Upcoming Dividend • May 11
Upcoming dividend of €0.47 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. Payout ratio is on the higher end at 97%, and the cash payout ratio is above 100%. Trailing yield: 5.5%. Within top quartile of Italian dividend payers (4.6%). Higher than average of industry peers (3.5%). Buy Or Sell Opportunity • May 06
Now 20% overvalued Over the last 90 days, the stock has fallen 7.2% to €8.58. The fair value is estimated to be €7.14, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €6.51, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 14x in the Consumer Retailing industry in Europe. Total loss to shareholders of 38% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.29 per share. Declared Dividend • Mar 19
Dividend reduced to €0.47 Dividend of €0.47 is 22% lower than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 7.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (105% earnings payout ratio) nor is it covered by cash flows (131% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 16% to bring the payout ratio under control. EPS is expected to grow by 35% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Aankondiging • Mar 19
MARR S.p.A., Annual General Meeting, Apr 28, 2026 MARR S.p.A., Annual General Meeting, Apr 28, 2026, at 10:30 W. Europe Standard Time. Aankondiging • Mar 18
MARR S.p.A. announces Annual dividend, payable on May 20, 2026 MARR S.p.A. announced Annual dividend of EUR 0.4700 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. New Risk • Mar 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 3.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 105% Cash payout ratio: 131% Minor Risks Share price has been volatile over the past 3 months (3.4% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Buy Or Sell Opportunity • Mar 16
Now 33% undervalued after recent price drop Over the last 90 days, the stock has fallen 26% to €6.58. The fair value is estimated to be €9.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 3.6%. For the next 3 years, revenue is forecast to grow by 2.8% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: €0.49 (vs €0.66 in FY 2024) Full year 2025 results: EPS: €0.49 (down from €0.66 in FY 2024). Revenue: €2.13b (up 4.5% from FY 2024). Net income: €31.0m (down 28% from FY 2024). Profit margin: 1.5% (down from 2.1% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Price Target Changed • Mar 04
Price target decreased by 8.1% to €11.50 Down from €12.52, the current price target is an average from 6 analysts. New target price is 33% above last closing price of €8.63. Stock is down 16% over the past year. The company is forecast to post earnings per share of €0.57 for next year compared to €0.66 last year. Aankondiging • Jan 22
MARR S.p.A. (BIT:MARR) acquired Bergel + Srl from Ortofrutticola Srl Di Genovesi E Anversa for €4.7 million. MARR S.p.A. (BIT:MARR) acquired Bergel + Srl from Ortofrutticola Srl Di Genovesi E Anversa for €4.7 million on January 20, 2026. A consideration of €4.7 million will be paid by MARR S.p.A. As part of consideration, €4.7 million is paid towards common equity of Bergel + Srl. As part of the transaction, Bergel will retain the use of the facility in Zanica.
For the period ending December 31, 2025, Bergel + Srl reported total sales of €25 million.
