.67
- separation_adjusting_items_within_operating_profit_oku
- 3.18
- 出典
https://www.sec.gov/Archives/edgar/data/2071668/000110465926029805/micc-20251231x20f.htm
- reported_2026_H1_IFRS
内容を開く
- 期間末
2026-06-30
- unaudited
- はい
- 売上高
- 46.91
- 営業利益（億）
- 5.87
- adjusted_EBIT_oku_nonIFRS
- 7.16
- finance_costs_net_oku
- -0.72
- turkey_hyperinflation_loss_oku
- -0.13
- profit_before_tax_oku
- 5.02
- income_tax_oku
- -1.53
- consolidated_profit_oku
- 3.49
- nci_profit_oku
- 0.07
- parent_common_profit_oku
- 3.42
- 親会社持分（億）
- 10.81
- 非支配持分資本（億）
- 0.41
- total_equity_oku
- 11.22
- net_debt_oku
- 32.64
- gross_financial_liabilities_oku
- 38.45
- cash_equivalents_oku
- 5.77
- goodwill_oku
- 8.85
- intangible_assets_oku
- 7.64
- cash_purchase_acquisitions_oku
- 4.45
- sbc_expense_oku
- 0.18
- sbc_equity_credit_oku
- 0.18
- cash_purchase_shares_for_employee_plan_oku
- 0.08
- employee_plan_movements_equity_oku
- -0.1
- OCI_parent_oku
- 0.64
- hedges_transferred_to_nonfinancial_assets_equity_oku
- 0.42
- parent_equity_roll
6.25+3.42+0.64-0.10+0.18+0.42=10.81
- ordinary_dividends_declared_oku
- 0
- ordinary_buybacks_for_cash_return_oku
- 0
- 出典
https://news.magnumicecream.com/2026-half-year-results/
- nonIFRS_adjusted_parent_earnings_oku_reported
- 4.42
- reported_posttax_adjusting_items_oku_rounded_difference
- 1
- company_table_posttax_adjustments_oku_as_published
- 1.01
- rounding_reconciliation_note
会社開示のIFRS親会社利益3.42億EURとAdjusted net profit4.42億EURの表示差は1.00億EUR。税引後調整項目テーブルは1.01億EURであり、百万EUR丸めにより一致しない。配当計算は4.42億EURの調整後利益を優先。
- adjusted_parent_profit_is_not_ifrs_profit
- はい
- acquisition_2026_H1
内容を開く
- KWIL_purchase_consideration_oku
- 2.79
- Portugal_purchase_consideration_oku
- 1.52
- total_consideration_oku
- 4.31
- identifiable_net_assets_oku
- 0.96
- acquisition_NCI_oku
- 0.25
- acquisition_goodwill_oku
- 3.6
- cash_flow_acquisitions_net_cash_oku
- 4.45
- consolidation_start
2026-04-01
- 注記
取得価額4.31は取得資産純額0.96−NCI0.25＋のれん3.60。営業利益から取得現金4.31億EURを再控除しない。キャッシュフロー表示4.45との差0.14は厳密な内訳不明。
- Philippines_Put_Option_oku
- 1.33
- Philippines_Put_Option_exercisable_after
2028-04
- Philippines_put_note
フィリピンRFM合弁の相手方が保有する売付権に対応した金融負債1.33億EUR。負債に既に含まれ、企業価値から再控除しない。行使まで猶予との開示。
- SBC_2026_grant_options
- 10952635
- SBC_granted_on
2026-06-16
- SBC_vesting
付与後3年と4年の二回、相対TSR・継続在職条件
- 2026_Q3_trading_update
内容を開く
- 期間末
2026-09-30
- revenue_9m_oku
- 72.02
- revenue_q3_oku
- 25.11
- reported_net_profit_9m_oku
- 未確認
- reported_equity_2026_09_30_oku
- 未確認
- 理由
Q3はTrading Updateであり、9か月のIFRS普通株利益・資本は開示されていない。
- 2026_FY_model_bridge
内容を開く
- classification
会社のQ3取引更新からQ3 IFRS利益や財務諸表を読み取れないため、Q3・Q4利益とFY2026末資本は分析上の推計。
- H1_reported_revenue_oku
- 46.91
- H1_reported_op_oku
- 5.87
- H1_reported_parent_profit_oku
- 3.42
- Q3_reported_revenue_oku
- 25.11
- Q3_estimated_op_oku
- 1.92
- Q3_estimated_finance_oku
- -0.33
- Q3_estimated_hyperinflation_oku
- 0.02
- Q3_estimated_tax_oku
- -0.42
- Q3_estimated_NCI_profit_oku
- 0.04
- Q3_estimated_parent_profit_oku
- 1.15
- Q4_estimated_revenue_oku
- 12.45
- Q4_estimated_op_oku
- -0.12
- Q4_estimated_finance_oku
- -0.4
- Q4_estimated_hyperinflation_oku
- -0.02
- Q4_estimated_tax_oku
- 0.123
- Q4_estimated_NCI_profit_oku
- 0.033
- Q4_estimated_parent_profit_oku
- -0.45
- FY2026_revenue_oku
- 84.47
- FY2026_operating_profit_oku
- 7.67
- FY2026_finance_net_oku
- -1.45
- FY2026_hyperinflation_oku
- -0.13
- FY2026_tax_oku
- -1.827
- FY2026_noncontrolling_profit_oku
- 0.143
- FY2026_parent_profit_oku
- 4.12
- Q3_parent_book_oku_after_partial_settlement_model
- 11.518761288
- 2026_11_06_parent_book_oku_after_model_settlement
- 11.01194628
- 2026_12_31_parent_book_oku_after_100pct_forward_settlement_plus_0p3_unconfirmed
- 9.81190322
- 2026_12_31_net_debt_oku_model
- 31.82809678
- FY2026_book_formula
2026H1報告B10.81+H2推計普通株利益0.70+H2 OCI(-0.15)+H2SBCcredit0.18-8～9月報告LTIP先渡取引についてFY2026末までに全額決済のモデル1.42809678-未確定新規LTIP購入0.30=9.81190322。
- no_double_LTIP_stock_counted
- はい
- 注記
旧版のQ3末に8～9月公表全額を決済した仮定は撤回し、2026年11月6日前後の決済不確実性を再配分。
- FY2026_after_tax_adjustments_oku_model
- 1.28
- FY2026_adjusted_parent_profit_oku_model
- 5.4
- FY2026_ifrs_parent_profit_oku_model
- 4.12
- H1_reported_IFRS_parent_profit_oku
- 3.42
- H1_reported_adjusted_parent_profit_oku
- 4.42
- H1_posttax_adjustments_oku_source_rounded_bridge
- 1
- H2_estimated_IFRS_parent_profit_oku
- 0.7
- H2_estimated_posttax_adjustments_oku
- 0.28
- H2_estimated_adjusted_parent_profit_oku
- 0.98
- FY2026_dividend_2027_model_formula
FY2026 IFRS親会社利益4.12億 + 会社H1調整差1.00億 + 推計H2調整額0.28億 = FY2026調整後5.40億EUR。2027年初回会社配当はシナリオ別配当性向×5.40億 + 2025分離後期間の条件付き追加配当0.20億（全額未公表、感応度0〜0.50億）。
- 2025_post_demerger_extra_dividend_oku_in_base_model
- 0.2
- 2025_post_demerger_additional_distribution_known
- 未確認
- 2025_post_demerger_caveat
Company FAQ expects some 2025 post-demerger component to be included in the first 2027 payment, but the reported post-demerger IFRS parent profit is a loss of 1.87億EUR and adjusted stub profit is not separately reported. Additional amount 0.20億EUR is a conditional illustration, not a declared or otherwise supported estimate. Sensitivities 0 and 0.50億EUR.
