DB:M6Z

Stock Analysis Report

Executive Summary

MARR S.p.A. commercializes and distributes fresh, dried, and frozen food products for foodservice operators in Italy, the European Union, and internationally.


Snowflake Analysis

6 star dividend payer with adequate balance sheet.


Similar Companies

Share Price & News

How has MARR's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: M6Z has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-11.3%

M6Z

-7.0%

DE Consumer Retailing

-9.1%

DE Market


1 Year Return

-18.3%

M6Z

-4.4%

DE Consumer Retailing

2.9%

DE Market

Return vs Industry: M6Z underperformed the German Consumer Retailing industry which returned -4.4% over the past year.

Return vs Market: M6Z underperformed the German Market which returned 2.9% over the past year.


Shareholder returns

M6ZIndustryMarket
7 Day-11.3%-7.0%-9.1%
30 Day-12.7%-5.0%-7.2%
90 Day-19.5%-3.7%-6.5%
1 Year-15.2%-18.3%-0.6%-4.4%6.1%2.9%
3 Yearn/a1.0%-9.0%3.5%-5.6%
5 Yearn/a1.5%-14.1%8.0%-6.8%

Price Volatility Vs. Market

How volatile is MARR's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is MARR undervalued compared to its fair value and its price relative to the market?

16.6x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: M6Z (€17.64) is trading above our estimate of fair value (€15.45)

Significantly Below Fair Value: M6Z is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: M6Z is good value based on its PE Ratio (16.9x) compared to the Consumer Retailing industry average (19.3x).

PE vs Market: M6Z is good value based on its PE Ratio (16.9x) compared to the German market (19.9x).


Price to Earnings Growth Ratio

PEG Ratio: M6Z is poor value based on its PEG Ratio (5.5x)


Price to Book Ratio

PB vs Industry: M6Z is overvalued based on its PB Ratio (3.5x) compared to the XE Consumer Retailing industry average (1.6x).


Next Steps

Future Growth

How is MARR forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

3.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: M6Z's forecast earnings growth (3.1% per year) is above the savings rate (-0.4%).

Earnings vs Market: M6Z's earnings (3.1% per year) are forecast to grow slower than the German market (13.1% per year).

High Growth Earnings: M6Z's earnings are forecast to grow, but not significantly.

Revenue vs Market: M6Z's revenue (2.7% per year) is forecast to grow slower than the German market (5.1% per year).

High Growth Revenue: M6Z's revenue (2.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: M6Z's Return on Equity is forecast to be high in 3 years time (20.1%)


Next Steps

Past Performance

How has MARR performed over the past 5 years?

6.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: M6Z has high quality earnings.

Growing Profit Margin: M6Z's current net profit margins (4.1%) are lower than last year (4.2%).


Past Earnings Growth Analysis

Earnings Trend: M6Z's earnings have grown by 6.2% per year over the past 5 years.

Accelerating Growth: M6Z's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: M6Z had negative earnings growth (-0.7%) over the past year, making it difficult to compare to the Consumer Retailing industry average (2.3%).


Return on Equity

High ROE: Whilst M6Z's Return on Equity (20.51%) is high, this metric is skewed due to their high level of debt.


Next Steps

Financial Health

How is MARR's financial position?


Financial Position Analysis

Short Term Liabilities: M6Z's short term assets (€877.0M) exceed its short term liabilities (€619.3M).

Long Term Liabilities: M6Z's short term assets (€877.0M) exceed its long term liabilities (€243.7M).


Debt to Equity History and Analysis

Debt Level: M6Z's debt to equity ratio (113.4%) is considered high.

Reducing Debt: M6Z's debt to equity ratio has increased from 94.9% to 113.4% over the past 5 years.

Debt Coverage: M6Z's debt is well covered by operating cash flow (23.4%).

Interest Coverage: M6Z's interest payments on its debt are well covered by EBIT (21x coverage).


Balance Sheet

Inventory Level: M6Z has a high level of physical assets or inventory.

Debt Coverage by Assets: M6Z's debt is covered by short term assets (assets are 2.4x debt).


Next Steps

Dividend

What is MARR's current dividend yield, its reliability and sustainability?

4.64%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: M6Z's dividend (4.56%) is higher than the bottom 25% of dividend payers in the German market (1.52%).