MARR S.p.A. (BIT:MARR) acquired Bergel + Srl from Ortofrutticola Srl Di Genovesi E Anversa on January 20, 2026. Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.645 to €0.563 per share. Revenue forecast steady at €2.14b. Net income forecast to grow 20% next year vs 26% growth forecast for Consumer Retailing industry in Italy. Consensus price target down from €12.52 to €11.88. Share price fell 5.7% to €8.44 over the past week. Reported Earnings • Nov 17
Third quarter 2025 earnings released Third quarter 2025 results: EPS: €0.27. Revenue: €649.9m (up 4.4% from 3Q 2024). Net income: €17.4m (down 6.1% from 3Q 2024). Profit margin: 2.7% (down from 3.0% in 3Q 2024). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Consumer Retailing industry in Europe. Major Estimate Revision • Aug 11
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €0.744 to €0.651 per share. Revenue forecast steady at €2.14b. Net income forecast to grow 28% next year vs 24% growth forecast for Consumer Retailing industry in Italy. Consensus price target broadly unchanged at €12.62. Share price fell 4.7% to €9.66 over the past week. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: €0.24 (vs €0.25 in 2Q 2024) Second quarter 2025 results: EPS: €0.24 (down from €0.25 in 2Q 2024). Revenue: €595.6m (up 7.9% from 2Q 2024). Net income: €15.3m (down 2.6% from 2Q 2024). Profit margin: 2.6% (down from 2.9% in 2Q 2024). Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • May 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 15% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 101% Cash payout ratio: 152% Minor Risk Large one-off items impacting financial results. Reported Earnings • May 16
First quarter 2025 earnings released: €0.042 loss per share (vs €0.026 profit in 1Q 2024) First quarter 2025 results: €0.042 loss per share (down from €0.026 profit in 1Q 2024). Revenue: €409.2m (flat on 1Q 2024). Net loss: €2.68m (down 255% from profit in 1Q 2024). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 12
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 6.0%. Within top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (3.6%). New Risk • Apr 17
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 109% Minor Risk Large one-off items impacting financial results. Aankondiging • Mar 24
MARR S.p.A., Annual General Meeting, Apr 28, 2025 MARR S.p.A., Annual General Meeting, Apr 28, 2025, at 11:00 W. Europe Standard Time. Declared Dividend • Mar 19
Dividend of €0.60 announced Dividend of €0.60 is the same as last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 6.0%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (85% earnings payout ratio) but not covered by cash flows (105% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 42% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • Mar 18
MARR S.p.A. announces Annual dividend, payable on May 21, 2025 MARR S.p.A. announced Annual dividend of EUR 0.6000 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. New Risk • Mar 16
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 49% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (49% net debt to equity). Dividend is not well covered by cash flows (105% cash payout ratio). Major Estimate Revision • Nov 21
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €2.12b to €2.09b. EPS estimate also fell from €0.73 per share to €0.648 per share. Net income forecast to grow 14% next year vs 16% growth forecast for Consumer Retailing industry in Italy. Consensus price target down from €14.58 to €13.25. Share price fell 7.5% to €9.77 over the past week. Price Target Changed • Nov 18
Price target decreased by 9.1% to €13.25 Down from €14.58, the current price target is an average from 4 analysts. New target price is 40% above last closing price of €9.48. Stock is down 21% over the past year. The company is forecast to post earnings per share of €0.65 for next year compared to €0.72 last year. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: €0.28 (vs €0.33 in 3Q 2023) Third quarter 2024 results: EPS: €0.28 (down from €0.33 in 3Q 2023). Revenue: €622.7m (up 2.2% from 3Q 2023). Net income: €18.5m (down 15% from 3Q 2023). Profit margin: 3.0% (down from 3.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: €0.25 (vs €0.26 in 2Q 2023) Second quarter 2024 results: EPS: €0.25 (down from €0.26 in 2Q 2023). Revenue: €555.7m (down 1.3% from 2Q 2023). Net income: €15.7m (down 8.5% from 2Q 2023). Profit margin: 2.8% (down from 3.1% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Major Estimate Revision • Jul 05
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from €2.41b to €2.14b. EPS estimate unchanged from €0.76 per share at last update. Consumer Retailing industry in Italy expected to see average net income growth of 20% next year. Consensus price target of €14.90 unchanged from last update. Share price was steady at €12.16 over the past week. Major Estimate Revision • Jun 06
Consensus revenue estimates increase by 12% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from €2.14b to €2.41b. EPS estimate unchanged from €0.76 at last update. Consumer Retailing industry in Italy expected to see average net income growth of 23% next year. Consensus price target of €14.90 unchanged from last update. Share price was steady at €11.60 over the past week. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: €0.026 (vs €0.022 in 1Q 2023) First quarter 2024 results: EPS: €0.026 (up from €0.022 in 1Q 2023). Revenue: €418.1m (flat on 1Q 2023). Net income: €1.73m (up 18% from 1Q 2023). Profit margin: 0.4% (in line with 1Q 2023). Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 13