- future_policy
内容を開く
- company_dividend_policy
会社公式の年間配当目安は「調整項目後の純利益(net income after adjusting items)」の40～60%。IFRS純利益の40～60%とは異なる。初回配当はFY2026に関して2027H1支払予定、額とex dateは基準日時点未確認。2025年分離後の期間分の追加内訳は未確認。
- first_dividend_approved_amount_oku
- 未確認
- first_dividend_payment_date
- 未確認
- gross_discretionary_buyback_program_announced_asof
- 未確認
- buyback_confirmation_limit
2026-11-06までの一次資料で確定の将来自社株買いプログラムと金額を確認できない。未来の買戻し額はモデル仮定。
- future_SBC
IFRS営業利益のSBC費用を戻さない。既存2026LTIP株式取得8,452,144株は2026-11-06前60%、同日後40%決済と予測。2027以降の株式購入は別報酬サイクルとし年別に株数・EBT残・社員交付を記録。2029/2030に2026 Foundation Planからそれぞれ450万/400万株交付、以後新規サイクルは3年後に90%交付する仮定。取得済み株式の交付を追加購入費用として再計上しない。
- future_issuance
base/bull/mild_bullは新規有償発行0、mild_bear 2031 0.7億EUR、bear 2028 1.5億EUR・2032 1.0億EURの新株発行を資本保全シナリオとして仮定。旧株1株は新株を引き受けず、追加支払なし、希薄化を分母で反映。
- forecast_dividend_income_definition
adjusted_parent_income_for_dividend_oku = IFRS_parent_net_oku + post_tax_adjusting_items_oku_already_embedded_in_IFRS。IFRS資本rollforwardはIFRS利益のみ。
- forecast_dividend_timing
FY t-1調整後親会社利益を基準にFY tの5月20日に配当（全日付が仮定）。後年のFY t IFRS利益から当年配当を計算しない。
- special_dividend_2025_stub_unknown
- はい
- no_duplicate_adjusted_profit_in_equity_or_terminal
調整後利益を普通株資本や終価用利益へ転記しない。調整後利益は配当目安の算定だけに使用し、IFRS費用・SBCはすべて報告ベースの利益に残す。
- valuation
内容を開く
- 方法
timed_holder_cashflows_v1
- 開始日
2026-11-06
- 終了日
2036-11-06
- holding_period_days
- 3653
- year_day_count
ACT/365.25
- year_formula
year=(date_assumed−2026-11-06).days/365.25
- discount_formula
PV_case=Σ (dividend per share received by the one initial share × N0/1e8)/(1+k)^year + mcap_oku/(1+k)^terminal_year. mcap and terminal_event_review never in timed_cashflows.
- holder_convention
旧株1株を期間中売却しない・一般買戻しに非応札・増資に追加参加せず・2036-11-06に全て売却。旧株1株の円滑な比較のためt0モデル流通株数倍の合成持分億EURとして表示。
- payout_oku_definition
Only 10 cash dividends received by ONE original 2026-11-06 share × N0 synthetic index scale. No buybacks and no terminal.
- mcap_oku_definition
Only 2036-11-06 original one share terminal intrinsic value × N0 synthetic index scale; terminal value excluded from timed_cashflows.
- terminal_firm_equity_formula
E_terminal×[(earnings_coming_12m/E_terminal - g)/(k-g)] = [forward_12m_earnings-g×E_terminal]/(k-g)
- terminal_earnings_basis
2036-11-06末尾12か月の利益＝2035年11/07-12/31推定利益+2036年1/01-11/06推定利益。次の12か月予想＝同末尾12か月×(1+g)。2036年末全期予想を2036-11-06終価に誤用しない。
- terminal_share_price_formula
firm_equity_value_2036_11_06/(economic_shares_2036_11_06 + expected_future_treasury_release_shares)
- terminal_ltip_post_valuation
2036-11-06時点の社員制度向け保有株の90%が将来交付されると予想して、同日の旧株売却価格の分母に予想交付株数を含める。現金購入費用を二重計上せず、継続して利益に含むSBCと照合。
- no_permanent_share_reduction_from_ltip_purchases
LTIP市場取得はEBT保有時に経済流通株を減らし、従業員交付時に増やす。恒久消却の通常自己株買いとは区別。
- no_market_PER_or_PBR_regression
- はい
- common_discount_k
- 0.095
- xirr_formula
0=-17.602 +Σ dividend_EUR_one_share/(1+IRR)^actual_year + ONLY_ONE terminal_sale_one_share/(1+IRR)^10.001369
- reference_old_method
旧版2027～2036年暦年利益と終価を5年一括・10年で割引した金額は参考専用。今回の厳密な保有者時点別キャッシュフローとは比較時点・持分希薄化・受領者が異なるため主計算には流用しない。
- dividend_policy_basis
forecast adjusted aftertax earnings (company policy), IFRS net retained for accounting and terminal
- FY2026_2027_dividend_bridge
2026 FY IFRS profit 4.12 + H1 posttax adjusting 1.00 + H2 estimated posttax adjusting 0.28 = adjusted parent income 5.40. FY2027 ratio ×5.40.
