Francese Reiterates Hold on MARR as Logistics Reorganisation Weighs on Margins, DCF-Based Target Cut to €9.2

Alberto Francese, an analyst from Intesa Sanpaolo, maintained the Hold rating on MARR S.p.A.. The associated price target was lowered to €9.20.

Alberto Francese has given his Hold rating due to a combination of factors, including solid revenue growth but still-weak profitability. MARR is expanding sales faster than the broader foodservice market, supported by strong performance in the Street Market and wholesale channels, yet the recent reorganisation of logistics and handling continues to weigh on EBITDA and margins.

At the same time, management expects efficiency gains from the new operating model to emerge only in the second half of 2026, leaving a period of execution risk ahead. Francese also trimmed his DCF-based target price to EUR 9.2 after updating his cost of capital assumptions and is waiting for clearer proof of margin recovery and visibility on potential energy cost pressures before adopting a more positive or negative stance.

0NSS’s price has also changed slightly for the past six months – from EUR8.470 to EUR7.700, which is a -9.09% drop .