Upcoming dividend of €0.60 per share Eligible shareholders must have bought the stock before 20 May 2024. Payment date: 22 May 2024. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Italian dividend payers (5.4%). Higher than average of industry peers (4.1%). New Risk • Apr 07
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (96% cash payout ratio). Declared Dividend • Mar 18
Dividend increased to €0.60 Dividend of €0.60 is 58% higher than last year. Ex-date: 20th May 2024 Payment date: 22nd May 2024 Dividend yield will be 5.1%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is covered by earnings (84% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: €0.72 (vs €0.40 in FY 2022) Full year 2023 results: EPS: €0.72 (up from €0.40 in FY 2022). Revenue: €2.09b (up 11% from FY 2022). Net income: €47.1m (up 78% from FY 2022). Profit margin: 2.3% (up from 1.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 17
Third quarter 2023 earnings released: EPS: €0.33 (vs €0.21 in 3Q 2022) Third quarter 2023 results: EPS: €0.33 (up from €0.21 in 3Q 2022). Revenue: €610.4m (flat on 3Q 2022). Net income: €21.9m (up 54% from 3Q 2022). Profit margin: 3.6% (up from 2.3% in 3Q 2022). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Aug 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (170% cash payout ratio). Share price has been volatile over the past 3 months (5.3% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: €0.26 (vs €0.20 in 2Q 2022) Second quarter 2023 results: EPS: €0.26 (up from €0.20 in 2Q 2022). Revenue: €564.8m (up 5.8% from 2Q 2022). Net income: €17.2m (up 28% from 2Q 2022). Profit margin: 3.0% (up from 2.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Price Target Changed • May 16
Price target increased by 12% to €16.34 Up from €14.64, the current price target is an average from 5 analysts. New target price is 8.4% above last closing price of €15.08. Stock is up 3.4% over the past year. The company is forecast to post earnings per share of €0.77 for next year compared to €0.40 last year. Upcoming Dividend • May 15
Upcoming dividend of €0.38 per share at 2.8% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Payout ratio is on the higher end at 95% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Italian dividend payers (5.3%). Lower than average of industry peers (4.4%). Major Estimate Revision • May 14
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from €2.04b to €2.11b. EPS estimate increased from €0.721 to €0.85 per share. Net income forecast to grow 114% next year vs 14% growth forecast for Consumer Retailing industry in Italy. Consensus price target of €14.64 unchanged from last update. Share price was steady at €13.54 over the past week. Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: €0.40 (vs €0.53 in FY 2021) Full year 2022 results: EPS: €0.40 (down from €0.53 in FY 2021). Revenue: €1.93b (up 36% from FY 2021). Net income: €26.6m (down 24% from FY 2021). Profit margin: 1.4% (down from 2.5% in FY 2021). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Alessandro Nova was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 05
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: €555.6m (up 60% from 2Q 2021). Net income: €13.4m (up 79% from 2Q 2021). Profit margin: 2.4% (up from 2.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 4.1%, compared to a 8.1% growth forecast for the industry in Italy. Upcoming Dividend • May 16
Upcoming dividend of €0.47 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 25 May 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.4%. Within top quartile of Italian dividend payers (4.7%). Higher than average of industry peers (4.2%). Price Target Changed • Apr 27
Price target decreased to €18.64 Down from €21.62, the current price target is an average from 5 analysts. New target price is 19% above last closing price of €15.68. Stock is down 17% over the past year. The company is forecast to post earnings per share of €0.80 for next year compared to €0.53 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Alessandro Nova was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 22
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from €1.78b to €1.73b. EPS estimate also fell from €0.91 per share to €0.80 per share. Net income forecast to grow 58% next year vs 12% growth forecast for Consumer Retailing industry in Italy. Consensus price target down from €21.62 to €18.64. Share price fell 7.1% to €15.33 over the past week. Reported Earnings • Mar 17
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: €0.53 (up from €0.036 loss in FY 2020). Revenue: €1.46b (up 39% from FY 2020). Net income: €35.1m (up €37.5m from FY 2020). Profit margin: 2.4% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%. Over the next year, revenue is forecast to grow 19%, compared to a 7.4% growth forecast for the retail industry in Italy. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Price Target Changed • Mar 16
Price target decreased to €20.04 Down from €21.62, the current price target is an average from 4 analysts. New target price is 25% above last closing price of €16.04. Stock is down 11% over the past year. The company is forecast to post earnings per share of €0.49 next year compared to a net loss per share of €0.036 last year.