- current_version
v3_post2025_demerger_conditional_dividend_terminal_separation_2026_11_08
- reported_2026_post_H1_LTIP_share_transactions
内容を開く
- source_disclosure_cutoff
2026-09-30
- first_tranche
内容を開く
- announcement_date
2026-08-18
- final_transaction_date
2026-09-09
- completion_announced_on
2026-09-10
- authorised_up_to_shares
- 5500000
- confirmed_acquired_shares
- 5401973
- confirmed_daily_transaction_amount_eur
- 91856763.68
- confirmed_transaction_amount_oku
- 0.9185676368
- company_says_tranche_complete
- はい
- second_tranche
内容を開く
- announcement_date
2026-09-18
- last_transaction_date_confirmed
2026-09-30
- announced_up_to_shares
- 6600000
- confirmed_acquired_shares_through_sept30
- 3050171
- confirmed_daily_transaction_amount_eur
- 50952914.32
- confirmed_transaction_amount_oku
- 0.5095291432
- additional_authorised_not_confirmed_as_acquired_shares
- 3549829
- confirmed_total_to_sept30
内容を開く
- 株数
- 8452144
- gross_transaction_amount_eur
- 142809678
- gross_transaction_amount_oku
- 1.42809678
- purchase_intent
長期インセンティブ制度の既存株による履行であり、通常の株主還元買戻しとは異なる。先渡取引を通じて取得後EBTへ交付予定。
- may_not_equal_treasury_shares_on_2026_11_06
- はい
- 2026_10_01_to_2026_11_06_verified_additional_acquisitions
- 未確認
- 2026_10_01_to_2026_11_06_unknown_reason
9月30日以降の取得総数、受渡日、会計自己株残高について、確認した基準日前の会社一次資料に一株単位の確定値がない。追加購入0株と断定しない。
- H2_cash_settlement_timing_verified
- 未確認
- accounting_assumption
8～9月に確定公表された取引8,452,144株・1.42809678億EURを、実際の先渡決済日未確認のまま期中取得株として計上しない。11/06までに60%（5,071,286株）が現金決済されEBTで保有と仮定、残40%（3,380,858株）を2026-12-15に決済と仮定。さらに2026-12-15新規0.30億EURのLTIP株取得を追加する仮定だが公表済み8,452,144株とは別取引。
- Q4_additional_stock_purchase_model_assumption_oku
- 0.3
- Q4_assumption_reason
第2トランシェ最大660万株の未確認残に対し追加取得の可能性があるため、0.30億EURを予測計上。会社公表の確定購入ではない。
- sources
- 1
https://www.sec.gov/Archives/edgar/data/2071668/000117184326005969/f6k_091026.htm
- 2
https://www.sec.gov/Archives/edgar/data/2071668/000117184326006305/f6k_093026.htm
- 3
https://www.globenewswire.com/news-release/2026/09/18/3364532/0/en/share-purchase-long-term-incentive-plans.html
- settled_asof_2026_11_06_company_confirmed
- 未確認
- asof_settlement_fraction_model_assumed
- 0.6
- postbase_settlement_date_assumed
2026-12-15
- pre_2026_11_06_shares_settled_model
- 5071286
- post_2026_11_06_pre_2026_12_31_reported_trades_settlement_shares_model
- 3380858
- post_2026_11_06_new_unconfirmed_shares_acquired_model
- 1714286
- asof_2026_11_06_model_bridge
内容を開く
- 状態
未監査Q3損益と先渡決済率の独自推計。正確な基準日IFRS B/Sは未公表。
- period_start
2026-06-30
- 期間末
2026-11-06
- h1_parent_common_equity_oku_reported
- 10.81
- h1_nci_equity_oku_reported
- 0.41
- h1_net_debt_oku_reported
- 32.64
- Q3_parent_profit_oku_estimate
- 1.15
- Q3_OCI_parent_oku_estimate
- 0.05
- Q3_sbc_equity_credit_oku_estimate
- 0.08
- Q3_ltip_forward_settlement_oku_assumed
- 0.571238712
- Q4_oct01_nov06_parent_profit_oku_estimate
- -0.180978261
- Q4_oct01_nov06_OCI_oku_estimate
- -0.080434783
- Q4_oct01_nov06_sbc_equity_credit_oku_estimate
- 0.040217391
- Q4_oct01_nov06_ltip_settlement_oku_assumed
- 0.285619356
- asof_common_equity_oku_proxy
- 11.01194628
- asof_nci_equity_oku_proxy
- 0.448271739
- asof_consolidated_equity_oku_proxy
- 11.460218019
- asof_net_debt_oku_proxy
- 31.786858068
- asof_issued_shares_proxy
- 612259739
- asof_employee_treasury_shares_proxy
- 5541286
- asof_economic_shares_proxy
- 606718453
- asof_company_equity_attributable_to_1_old_share_eur
- 1.815001048
- h1_ebt_shares_assumed
- 470000
- 2026_aug_sept_forward_acquired_shares_observed
- 8452144
- forward_shares_settled_at_base_assumed
- 5071286
- forward_cash_settled_at_base_assumed_oku
- 0.856858068
- asof_denominator_exact_verified
- 未確認
- book_formula
10.81+(1.15+0.05+0.08)-0.40×1.42809678+37/92×(-0.45-0.20+0.10)-0.20×1.42809678
- nci_note
NCI資本は親会社普通株資本から除外。Q3/Q4予想NCI利益と分配を単独管理。
- post_2026_11_06_to_year_end_bridge
内容を開く
- 状態
2026-11-07～2026-12-31未発表部分の分析仮定。FY2027期首とは同一視しない。
- period_id
2026_remaining_stub
- 対象年度
- 2026
- period_start
2026-11-07
- 期間末
2026-12-31
- period_start_exclusive_from_base
2026-11-06
- days
- 55
- is_full_fiscal_year
- いいえ
- reported_vs_forecast
推計のみ。2026-11-06時点で以降は全て未実績
- 売上高
- 7.442935
- 営業利益
- -0.071739
- finance_net_oku
- -0.23913
- hyperinflation_oku
- -0.011957
- tax_oku
- 0.073533
- noncontrolling_profit_oku
- 0.019728
- 純利益
- -0.269022
- oci_parent_oku
- -0.119565
- sbc_expense_oku
- 0.059783
- sbc_equity_credit_oku
- 0.059783
- dividends_oku
- 0
- gross_discretionary_buybacks_oku
- 0
- ltip_pre_valuation_disclosed_trades_settled_post_base_oku
- 0.571239
- ltip_pre_valuation_disclosed_trades_shares_settled_post_base
- 3380858
- ltip_new_unverified_shares_acquired_post_base_oku
- 0.3
- ltip_new_unverified_shares_acquired_post_base
- 1714286
- ltip_total_cash_oku
- 0.871239
- ltip_delivered_shares
- 0
- new_issuance_proceeds_oku
- 0
- new_issue_shares
- 0
- old_holder_cash_payout_oku
- 0
- company_equity_oku
- 9.811903
- noncontrolling_equity_oku
- 0.468
- consolidated_equity_oku
- 10.279903
- net_debt_oku
- 31.828097
- 発行済株式数
- 612259739
- employee_treasury_shares
- 10636430
- economic_outstanding_shares
- 601623309
- book_identity
E2026-12-31=E2026-11-06+NI_st+OCI_st+SBCcredit_st-LTIPforward_settlement_st-LTIPnewpurchase_st, no dividends or discretionary buybacks
- exact_stale_LTIP_cash_settlement_post_base_oku
- 0.571238712
- prebase_forward_shares_settled_postbase
- 3380858
- new_2026_Q4_LTIP_stock_purchases_unverified_amount_oku
- 0.3
- new_2026_Q4_stock_purchases_unverified_shares
- 1714286
- 2026_dec31_profit_after_base_estimate_oku
- -0.269021739
- 2026_dec31_equity_estimate_oku
