A dispensing device for milk and/or milk foam is provided that includes a mixing device for mixing steam, milk and/or air. A mixing device may include a chamber, a first line for the supply of milk into the chamber, a second line for a supply of steam into the chamber, a third line for the supply of air into the chamber, at least one outlet for dispensing the milk and/or the milk foam from the chamber, a valve including an adjustable regulating shaft for regulating the supply of milk and/or air into the chamber. By adjusting the regulating shaft between different predetermined positions at least one flow of milk may be switched on and switched off and/or altered and a flow of air may be switched on and switched off and/or altered. A dispensing device may further include a drive motor for adjusting the regulating shaft of the valve and a control device for controlling the drive motor. The regulating shaft may be movable by controlling the drive motor by means of the control device into respective predetermined positions.
