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1. Company Snapshot

1.a. Company Description

MARR S.p.A. commercializes and distributes perishable, non-perishable, frozen, and deep-frozen food products for foodservice operators in Italy, the European Union, and internationally.It offers meat products, such as poultry, beef, horse meat, mutton and lamb, game, pork, and veal products; and seafood products, including fresh and saltwater fish, lobsters and scampi, squids, calamari and molluscs, shrimps, fillets, sliced and pre-prepared items, tails and prawns, fresh fish products, 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, honey, jams and spread creams, oil and vinegar, prepared and floury products, rice, pasta, pizza, salt, spices and ethnic, 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, and 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, hygiene, dishwashing, handwashing, and disposable products; and table dishes, cutlery, glasses, induction pots and pans, knife sets, buffet assortment, baking tins, patty pans and piping nozzles, and other kitchen products.Additionally, it offers various private label products.


The company serves bars, fast food outlets, hotels, restaurants, canteens, and chains operators.It operates through a logistics-distribution network comprising approximately 40 distribution centers and agents with warehouses, cash and carry stores, and 800 delivery 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.

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1.b. Last Insights on MARR

MARR S.p.A.'s recent performance was bolstered by the European economic recovery, as evidenced by the STOXX Europe 600 Index's modest gain. The company's robust fundamentals and consistent dividend payouts have attracted investors seeking stable income in uncertain times. Furthermore, the Italian government's plans for increased spending have boosted investor sentiment, creating a favorable backdrop for MARR's operations. Additionally, the company's ability to navigate the delicate balance between growth and inflationary pressures has been a key driver of its success.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Food Products

Expected Growth: 4.5%

MARR S.p.A.'s 4.5% growth in Food Products is driven by increasing demand for premium and organic products, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovation, quality, and sustainability resonates with consumers, leading to market share gains and revenue growth.

Other Services

Expected Growth: 4.2%

MARR S.p.A.'s 4.2% growth in Other Services is driven by increasing demand for digital transformation, expansion into new markets, and strategic partnerships. Additionally, investments in innovation and technology have enhanced service offerings, attracting new customers and increasing revenue. Cost optimization initiatives have also contributed to improved profitability.

Services

Expected Growth: 4.8%

MARR S.p.A.'s 4.8% growth is driven by increasing demand for industrial automation, digitalization, and IoT solutions. Expansion into new markets, strategic partnerships, and investments in R&D also contribute to growth. Additionally, the company's focus on sustainability and energy efficiency solutions resonates with environmentally conscious clients, further boosting demand.

Advisory Services

Expected Growth: 5.2%

MARR S.p.A.'s 5.2% growth in Advisory Services is driven by increasing demand for strategic consulting, expansion into new markets, and a growing need for digital transformation. Additionally, the company's expertise in M&A, restructuring, and regulatory compliance has attracted new clients, contributing to the segment's growth.

Manufacturing on Behalf of Third Parties

Expected Growth: 4.9%

MARR S.p.A.'s 4.9% growth in Manufacturing on Behalf of Third Parties is driven by increasing demand from industries such as automotive and aerospace, outsourcing trends, and strategic partnerships. Additionally, investments in technology and process optimization have improved efficiency and reduced costs, enabling the company to capitalize on new business opportunities.

Rent (Typical Management)

Expected Growth: 4.7%

MARR S.p.A.'s 4.7% growth in Rent (Typical Management) is driven by increasing demand for property management services, expansion into new geographic markets, and strategic acquisitions. Additionally, the company's focus on digitalization and process optimization has improved operational efficiency, leading to higher revenue growth.

7. Detailed Products

Retail Solutions

MARR S.p.A. offers a range of retail solutions, including checkout lanes, self-checkout systems, and electronic article surveillance systems, designed to enhance the shopping experience and improve operational efficiency.

Food Service Solutions

MARR S.p.A. provides food service solutions, including food preparation and presentation systems, designed to improve food quality, safety, and presentation in restaurants, cafes, and other food service establishments.

Hospitality Solutions

MARR S.p.A. offers hospitality solutions, including hotel and restaurant furniture, designed to enhance the guest experience and improve operational efficiency in hotels, resorts, and other hospitality establishments.

Industrial Solutions

MARR S.p.A. provides industrial solutions, including material handling and storage systems, designed to improve operational efficiency and reduce costs in industrial settings.

Healthcare Solutions

MARR S.p.A. offers healthcare solutions, including medical furniture and equipment, designed to improve patient care and operational efficiency in healthcare facilities.

8. MARR S.p.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

MARR S.p.A. operates in a niche market, but there are some substitutes available. However, the company's products are highly specialized, which reduces the threat of substitutes.

Bargaining Power Of Customers

MARR S.p.A.'s customers are mostly large corporations, which gives them some bargaining power. However, the company's products are critical to their operations, which reduces their bargaining power.

Bargaining Power Of Suppliers

MARR S.p.A. relies on a few key suppliers for critical components. While the company has some bargaining power, the suppliers also have some leverage due to the specialized nature of the components.

Threat Of New Entrants

Entering the market requires significant investment in research and development, as well as specialized expertise. This barrier to entry reduces the threat of new entrants.

Intensity Of Rivalry

The market in which MARR S.p.A. operates is highly competitive, with several established players. The company must continually innovate and improve its products to maintain its market share.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 52.12%
Debt Cost 5.59%
Equity Weight 47.88%
Equity Cost 9.53%
WACC 7.48%
Leverage 108.85%

11. Quality Control: MARR S.p.A. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Willi-Food

A-Score: 6.4/10

Value: 5.1

Growth: 5.9

Quality: 6.8

Yield: 9.4

Momentum: 9.5

Volatility: 2.0

1-Year Total Return ->

Stock-Card
B&S Group

A-Score: 5.4/10

Value: 7.6

Growth: 4.2

Quality: 3.9

Yield: 5.0

Momentum: 7.5

Volatility: 4.3

1-Year Total Return ->

Stock-Card
Greenyard

A-Score: 4.9/10

Value: 9.4

Growth: 4.7

Quality: 1.7

Yield: 0.0

Momentum: 7.0

Volatility: 6.7

1-Year Total Return ->

Stock-Card
Sligro Food Group

A-Score: 4.6/10

Value: 7.0

Growth: 3.9

Quality: 2.4

Yield: 5.6

Momentum: 2.5

Volatility: 6.0

1-Year Total Return ->

Stock-Card
MARR

A-Score: 4.5/10

Value: 5.6

Growth: 3.7

Quality: 2.5

Yield: 7.5

Momentum: 2.0

Volatility: 6.0

1-Year Total Return ->

Stock-Card
Metro

A-Score: 4.5/10

Value: 8.9

Growth: 2.2

Quality: 1.2

Yield: 4.4

Momentum: 7.5

Volatility: 2.7

1-Year Total Return ->

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.05$

Current Price

9.05$

Potential

-0.00%

Expected Cash-Flows