- 9.81190322
- 2026_dec31_no_old_holder_cash_return_assumed
- はい
- 2026_dec31_denominator_estimate_shares
- 601623309
- strict_period_ledger
内容を開く
- H1_2026_reported
内容を開く
- end
2026-06-30
- book_oku
- 10.81
- noncontrolling_equity_oku
- 0.41
- 純利益
- 3.42
- sbc_expense_oku
- 0.18
- sbc_credit_oku
- 0.18
- employee_market_purchases_oku
- 0.08
- EBT_shares_count
- 未確認
- 2026_07_01_to_2026_09_30_estimated
内容を開く
- end
2026-09-30
- parent_profit_oku
- 1.15
- OCI_oku
- 0.05
- sbc_credit_oku
- 0.08
- disclosed_ltip_trades_not_identical_to_settlements_oku
- 1.42809678
- assumed_cash_settlement_oku
- 0.571238712
- book_end_oku
- 11.518761288
- reported_Q3_revenue_oku
- 25.11
- Q3_IFRS_net_unreported
- 未確認
- Q3_finance_oku_estimated
- -0.33
- Q3_tax_oku_estimated
- -0.42
- Q3_hyperinflation_oku_estimated
- 0.02
- Q3_noncontrolling_profit_oku_estimated
- 0.04
- 注記
Q3は売上のみ公表、親会社利益・OCI・SBC・LTIP決済率は全て仮定。
- 2026_10_01_to_2026_11_06_estimated
内容を開く
- end
2026-11-06
- days
- 37
- Q4_days
- 92
- 売上高
- 5.007065217
- 営業利益
- -0.04826087
- parent_profit_oku
- -0.180978261
- finance_oku
- -0.160869565
- hyperinflation_oku
- -0.008043478
- tax_oku
- 0.049467391
- noncontrolling_profit_oku
- 0.013271739
- OCI_oku
- -0.080434783
- sbc_credit_oku
- 0.040217391
- assumed_ltip_cash_settlement_oku
- 0.285619356
- book_end_oku
- 11.01194628
- issued_shares_proxy
- 612259739
- treasury_shares_proxy
- 5541286
- economic_shares_proxy
- 606718453
- 2026_11_07_to_2026_12_31_stub
内容を開く
- period_id
2026_remaining_stub
- 対象年度
- 2026
- period_start
2026-11-07
- 期間末
2026-12-31
- period_start_exclusive_from_base
2026-11-06
- days
- 55
- is_full_fiscal_year
- いいえ
- reported_vs_forecast
推計のみ。2026-11-06時点で以降は全て未実績
- 売上高
- 7.442935
- 営業利益
- -0.071739
- finance_net_oku
- -0.23913
- hyperinflation_oku
- -0.011957
- tax_oku
- 0.073533
- noncontrolling_profit_oku
- 0.019728
- 純利益
- -0.269022
- oci_parent_oku
- -0.119565
- sbc_expense_oku
- 0.059783
- sbc_equity_credit_oku
- 0.059783
- dividends_oku
- 0
- gross_discretionary_buybacks_oku
- 0
- ltip_pre_valuation_disclosed_trades_settled_post_base_oku
- 0.571239
- ltip_pre_valuation_disclosed_trades_shares_settled_post_base
- 3380858
- ltip_new_unverified_shares_acquired_post_base_oku
- 0.3
- ltip_new_unverified_shares_acquired_post_base
- 1714286
- ltip_total_cash_oku
- 0.871239
- ltip_delivered_shares
- 0
- new_issuance_proceeds_oku
- 0
- new_issue_shares
- 0
- old_holder_cash_payout_oku
- 0
- company_equity_oku
- 9.811903
- noncontrolling_equity_oku
- 0.468
- consolidated_equity_oku
- 10.279903
- net_debt_oku
- 31.828097
- 発行済株式数
- 612259739
- employee_treasury_shares
- 10636430
- economic_outstanding_shares
- 601623309
- book_identity
E2026-12-31=E2026-11-06+NI_st+OCI_st+SBCcredit_st-LTIPforward_settlement_st-LTIPnewpurchase_st, no dividends or discretionary buybacks
- 2027_through_2035
9暦年の通期損益・配当・LTIP出納・資本ロールを全ケースannualに収録
- 2036_01_01_to_2036_11_06_stub
内容を開く
- days
- 311
- calendar_year_days
- 366
- sales_fraction
- 0.911886649
- finance_day_fraction
- 0.849726776
- excluded_2036_11_07_to_12_31_days
- 55
- 2036_FY_pro_forma_not_reported_nor_included_in_pv
- はい
- total_holding_days
- 3653
- last_cashflow_date
2036-11-06
- day_count
ACT/365.25
- dividend_adjusted_income_reconciliation_v2
内容を開く
- policy_basis
net income after adjusting items (not reported IFRS net income)
- primary_source_2025_20F
https://www.sec.gov/Archives/edgar/data/2071668/000110465926029805/micc-20251231x20f.htm
- primary_source_2026_H1_reconciliation
https://news.magnumicecream.com/2026-half-year-results/
- financial_2026_H1_reported
内容を開く
- ifrs_parent_profit_oku
- 3.42
- after_tax_adjustments_display_difference_oku
- 1
- reported_adjusted_parent_profit_oku
- 4.42
- company_separately_disclosed_adjustment_oku_rounded
- 1.01
- rounding_residual_oku
- -0.01
- financial_2026_H2_forecast
内容を開く
- ifrs_parent_profit_oku
- 0.7
- after_tax_adjustments_oku
- 0.28
- adjusted_parent_profit_oku
- 0.98
- unverified
- はい
- financial_2026_FY_forecast
内容を開く
- ifrs_parent_profit_oku
- 4.12
- after_tax_adjustments_oku
- 1.28
- adjusted_parent_profit_oku
- 5.4
- not_company_FY_guidance
- はい
- initial_2027_payout_by_case_oku
内容を開く
- bull
- 3.17
- mild_bull
- 3.008
- base
- 2.9
- mild_bear
- 2.36
- bear
- 1.28
- year_2027_dividends_include_incremental_2025_stub_oku_model
- 0.2
- year_2025_undeclared_stub_amount_known
- 未確認
- other_adjusting_items_forecast_method
FY2027～2036の税引後調整項目をケース別に独立予測。税金控除後の追加控除ではなく、各年のIFRS営業費用・金融損益等にすでに含まれた特殊費用を非GAAP利益計算のみに再分類する。2036年度末を跨ぐ分は部分年度のみに按分。
- share_based_compensation_not_adjusted_out
- はい
- explicit_exception_bear
bear配当性向20%は財務保全のため公式40～60%目安を一時的に下回る分析仮定。役員会決議済みではない。
- reported_2025_after_demerger_split
内容を開く
- 出典
https://www.sec.gov/Archives/edgar/data/2071668/000110465926029805/micc-20251231x20f.htm
- parent_full_2025_IFRS_profit_oku
- 2.93
- parent_pre_2025_12_06_IFRS_profit_oku
- 4.8
- parent_post_demerger_2025_IFRS_profit_oku
- -1.87
- parent_post_demerger_2025_IFRS_profit_is_a_loss
- はい
- reported_2025_full_year_share_based_payment_credit_oku
- 0.35
- reported_2025_pre_demerger_SBC_credit_oku
- 0.28
- reported_2025_post_demerger_SBC_credit_oku
- 0.07
- post_demerger_2025_adjusted_parent_profit_oku
- 未確認
- post_demerger_2025_posttax_adjusting_items_oku
- 未確認
- why_not_calculate_post_demerger_adjusted_from_full_year
Annual group adjusted income, adjusting items and effective taxes span pre and post demerger. No stand-alone post-6-Dec adjusted income reconciliation found in filed report. December ice cream earnings seasonality makes 25/365 of annual profits unreliable.
