MARR S.p.A. (MARR.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

+459.1%

€29.19

vs €5.22 price

Levered DCF

€24.75

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.59

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.19×	15.24×	15.94×	28.5×	35.66×	-464.46×	20.35×	20.14×
P/B	1.83×	1.87×	2.11×	2.22×	3.6×	3.32×	3.98×	4.25×
P/S	0.29×	0.32×	0.37×	0.4×	0.88×	1.04×	0.8×	0.83×
EV / EBITDA	11.75×	8.6×	9.15×	14.77×	18.18×	67.35×	13.47×	14.19×
Gross margin	16.4%	20.7%	21.1%	20.1%	22.0%	19.7%	21.4%	21.2%
Operating margin	2.8%	17.3%	4.3%	2.6%	4.2%	2.1%	6.7%	6.0%
Net margin	1.5%	2.1%	2.3%	1.4%	2.5%	-0.2%	3.9%	4.1%
Current ratio	1.42×	1.64×	1.64×	1.57×	1.58×	1.7×	1.46×	1.65×
Debt / equity	1.5×	1.29×	1.28×	1.22×	1.13×	1.34×	1.15×	1.04×
Interest coverage	3.61×	15.2×	4.39×	5.47×	6.28×	3.8×	17.35×	17.96×
Dividend yield	6.4%	6.0%	3.4%	4.1%	1.8%	0.0%	3.8%	3.6%
Payout ratio	124.2%	91.5%	53.5%	117.2%	63.0%	0.0%	77.9%	71.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	12.4%	13.3%	7.8%	10.0%	-0.7%	19.6%	21.1%
Return on invested capital	5.3%	30.0%	7.3%	4.5%	5.5%	2.5%	10.8%	10.4%
Return on assets	2.6%	3.6%	3.8%	2.3%	3.0%	-0.2%	6.0%	6.7%
Free cash flow yield	4.8%	5.5%	5.5%	-2.8%	8.8%	1.5%	5.0%	3.7%
Earnings yield	5.2%	6.6%	6.3%	3.5%	2.8%	-0.2%	4.9%	5.0%
Enterprise value	€1B	€885.8M	€983M	€981.1M	€1.4B	€1.3B	€1.6B	€1.5B
Net debt / EBITDA	4.76×	2.31×	2.17×	3.38×	1.87×	10.21×	1.73×	1.47×
Cash conversion cycle (days)	29	34	34	34	33	58	36	36