Mare Engineering Group S.p.A. (MARE.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1011.1%

-€47.92

vs €5.26 price

Levered DCF

-€63.21

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

0.9

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	-8.93×	29.83×	3.61×	2.29×	3.65×	4.41×
P/B	2.03×	1.33×	0.46×	0.48×	0.72×	0.95×
P/S	1.45×	1.63×	0.31×	0.34×	0.42×	0.46×
EV / EBITDA	43.58×	7.09×	3.55×	3.62×	3.26×	2.33×
Gross margin	-10.0%	113.2%	30.7%	80.5%	85.4%	40.9%
Operating margin	-26.2%	17.9%	21.9%	13.6%	18.3%	37.9%
Net margin	-16.2%	5.5%	8.5%	14.8%	11.5%	10.3%
Current ratio	1.74×	1.57×	1.49×	1.51×	1.46×	2.2×
Debt / equity	2.88×	0.64×	1.41×	1.36×	1.76×	1.37×
Interest coverage	-3.75×	3.75×	0×	8.9×	20.86×	0×
Dividend yield	0.4%	0.7%	15.1%	0.0%	0.0%	0.0%
Payout ratio	-3.6%	20.6%	54.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-22.7%	4.5%	12.7%	20.9%	19.9%	21.6%
Return on invested capital	-7.1%	4.4%	7.6%	7.7%	9.3%	18.2%
Return on assets	-3.8%	1.9%	3.7%	6.2%	4.3%	5.8%
Free cash flow yield	-20.9%	-9.1%	7.2%	-89.3%	-18.9%	43.0%
Earnings yield	-11.2%	3.4%	27.6%	43.6%	27.6%	22.6%
Enterprise value	€134.8M	€76.8M	€34M	€29.9M	€20.1M	€15.7M
Net debt / EBITDA	18.44×	2.15×	2.65×	2.58×	2.01×	1.19×
Cash conversion cycle (days)	369	367	228	65	-192	43