- full_year_2025_adjusted_parent_income_oku_company_table
- 5.74
- full_year_2025_adjusted_income_reconciliation_mismatch_company_table
内容を開く
- IFRS_parent_profit_oku
- 2.93
- posttax_adjusting_items_oku_company_disclosed
- 2.18
- sum_oku
- 5.11
- printed_adjusted_parent_profit_oku
- 5.74
- unresolved_difference_oku
- 0.63
- another_annual_report_table_printed_adjusted_profit_oku
- 5.47
- 理由
2025 Form 20-F non-GAAP appendix contains inconsistent printed totals; use primary profit and clear H1 2026 bridge, not 2025 annual adjusted profit for the 2025 stub.
- 2025_dividend_to_Unilever_eur_million
- 83
- 2025_dividend_to_Unilever_accounting
€83m pre-demerger retained Unilever owner transaction, not new TMICC 2027 cash entitlement to 2026 buyer
- not_rebooked_into_2027_profit_or_2026_opening_book
- はい
- FY2025_stub_dividend_2027_first_payment_model
内容を開く
- FAQ_url
https://corporate.magnumicecream.com/en/investors/faq.html
- FAQ_language_summary
dividend on 2025 pre-demerger was Unilever dividend; post-demerger 2025 dividends earned to be paid as part of first H1 2027 payment
- asof_2026_11_06_2025_stub_dividend_declared_oku
- 未確認
- 2025_stub_adjusted_parent_income_identifiable
- 未確認
- 2025_stub_reported_IFRS_parent_income_oku
- -1.87
- base_conditional_extra_gross_oku
- 0.2
- plausible_zero_or_positive_or_reduced_unapproved
- はい
- low_extra_oku
- 0
- high_extra_oku
- 0.5
- rights_if_normal_2027_dividend_ex_date
2026-11-06 buyer will generally receive if remains eligible through 2027 ex-date; 2025 historical holding not required
- rights_if_company_separately_ring_fences_entitlement
2026 buyer might not receive that separately allocated portion; no evidence of such arrangement as at valuation date
- 2025_Unilever_dividend_not_received_by_2026_11_06_buyer
- はい
- 2027_first_payment_ex_date_declared
- 未確認
- 2027_first_payment_ex_date_model
2027-05-13
- 2027_first_payment_date_model
2027-05-20
- 2027_ordinary_dividend_announcement_confirmed
- 未確認
- recognition_policy
no liability assumed at 2026-11-06 or 2026-12-31 before valid declaration; cash and equity reduction are assumed in 2027 only
- accounting_warning
2025 post-demerger net loss already in opening capital; do not book this pre-valuation loss again.
評価根拠の詳細
- 市場
Euronext Amsterdam
- 株価基準日
2026-11-06
- price_eur
- 17.602
- issued_shares_reported
- 612259739
- issued_asof_base_confirmed
- 未確認
- asof_h1_employee_treasury_shares_assumed
- 470000
- asof_ltip_forward_settlement_shares_assumed
- 5071286
- asof_treasury_shares_proxy
- 5541286
- asof_economic_shares_proxy
- 606718453
- market_cap_proxy_oku
- 106.794582097
- valuation_cashflow_method
timed_holder_cashflows_v1
- time_discount_k
- 0.095
- terminal_calendar_date
2036-11-06
- terminal_year_act365_25
- 10.001368925
- weighted_mcap_oku_same_old_share_cohort
- 153.250725897
- weighted_cash_payout_oku_same_old_share_cohort
- 39.493391997
- weighted_terminal_pv_oku
- 61.831159898
- weighted_timed_cash_pv_oku
- 24.395887211
- weighted_equity_value_oku
- 86.227047108
- per_share_eur
- 14.212036354266
- upside
- -0.192589685589
- old_holder_expected_cashflows_XIRR
- 0.068272523442
- weighted_mean_scenario_IRR_reference
- 0.047056476969
- price_gap_eur_per_share
- -3.389963645734
- fx_conversion_needed
- いいえ
- market_per_used
- いいえ
- market_pbr_used
- いいえ
- no_issuer_buyback_cash_to_non_tendering_holder
- はい
- basis_treasury_assumption_sensitivity
内容を開く
- zero_2026_aug_sept_settled_assumption_shares
- 611789739
- sixty_percent_settled_assumption_shares
- 606718453
- all_2026_aug_sept_settled_assumption_shares
- 603337595
- 状態
株数だけを動かして同じ経済価値を割る機械的参考差。実際は決済が資本・将来Eと株数両方を動かすため評価額の確定上限・下限ではない。
- FY2026_2027_dividend_adjusted_income_bridge_oku
- IFRS_profit
- 4.12
- post_tax_adjustments
- 1.28
- adjusted_profit
- 5.4
- cashflows_match_2026_11_06_to_2036_11_06
- はい
- terminal_in_timed_cashflows
- いいえ
- timed_cashflows_are_only_cash_dividends
- はい
- conditional_2025_stub_dividend_for_2027_gross_oku
- 0.2
- 2025_stub_dividend_confirmed_oku
- 未確認
- synthetic_cohort_is_not_an_actual_group_of_shareholders
- はい
- N0_exceeds_first_dividend_eligible_shares
- はい
- can_synthetic_holder_cash_exceed_issuer_total_cash
- はい
- ex_date_2027_assumed
2027-05-13
- ex_date_2027_confirmed
- 未確認
- sensitivity_0_extra_per_share_eur
- 14.18591333
- sensitivity_high_extra_per_share_eur
- 14.251220891
- sensitivity_special_prior_holder_per_share_eur
- 14.180365273
分析基準とデータ
- 価格・単価
- 17.602
- 株数
- 606718453
- price_as_of
2026-11-06
- shares_as_of
2026-11-06 (独自代理モデル)
- 株価の出所
- url
https://live.euronext.com/pt/markets/amsterdam/equities/list
- 出典
Euronext Amsterdam公式銘柄一覧 MAGNUM NL0015002MS2 MICC、06 Nov 2026 17:35 CET 表示 EUR 17.602。小数第2位表示の二次データでは17.60。
- 株数の出所
内容を開く
- url
https://corporate.magnumicecream.com/en/investors/shareholder-centre.html
- reported_issued_shares
- 612259739
- reported_issued_shares_latest_independent_date
2026-06-30
- valuation_old_share_denominator_model
- 606718453
- 方法
reported issued shares minus estimated H1 EBT holdings and 60% post-H1 LTIP forward acquisitions assumed settled by the close of 2026-11-06
