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MARE ENGINEERING GROUP SPA (MARE.MI) Stock Fundamental Analysis

BIT:MARE - Euronext Milan - IT0005588626 - Common Stock - Currency: EUR

3.6  +0.26 (+7.78%)

Fundamental Rating

4

Overall MARE gets a fundamental rating of 4 out of 10. We evaluated MARE against 28 industry peers in the Professional Services industry. There are concerns on the financial health of MARE while its profitability can be described as average. MARE has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

MARE had positive earnings in the past year.
MARE.MI Yearly Net Income VS EBIT VS OCF VS FCFMARE.MI Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2021 2022 2023 0 2M -2M 4M -4M 6M -6M

1.2 Ratios

MARE has a Return On Assets (4.12%) which is comparable to the rest of the industry.
The Return On Equity of MARE (12.12%) is better than 64.29% of its industry peers.
MARE has a Return On Invested Capital of 6.21%. This is comparable to the rest of the industry: MARE outperforms 50.00% of its industry peers.
The Average Return On Invested Capital over the past 3 years for MARE is significantly below the industry average of 11.14%.
The 3 year average ROIC (5.61%) for MARE is below the current ROIC(6.21%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 4.12%
ROE 12.12%
ROIC 6.21%
ROA(3y)4.74%
ROA(5y)N/A
ROE(3y)17.84%
ROE(5y)N/A
ROIC(3y)5.61%
ROIC(5y)N/A
MARE.MI Yearly ROA, ROE, ROICMARE.MI Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2021 2022 2023 5 10 15 20

1.3 Margins

With an excellent Profit Margin value of 10.41%, MARE belongs to the best of the industry, outperforming 85.71% of the companies in the same industry.
MARE has a better Operating Margin (19.54%) than 85.71% of its industry peers.
With an excellent Gross Margin value of 114.15%, MARE belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
Industry RankSector Rank
OM 19.54%
PM (TTM) 10.41%
GM 114.15%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
MARE.MI Yearly Profit, Operating, Gross MarginsMARE.MI Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2021 2022 2023 20 40 60 80 100

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3

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), MARE is destroying value.
Compared to 1 year ago, MARE has about the same amount of shares outstanding.
Compared to 1 year ago, MARE has a worse debt to assets ratio.
MARE.MI Yearly Shares OutstandingMARE.MI Yearly Shares OutstandingYearly Shares Outstanding 2021 2022 2023 2M 4M 6M 8M 10M
MARE.MI Yearly Total Debt VS Total AssetsMARE.MI Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2021 2022 2023 20M 40M 60M

2.2 Solvency

MARE has an Altman-Z score of 1.85. This is not the best score and indicates that MARE is in the grey zone with still only limited risk for bankruptcy at the moment.
The Altman-Z score of MARE (1.85) is worse than 64.29% of its industry peers.
MARE has a Debt/Equity ratio of 1.07. This is a high value indicating a heavy dependency on external financing.
MARE's Debt to Equity ratio of 1.07 is in line compared to the rest of the industry. MARE outperforms 42.86% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF N/A
Altman-Z 1.85
ROIC/WACC0.9
WACC6.87%
MARE.MI Yearly LT Debt VS Equity VS FCFMARE.MI Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2021 2022 2023 0 5M -5M 10M 15M

2.3 Liquidity

A Current Ratio of 1.46 indicates that MARE should not have too much problems paying its short term obligations.
The Current ratio of MARE (1.46) is better than 85.71% of its industry peers.
MARE has a Quick Ratio of 1.30. This is a normal value and indicates that MARE is financially healthy and should not expect problems in meeting its short term obligations.
MARE has a Quick ratio of 1.30. This is in the better half of the industry: MARE outperforms 78.57% of its industry peers.
Industry RankSector Rank
Current Ratio 1.46
Quick Ratio 1.3
MARE.MI Yearly Current Assets VS Current LiabilitesMARE.MI Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2021 2022 2023 10M 20M 30M

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4

3. Growth

3.1 Past

The earnings per share for MARE have decreased strongly by -36.57% in the last year.
Looking at the last year, MARE shows a quite strong growth in Revenue. The Revenue has grown by 8.38% in the last year.
EPS 1Y (TTM)-36.57%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%23250%
Revenue 1Y (TTM)8.38%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%6.36%

3.2 Future

The Earnings Per Share is expected to grow by 41.53% on average over the next years. This is a very strong growth
MARE is expected to show a strong growth in Revenue. In the coming years, the Revenue will grow by 34.58% yearly.
EPS Next Y-6.28%
EPS Next 2Y30.02%
EPS Next 3Y37.81%
EPS Next 5Y41.53%
Revenue Next Year68.4%
Revenue Next 2Y46.16%
Revenue Next 3Y34.58%
Revenue Next 5YN/A

