(Finance) – Equity confirmed to “Buy” The judgment on MARRa company listed on Euronext STAR Milan and active in the specialized distribution of food products to foodservice, reducing the target price by 6% a 14.50 euros per share (partly also due to an increase in rates). The rating revision came after the publication of third quarter 2023 results.
According to analysts, the main message it is relative to review of the capex plan for the upgrade of the logistics structure: an additional 185 million euros are expected between 4Q23 (6 million euros) and FY26, compared to approximately 130 million euros remaining in the plan already announced for 2021-24, with a peak in 2024 (98 million euros) but investments still high in 2025 (over 60 million euros) and 2026 (over 30 million euros) including maintenance, overall around 50 million euros of additional capex compared to Equita’s estimates.
“We think that the further increase in capex could disturb the stock in the short term but we judge it positively from a medium/long term perspectiveand we also appreciate the commitment expressed by management in terms of expected benefits (which was missing in the original 2021 announcement)”, we read in the research.