- limitation
発行済612,259,739株は一次資料値だが、2026-11-06現在EBT保有・直接自己株数・先渡決済の一株単位残高は未確認。代理分母606,718,453株は会社公表値ではない。
- issued_shares_2025_12_31
- 612259739
- issued_shares_2026_06_30
- 612259739
- issuer_treasury_shares_2026_06_30
- 未確認
- employee_plan_treasury_shares_2026_06_30
- 未確認
- issued_shares_2026_11_06
- 未確認
- treasury_excluded_shares_2026_11_06
- 未確認
- shares_used_are_proxy_issued_not_exact_ex_treasury
- はい
- shares_proxy_limitation
2026-06-30発行済612,259,739株からH1 EBT470,000株、8～9月LTIP取得8,452,144株のうち2026-11-06までに60%決済した5,071,286株を控除する分析代理値。決済率・H1 EBT保有株数は非公表かつ推定。従って厳密な当日流通株数はnull。
- multiple_listings
Amsterdam/ロンドン/NYSEは同じISINの一普通株を取引し、発行済数は一度だけ計上。NYSE価格USDは使わない。
- 2026_08_to_09_announced_employee_incentive_plan_shares_acquired
- 8452144
- not_strict_treasury_classification
会社公表の先渡取得株数は、EBTの同日保有残高、会社自己株残高、従業員へ交付済の純残高と同義ではない。
- hypothetical_proxy_if_all_8452144_shares_held_as_treasury
- 603337595
- hypothetical_proxy_not_adopted
- はい
- 2026_11_06_old_share_cohort_one_non_tendering_share
- はい
- 2026_11_06_proxy_treasury_shares
- 5541286
- 2026_11_06_proxy_issued_shares
- 612259739
- 2026_11_06_proxy_economic_shares
- 606718453
- pre_valuation_employee_shares_held_h1_estimate
- 470000
- pre_valuation_forward_shares_assumed_cash_settled_and_in_ebt
- 5071286
- pre_valuation_forward_settlement_ratio_assumed
- 0.6
- forward_trades_disclosed_2026_09_30_shares
- 8452144
- forward_trades_disclosed_2026_09_30_amount_oku
- 1.42809678
- settled_pre_base_amount_assumed_oku
- 0.856858068
- settlement_date_and_status_verified
- 未確認
- unresolved_issued_shares_after_2026_06_30
- 未確認
- holder_unit
one original 2026-11-06 acquired share, no tender, no capital subscription; held through ex dates
- N0_for_synthetic_scaling_only
- 606718453
- synthetic_N0_is_not_real_cohort
- はい
- company_real_2027_eligible_shares_example
- 601623309
- synthetic_N0_greater_than_2027_eligible_shares
- はい
- legal_2025_unilever_distribution_entitlement_after_2026_purchase
- いいえ
- conditional_TMici_2027_2025_stub_component_entitlement_for_2026_buyer_assumed
- はい
- TMICC_2027_ex_date_confirmed
- 未確認
- TMICC_2027_ex_date_assumed
2027-05-13
検証上の留意点
- key_changes_from_prior
内容を開く
- 1
v1の「2027は前期IFRS利益55%なのに2.92億EUR、base 50%なのに2.70億EUR」という不一致を修正。会社一次資料の配当方針はIFRSでなく調整項目後の純利益の40～60%。
- 2
FY2026 IFRS利益予測4.12億EURにH1一次資料調整差額1.00億とH2税後調整推定0.28億を加え、調整後利益5.40億EURに統一。2027の5ケース初回配当は性向×5.40で再計算。
- 3
2028～2036は直前年度のIFRS親会社利益＋税引後調整項目のモデル仮定に性向を適用。配当基礎をSBC費用加算戻し後の利益に置き換えない。
- 4
予想配当修正→期末純負債→翌期の金融費用→IFRS利益・税金→翌期配当へ連鎖させて再計算。
- 5
各期間の資本増減・NCI・EBT保有・社員交付・通常消却・増資を更新。旧株は買戻しに応募しないため市場買戻し代金は旧株主個人CFに含めない。
- 6
最終終価は2036-11-06時点の残高と直近12か月IFRS利益から導出。2036-12-31の残余期間は含めない。
- 単位
億EUR、株数は株、価格はEUR/株、率は小数。amountは旧株1株をt0 N0株で正規化した億EUR。
- 2026_11_06_baseline_validation
内容を開く
- reported_H1_parent_equity_oku
- 10.81
- modeled_asof_parent_equity_oku
- 11.01194628
- reported_2026_09_30_forward_transaction_shares
- 8452144
- reported_2026_09_30_forward_transaction_amount_oku
- 1.42809678
- modeled_pre_asof_settled_fraction
- 0.6
- modeled_pre_asof_settled_shares
- 5071286
- unsettled_assumed_post_asof_shares
- 3380858
- h1_ebt_shares_unverified
- 未確認
- h1_ebt_shares_assumed
- 470000
- asof_total_treasury_shares_proxy
- 5541286
- asof_old_economic_shares_proxy
- 606718453
- asof_book_profit_vs_forward_warning
Q3親会社利益、期中決済率、EBT残高は会社の2026-11-06時点の確定値ではない。
- strict_horizon
2026-11-06の翌日から2036-11-06までの実日数3653日、ACT/365.25により10.001368925年。2026年stub55日、2027～2035全9年、2036年1月1日～11月6日の部分期間を含む。
- payment_definition
旧株1株は期間中非売却・非応募・新株引受なし。配当日（予測5月20日）に会社配当総額/配当適格株数で1株受領し、N0倍をamount(億EUR)とする。会社の通常買戻し・社員EBT購入・増資は旧株CFの受領/支払に入れず株式数・資本にのみ反映。
- capital_valuation_separation
会社の資本Eは普通株利益+OCI+SBC資本振替−現金配当−通常自社株買戻し−EBT購入+新株発行で更新。一方旧株主cashflowは配当のみ。社員へ既存EBT株を交付する際は会社の資本を再控除しないが、流通株数は増える。
- terminal_valuation_formula
firm_terminal_value=(LTM_ordinary_profit_2036Nov06×(1+g)−g×book_equity_at_2036Nov06)/(coc.k−g)、全株式価値。 old_share_terminal_per_share=firm_terminal_value×1e8/(N_economic+expected_postend_EBT_release)。市場PER/PBR未使用。
- timing_formula
PV_i=Σ_cashdividend_i / (1+coc.k)^[(payment_date−2026-11-06).days/365.25] + mcap_i / (1+coc.k)^[(2036-11-06−2026-11-06).days/365.25]
- prob_sum
- 1
- expected_pv_oku
- 86.227047108
- per_old_share_eur
- 14.212036354266
- price_gap_ratio
- -0.192589685589
- weighted_cashflows_irr
- 0.068272523442
- expected_irr_vs_expected_case_irr
- 0.047056476969
- cases
内容を開く
- bull
内容を開く
- fy_annual_rows
- 10
- dated_dividend_events
- 10
- time_cashflow_events
- 10
- time_pv_oku
- 165.150453791
- 期間内株主受取
- 66.526456655
- terminal_holder_oku
- 310.837716981
- terminal_never_in_timed_cashflows
- はい
- rollforward_residual_oku
- -2.8E-7
- FY2027_first_cash_dividend_oku
- 3.17
- FY2025_stub_conditional_extra_oku
- 0.2
- terminal_net_debt_oku
- 0.774194359
- holder_irr
- 0.151187177601
- mild_bull
内容を開く
- fy_annual_rows
- 10
- dated_dividend_events
- 10
- time_cashflow_events
- 10
- time_pv_oku
- 117.782079789
- 期間内株主受取
- 51.668812179
- terminal_holder_oku
- 213.933567407
- terminal_never_in_timed_cashflows
- はい
- rollforward_residual_oku