3.3 Evolution

MARE.MI Yearly Revenue VS EstimatesMARE.MI Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2021 2022 2023 2024 2025 2026 20M 40M 60M
MARE.MI Yearly EPS VS EstimatesMARE.MI Yearly EPS VS EstimatesYearly EPS VS Estimates 2024 2025 2026 2027 0.2 0.4 0.6

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5

4. Valuation

4.1 Price/Earnings Ratio

MARE is valuated correctly with a Price/Earnings ratio of 15.00.
MARE's Price/Earnings ratio is a bit cheaper when compared to the industry. MARE is cheaper than 78.57% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 28.92, MARE is valued a bit cheaper.
A Price/Forward Earnings ratio of 10.81 indicates a reasonable valuation of MARE.
Based on the Price/Forward Earnings ratio, MARE is valued cheaper than 82.14% of the companies in the same industry.
MARE is valuated cheaply when we compare the Price/Forward Earnings ratio to 21.65, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 15
Fwd PE 10.81
MARE.MI Price Earnings VS Forward Price EarningsMARE.MI Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, MARE is valued cheaply inside the industry as 82.14% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 5.3
MARE.MI Per share dataMARE.MI EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 0.5 1 1.5

4.3 Compensation for Growth

MARE's earnings are expected to grow with 37.81% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y30.02%
EPS Next 3Y37.81%

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1

5. Dividend

5.1 Amount

With a yearly dividend of 0.28%, MARE is not a good candidate for dividend investing.
In the last 3 months the price of MARE has falen by -28.14%. A price decline artificially increases the dividend yield. It may be a sign investors do not expect the dividend to last.
Compared to an average industry Dividend Yield of 3.24, MARE is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.51, MARE's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.28%

5.2 History

Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

DPN/A
EPS Next 2Y30.02%
EPS Next 3Y37.81%
MARE.MI Yearly Income VS Free CF VS DividendMARE.MI Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2021 2022 2023 0 2M -2M -4M -6M

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MARE ENGINEERING GROUP SPA

BIT:MARE (4/22/2025, 7:00:00 PM)

3.6

+0.26 (+7.78%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupCommercial & Professional Services
GICS IndustryProfessional Services
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst Owners6.63%
Inst Owner ChangeN/A
Ins Owners47.19%
Ins Owner ChangeN/A
Market Cap54.61M
Analysts85
Price Target7.35 (104.17%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.28%
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)-41.61%
EPS NY rev (3m)-35.36%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.55%
Valuation
Industry RankSector Rank
PE 15
Fwd PE 10.81
P/S 1.94
P/FCF N/A
P/OCF N/A
P/B 2.25
P/tB N/A
EV/EBITDA 5.3
EPS(TTM)0.24
EY6.67%
EPS(NY)0.33
Fwd EY9.25%
FCF(TTM)N/A
FCFYN/A
OCF(TTM)N/A
OCFYN/A
SpS1.86
BVpS1.6
TBVpS-0.34
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 4.12%
ROE 12.12%
ROCE 12.43%
ROIC 6.21%
ROICexc 7.08%
ROICexgc 16.83%
OM 19.54%
PM (TTM) 10.41%
GM 114.15%
FCFM N/A
ROA(3y)4.74%
ROA(5y)N/A
ROE(3y)17.84%
ROE(5y)N/A
ROIC(3y)5.61%
ROIC(5y)N/A
ROICexc(3y)6.21%
ROICexc(5y)N/A
ROICexgc(3y)11%
ROICexgc(5y)N/A
ROCE(3y)10.7%
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-ScoreN/A
Asset Turnover0.4
Health
Industry RankSector Rank
Debt/Equity 1.07
Debt/FCF N/A
Debt/EBITDA 2.51
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 1.46
Quick Ratio 1.3
Altman-Z 1.85
F-ScoreN/A
WACC6.87%
ROIC/WACC0.9
Cap/Depr(3y)131.41%
Cap/Depr(5y)N/A
Cap/Sales(3y)23.9%
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-36.57%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%23250%
EPS Next Y-6.28%
EPS Next 2Y30.02%
EPS Next 3Y37.81%
EPS Next 5Y41.53%
Revenue 1Y (TTM)8.38%
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%6.36%
Revenue Next Year68.4%
Revenue Next 2Y46.16%
Revenue Next 3Y34.58%
Revenue Next 5YN/A
EBIT growth 1Y26%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year184.76%
EBIT Next 3Y61.51%
EBIT Next 5Y50.34%
FCF growth 1Y57.17%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y119.63%
OCF growth 3YN/A
OCF growth 5YN/A