...and the A had a bit erased.
If you check out the glyphs you will see the "r" is an alternative - but it's in there.
https://www.myfonts.com/fonts/fenotype/no-seven?tab=glyphs It looks like it is two different fonts.
SEGERA
Carattere Identificato: Aero Carattere Identificato: Noot
The a is an alternate, the M looks like a modified version of the alternate m - you can see them here:
https://www.myfonts.com/fonts/positype/lust?tab=glyphs The M was set in Burgues type
djakiles ha detto 
FONT CORTIJO?
They didn't use the italic - they manually obliqued the roman.
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