- -2.8E-7
- FY2027_first_cash_dividend_oku
- 3.008
- FY2025_stub_conditional_extra_oku
- 0.2
- terminal_net_debt_oku
- 3.139630857
- holder_irr
- 0.107465898837
- base
内容を開く
- fy_annual_rows
- 10
- dated_dividend_events
- 10
- time_cashflow_events
- 10
- time_pv_oku
- 88.078259042
- 期間内株主受取
- 41.807065747
- terminal_holder_oku
- 154.106578541
- terminal_never_in_timed_cashflows
- はい
- rollforward_residual_oku
- -2.8E-7
- FY2027_first_cash_dividend_oku
- 2.9
- FY2025_stub_conditional_extra_oku
- 0.2
- terminal_net_debt_oku
- 6.159777674
- holder_irr
- 0.070700683518
- mild_bear
内容を開く
- fy_annual_rows
- 10
- dated_dividend_events
- 10
- time_cashflow_events
- 10
- time_pv_oku
- 39.169720761
- 期間内株主受取
- 21.414657042
- terminal_holder_oku
- 62.391874947
- terminal_never_in_timed_cashflows
- はい
- rollforward_residual_oku
- -2.8E-7
- FY2027_first_cash_dividend_oku
- 2.36
- FY2025_stub_conditional_extra_oku
- 0.2
- terminal_net_debt_oku
- 13.894973659
- holder_irr
- -0.027074312231
- bear
内容を開く
- fy_annual_rows
- 10
- dated_dividend_events
- 10
- time_cashflow_events
- 10
- time_pv_oku
- 9.183705084
- 期間内株主受取
- 5.848124315
- terminal_holder_oku
- 12.257037048
- terminal_never_in_timed_cashflows
- はい
- rollforward_residual_oku
- -2.8E-7
- FY2027_first_cash_dividend_oku
- 1.28
- FY2025_stub_conditional_extra_oku
- 0.2
- terminal_net_debt_oku
- 26.548250236
- holder_irr
- -0.182126868702
- original_h1_numbers_unchanged
- はい
- regulatory_and_ltip_cautions
内容を開く
- 1
2026/08-09先渡取得済み株数、先渡契約締結日、決済日、EBT実際の保有残高、将来交付株数は異なる。
- 2
2026-11-06の自己株残高・実際の売却可能株数は未確認。モデルの606,718,453株は代理値。
- 3
2026年8～9月の取得済み8,452,144株を2027以降の新規買付金額に再計上しない。
- 4
旧株保有者が売却しないため通常買戻し代金をpayout_okuには含めず、会社の株数縮小と普通株資本減少で一度だけ反映。
- 5
将来株式発行の非参加を仮定。現実の株主には増資の権利価値・取得や売却の選択肢があり、仮定次第でIRRは変わる。
- 6
terminal effective shares includes 90% of yet-to-be-delivered EBT inventory as expected forward dilution, not immediate cancellation or double paid employee award expense.
- 7
会社の公式配当性向は調整項目後純利益ベース。修正モデルではFY2026のIFRS4.12+税引後調整1.28=調整後5.40を初回配当基礎とし、以後も前年のIFRS利益＋税引後調整項目を基礎に各ケース性向を適用。2027初回・将来配当の金額と権利落ち日・支払日は未宣言・推定。
- unverified_items
内容を開く
- 1
- item
2026-11-06確定EBT株数・先渡取得決済株数・当日自己株控除後株数
- 値
- 未確認
- 理由
H1は百万株単位EPS平均と8百万EUR EBT取得額のみ。9月の先渡取得開示は実際の受渡日・EBT残高を確定しない。
- 2
- item
2026-Q3 IFRS親会社普通株利益・資本・SBC・NCI
- 値
- 未確認
- 理由
Q3更新は売上高・有機成長中心の取引更新でIAS34の9か月PL/BSは未公表。
- 3
- item
2027初回配当確定日・額
- 値
- 未確認
- 理由
FY2026発表時に決定しH1 2027支払予定、2026-11-06時点未確定。
- 4
- item
2026年9月30日以降の第2トランシェ追加買付・取得済み8,452,144株の現金決済日
- 値
- 未確認
- 理由
2026-11-06までに確認した一次資料では決済日とEBT信託受渡の確定数量を照合できない。0.30億EUR新規仮定は会社確定取引ではない。
- 5
- item
2027-2036買戻し・発行・配当・社員交付・将来株価
- 値
- 未確認
- 理由
将来は全て独自のケース別仮定。実現株価・株式交付・権利確定条件・時点は未知。
- 6
- item
2036-11-06実際の株数・普通株資本・IRR
- 値
- 未確認
- 理由
全て当該時点のモデル出力であり会社確定データではない。
- validation_passed
- はい
- rounding
Full computations in Python float; JSON monetary stocks, totals and 1-share values stored to 9 decimals where appropriate, all monetary amounts are hundred-million EUR unless stated. Annual source segment estimates may carry 6-decimal rounding. Residual tolerances <=1e-5 hundred-million EUR.
- source_confirmed_dividend_policy
40%-60% of income after adjusting items; H1 2027 first payment plus FAQ 2025 post-dem component. 2025 special element cash amount and eligible record date unconfirmed.
- forecast_adjusting_items_source_status
FY2026 H2およびFY2027以降の税引後調整項目は独自モデル仮定。2026年11月6日時点で会社が確定公表した年間調整後利益・配当は存在しない。
- 2026_FY_dividend_income_bridge_oku
内容を開く
- H1_IFRS
- 3.42
- H1_adjusted_reported
- 4.42
- H1_aftertax_difference
- 1
- H2_IFRS_model
- 0.7
- H2_aftertax_adjustments_model
- 0.28
- FY_IFRS_model
- 4.12
- FY_adjusted_model
- 5.4
- 2027_initial_dividend_identity_oku
内容を開く
- bull
内容を開く
- regular_from_2026_adjusted_oku
- 2.97
- 2025_extra_conditional_oku
- 0.2
- company_dividend_2027_oku
- 3.17
- old_one_share_eur
- 0.526907776441
- synthetic_N0_scaled_oku
- 3.19684671
- mild_bull
内容を開く
- regular_from_2026_adjusted_oku
- 2.808
- 2025_extra_conditional_oku
- 0.2
- company_dividend_2027_oku
- 3.008
- old_one_share_eur
- 0.499980628244
- synthetic_N0_scaled_oku
- 3.033474733
- base
内容を開く
- regular_from_2026_adjusted_oku
- 2.7
- 2025_extra_conditional_oku
- 0.2
- company_dividend_2027_oku
- 2.9
- old_one_share_eur
- 0.482029196113
- synthetic_N0_scaled_oku
- 2.924560082
- mild_bear
内容を開く
- regular_from_2026_adjusted_oku
- 2.16
- 2025_extra_conditional_oku
- 0.2
- company_dividend_2027_oku
- 2.36
- old_one_share_eur
- 0.392272035457
- synthetic_N0_scaled_oku
- 2.379986825
- bear
内容を開く
- regular_from_2026_adjusted_oku
- 1.08
- 2025_extra_conditional_oku
- 0.2
- company_dividend_2027_oku
- 1.28
- old_one_share_eur
- 0.212757714146
- synthetic_N0_scaled_oku
- 1.290840312
- 2027_and_later_adjustment_scope
各年のIFRS利益には特殊費用・SBCを費用として残す。税引後調整額はIFRS純利益から非GAAP Adjusted Net Incomeを示すための加算であり、現金/負債/資本に重ねて加算しない。
- 2025_first_dividend_extra_stublimit
2025 consolidated post-demerger IFRS loss -1.87億 EUR is confirmed but NOT the 2025 post-demerger adjusted income. 0.20億 dividend extra is a conditional scenario only; no fixed zero or confirmed positive value.
