New Risk • 9h
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 German stocks, typically moving 8.5% 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 (4.8% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 111% Dividend per share is over 23x cash flows per share. Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Board Change • May 21
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 • May 20
First quarter 2026 earnings released: €0.10 loss per share (vs €0.042 loss in 1Q 2025) First quarter 2026 results: €0.10 loss per share (further deteriorated from €0.042 loss in 1Q 2025). Revenue: €426.0m (up 6.7% from 1Q 2025). Net loss: €6.60m (loss widened 147% from 1Q 2025). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Consumer Retailing industry in Europe. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Announcement • 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. Announcement • 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. Announcement • 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. Announcement • 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. Announcement • 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. 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 19% 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. Buy Or Sell Opportunity • Jul 02
Now 8.6% overvalued after recent price rise Over the last 90 days, the stock has risen 5.6% to €12.02. The fair value is estimated to be €11.06, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Buy Or Sell Opportunity • Jun 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to €12.14. The fair value is estimated to be €9.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. Buy Or Sell Opportunity • Jun 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to €11.82. The fair value is estimated to be €9.75, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 31% in the next 2 years. 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%. Within top quartile of German dividend payers (4.6%). 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 17
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 5.2%, 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 15
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 4.9% 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 8% per year, which means it is significantly lagging earnings. 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 4% per year, which means it is significantly lagging earnings growth. 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 German dividend payers (4.7%). Lower than average of industry peers (4.4%). 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 remained flat, which means it is well ahead of 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 06
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 7.4%, compared to a 8.0% growth forecast for the industry in Germany. Reported Earnings • May 16
First quarter 2022 earnings released: €0.04 loss per share (vs €0.095 loss in 1Q 2021) First quarter 2022 results: €0.04 loss per share (up from €0.095 loss in 1Q 2021). Revenue: €325.8m (up 77% from 1Q 2021). Net loss: €2.90m (loss narrowed 54% from 1Q 2021). Over the next year, revenue is forecast to grow 12%, compared to a 7.6% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. 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 German dividend payers (4.3%). Higher than average of industry peers (4.2%). 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. Reported Earnings • Mar 17
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat 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%. Over the next year, revenue is forecast to grow 19%, compared to a 7.4% growth forecast for the retail industry in Germany. 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 8% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: EPS €0.41 (vs €0.23 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: €534.9m (up 34% from 3Q 2020). Net income: €27.2m (up 81% from 3Q 2020). Profit margin: 5.1% (up from 3.8% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 11
Upcoming dividend of €0.35 per share Eligible shareholders must have bought the stock before 18 October 2021. Payment date: 20 October 2021. Trailing yield: 3.4%. Within top quartile of German dividend payers (3.3%). In line with average of industry peers (3.6%). Board Change • Sep 25
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 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 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €357.5m (up 96% from 2Q 2020). Net income: €7.45m (up €17.4m from 2Q 2020). Profit margin: 2.1% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • May 19
First quarter 2021 earnings released: €0.095 loss per share (vs €0.061 loss in 1Q 2020) The company reported a poor first quarter result with increased losses, weaker revenues and weaker control over costs. First quarter 2021 results: Revenue: €188.6m (down 26% from 1Q 2020). Net loss: €6.30m (loss widened 56% from 1Q 2020). Reported Earnings • Mar 18
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €1.05b (down 37% from FY 2019). Net loss: €2.41m (down 104% from profit in FY 2019). Announcement • Mar 06
MARR S.p.A. (BIT:MARR) has signed the binding Framework Agreement to agree to acquire Verrini Holding SRL for €8 million. MARR S.p.A. (BIT:MARR) has signed the binding Framework Agreement to agree to acquire Verrini Holding SRL for €8 million on March 5 2021. Under the terms of binding agreement, Marr will acquire all of the shares of a Verrinni, in which all of the business activities of Antonio Verrini & Figli S.p.A. including the processing and marketing of seafood products, and of Chef S.r.l. which leases the going concern ot Chef Seafood will be contributed. MARR will assume the debt of Verrini Holding for €8 million and partly delayed payment, in addition to an earn out subject to the achievement of targets in terms of returns and profits in 2022. For year ended December 31, 2020,Verrini Holding had sales of €55 million. The acquisition of product specialisation and skills – which also includes the confirmation of the management team of Verrini in the persons of Alessandro and Manuel Verrini, the latter remaining in the role of Chief Executive Officer. The operation, for which the stipulation of the closing is subject to the approval of the Antitrust Authority Is New 90 Day High Low • Mar 05
New 90-day high: €19.20 The company is up 23% from its price of €15.58 on 04 December 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.67 per share. Is New 90 Day High Low • Feb 05
New 90-day high: €17.94 The company is up 52% from its price of €11.82 on 06 November 2020. The German market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.95 per share. Is New 90 Day High Low • Jan 16
New 90-day high: €17.62 The company is up 40% from its price of €12.62 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €18.84 per share. Is New 90 Day High Low • Dec 29
New 90-day high: €16.12 The company is up 20% from its price of €13.44 on 30 September 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €17.27 per share. Analyst Estimate Surprise Post Earnings • Nov 17
Revenue misses expectations Revenue missed analyst estimates by 11%. Over the next year, revenue is forecast to grow 23%, compared to a 1.5% growth forecast for the Consumer Retailing industry in Germany. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS €0.23 The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2020 results: Revenue: €409.0m (down 18% from 3Q 2019). Net income: €15.1m (down 45% from 3Q 2019). Profit margin: 3.7% (down from 5.5% in 3Q 2019). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 26% share price gain to €14.58, the stock is trading at a trailing P/E ratio of 40.3x, up from the previous P/E ratio of 32x. This compares to an average P/E of 21x in the Consumer Retailing industry in Europe. Total return to shareholders over the past year is a loss of 25%. Is New 90 Day High Low • Oct 30
New 90-day low: €11.32 The company is down 10.0% from its price of €12.60 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Retailing industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.21 per share. Is New 90 Day High Low • Oct 03
New 90-day high: €13.68 The company is up 6.0% from its price of €12.88 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Consumer Retailing industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.41 per share. 