High Dividend: M6Z's dividend (4.56%) is in the top 25% of dividend payers in the German market (3.92%)


Stability and Growth of Payments

Stable Dividend: M6Z's dividends per share have been stable in the past 10 years.

Growing Dividend: M6Z's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (77.1%), M6Z's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: M6Z's dividends in 3 years are forecast to be covered by earnings (79.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average board tenure


CEO

Francesco Ospitali (51yo)

€378,640

Compensation

Mr. Francesco Ospitali serves as the Chief Executive Officer of MARR SpA. Mr. Ospitali served as Controller of Cremonini S.p.A. Since 1998, Mr. Ospitali is responsible for management control of Cremonini S ...


CEO Compensation Analysis

Compensation vs Market: Francesco's total compensation ($USD0.00) is below average for companies of similar size in the German market ($USD1.76M).

Compensation vs Earnings: Francesco's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Board Members

NamePositionTenureCompensationOwnership
Francesco Ospitali
CEO & Executive Director0yrs€378.64kno data
Pierpaolo Rossi
Manager for Finance0yrs€422.20kno data
Ugo Ravanelli
Independent Director2.8yrs€122.50kno data
Vincenzo Cremonini
Non Executive Director0yrs€20.00kno data
Paolo Ferrari
Chairman of the Board4.3yrs€49.00kno data
Claudia Cremonini
Non Executive Director0yrs€20.00kno data
Marinella Monterumisi
Independent Director0yrs€39.00kno data
Alessandro Nova
Independent Director2.8yrsno datano data
Massimo Gatto
Chairman of the Board of Statutory Auditors2.8yrsno datano data
Rossella Schiavini
Independent Director0yrsno datano data

2.8yrs

Average Tenure

55yo

Average Age

Experienced Board: M6Z's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

MARR S.p.A.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: MARR S.p.A.
  • Ticker: M6Z
  • Exchange: DB
  • Founded: 1972
  • Industry: Food Distributors
  • Sector: Consumer Retailing
  • Market Cap: €1.118b
  • Shares outstanding: 66.53m
  • Website: https://www.marr.it

Number of Employees


Location

  • MARR S.p.A.
  • Via Spagna 20
  • Rimini
  • Rimini
  • 47921
  • Italy

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MARRBIT (Borsa Italiana)YesOrdinary SharesITEURJun 2005
0NSSLSE (London Stock Exchange)YesOrdinary SharesGBEURJun 2005
MARRMBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJun 2005
M6ZDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJun 2005

Biography

MARR S.p.A. commercializes and distributes fresh, dried, and frozen food products for foodservice operators in Italy, the European Union, and internationally. It offers meat products, such as veal, beef, poultry, pork, mutton and lamb, game, and horse meat products; seafood products, including fresh and saltwater fish, lobsters and scampi, squids, calamari and molluscs, shrimps, fillets, sliced and pre-prepared items, tails and prawns, and cuttlefishes and frozen octopuses. The company also provides grocery products comprising biscuits and sweets, chocolates and candies, preserved products, vegetable preserves, ice cream and pastries, fruit jams, honey and spreads, oil and vinegar, prepared and floury products, rice, pasta, pizza, salt, spices, sugar, coffee, tea, tisanes, sauces and seasoning, fruits and vegetables, and gluten-free and organic products, as well as gastronomy services. In addition, it provides lard and shortening, milk, dairy products and cheese, cured meats, eggs and egg products, as well as specialty foodstuffs made from pork, beef, poultry and game; and beverages, liqueurs, and wines. Further, the company offers nonfood products, such as tablecloths and napkins, cleaning products and accessories, laundry products, and hygiene, dishwashing, handwashing, and disposable products; and table dishes, cutlery, glasses, induction pots and pans, knife sets, buffet assortment, and other kitchen products. Additionally, it offers various private label products. The company serves restaurants, pizzerias, hotels, holiday resorts, catering chains, canteens, bars, etc. It operates through a logistical-distribution network comprising 34 distribution centers, with 5 cash and carry stores, 4 agents with warehouses, and approximately 700 vehicles. The company was founded in 1972 and is headquartered in Rimini, Italy. MARR S.p.A. is a subsidiary of Cremonini S.p.A. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/28 23:30
End of Day Share Price2020/02/28 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.