- financial_interest_feedback
各年末純負債を再計算し、翌年度財務費用をケース別金利×期首純負債×期間係数として再計算。当年配当の期中追加利息は省略した年次近似。
- v1_dividend_inconsistency_resolved_by
explicit forecast bridge to company-reported adjusted net income policy; no unsubstantiated unlabelled first-year override
- model_revision_id
v3_post_2025_dividend_entitlement_terminal_outside_timed_cashflows
- time_cashflows_2027_2036_count_each
- 10
- time_cashflows_has_terminal_in_any_scenario
- いいえ
- expected_cashflows_list_includes_terminal
- いいえ
- real_company_vs_synthetic_checks
内容を開く
- bull
内容を開く
- company_2027_cash_dividend_oku
- 3.17
- N0_scaled_2027_one_share_cash_oku
- 3.19684671
- eligible_real_company_shares
- 601623309
- model_N0
- 606718453
- scaler_ratio
- 1.008468993677
- one_share_dividend_eur
- 0.526907776441
- no_claim_this_is_actual_old_share_cohort_total
- はい
- mild_bull
内容を開く
- company_2027_cash_dividend_oku
- 3.008
- N0_scaled_2027_one_share_cash_oku
- 3.033474733
- eligible_real_company_shares
- 601623309
- model_N0
- 606718453
- scaler_ratio
- 1.008468993677
- one_share_dividend_eur
- 0.499980628244
- no_claim_this_is_actual_old_share_cohort_total
- はい
- base
内容を開く
- company_2027_cash_dividend_oku
- 2.9
- N0_scaled_2027_one_share_cash_oku
- 2.924560082
- eligible_real_company_shares
- 601623309
- model_N0
- 606718453
- scaler_ratio
- 1.008468993677
- one_share_dividend_eur
- 0.482029196113
- no_claim_this_is_actual_old_share_cohort_total
- はい
- mild_bear
内容を開く
- company_2027_cash_dividend_oku
- 2.36
- N0_scaled_2027_one_share_cash_oku
- 2.379986825
- eligible_real_company_shares
- 601623309
- model_N0
- 606718453
- scaler_ratio
- 1.008468993677
- one_share_dividend_eur
- 0.392272035457
- no_claim_this_is_actual_old_share_cohort_total
- はい
- bear
内容を開く
- company_2027_cash_dividend_oku
- 1.28
- N0_scaled_2027_one_share_cash_oku
- 1.290840312
- eligible_real_company_shares
- 601623309
- model_N0
- 606718453
- scaler_ratio
- 1.008468993677
- one_share_dividend_eur
- 0.212757714146
- no_claim_this_is_actual_old_share_cohort_total
- はい
- sensitivity_2025_stub_extras
内容を開く
- low_0_oku
- weighted_PV_oku
- 86.068553898
- one_share_eur
- 14.18591333
- IRR
- 0.06809683
- main_conditional_0_2_oku
- weighted_PV_oku
- 86.227047108
- one_share_eur
- 14.212036354
- IRR
- 0.068272523
- high_0_5_oku
- weighted_PV_oku
- 86.464786924
- one_share_eur
- 14.251220891
- IRR
- 0.068536794
- special_ring_fenced_entitlement_2026_buyer_not_recipient
- weighted_PV_oku
- 86.034892812
- one_share_eur
- 14.180365273
- IRR
- 0.068049976
- not_a_probability_distribution
- はい
- each_sensitivity_recomputes_following_year_net_debt_interest_IFRS_profit_and_payout
- はい
- validation_engine
independent recomputation from annual raw operating profit, opening net debt and effective tax rates, subsequent dividend-driven debt interest feedback, equity/cash ledgers, dated cash per share and terminal only-once XIRR
追加データ・検証記録
分析ごとに収録された追加の前提、年度別データ、検証上の注意を確認できます。
分析に使用した資料
- TMICC 2026 Half Year Results and IAS 34 condensed consolidated financial statements 2026-07-30
- TMICC 2026 Q3 Trading Update 2026-10-29
- TMICC 2025 Annual Report Form 20-F, issued shares and demerger equity 2026-03-18
- TMICC SEC 6-K 2026 Half Year Results 2026-07-30
- TMICC SEC 6-K Q3 2026 2026-10-29
- TMICC official shareholder centre, 612259739 issued ordinary shares
- TMICC investor FAQ first dividend FY2026 paid H1 2027, no confirmed amount at cut-off
- TMICC capital markets day payout policy and debt leverage 2025-09-09
- Euronext official Amsterdam shares list Nov 6 2026 price 17.602 EUR MICC
- TMICC Euronext AFM approved demerger prospectus capital and dividend policy
- Unilever official TMICC demerger and retained 19.85% stake
- TMICC August LTIP share purchase tranche final 5,401,973 shares and transaction detail, SEC 6-K 2026-09-10
- TMICC September LTIP share purchase tranche cumulative 3,050,171 shares by 2026-09-30, SEC 6-K 2026-09-30
- TMICC planned up to 6.6m additional ordinary shares via forward agreements for employee benefit trust 2026-09-18
- TMICC LTIP confirmed cumulative transaction count 3,050,171 in September 2026 2026-09-30
- TMICC employee share purchases final first tranche 5,401,973 stocks 2026-09-10
- TMICC Amsterdam market 2026-11-06 share-price secondary cross check
- TMICC 2025 Annual Report 20-F explicitly states annual payout 40-60% of net income after adjusting items 2026-03-18
- TMICC Investor FAQ: FY2026 first dividend announced with FY results and paid in H1 2027; 2025 post-demerger portion noted
- TMICC investor FAQ, 2027 first dividend includes 2025 post-demerger earned portion, amount and ex-date not stated
- TMICC FY2025 filed 20-F consolidated equity, pre/post demerger IFRS income split and SBC split 2026-03-18
- TMICC 2025 full-year company results, 2025 adjusted earnings are full FY not post-6 Dec stub 2026-02-12