Marston's Share Discussion Threads

[simmsc] 11/5/2024 02:55

Pubs have been open for a while mate.

[llef] 10/5/2024 16:06

There is an article in the FT re the recovery of pubs, and the attached quote might have a read across to Marstons..

“It is hard to make money just from pulling pints behind a bar, the way we used to back in the day,” David McDowall, chief executive of the UK’s largest pub group Stonegate, told me this week. Stonegate has financial challenges — it must refinance £2.2bn of debt that comes due next year — but he is “cautiously optimistic” about trade.

[lindowcross] 10/5/2024 15:48

Isn't the rise as Jeffian states at 7234 a series of fortunate events, a concatenation of events, or er ...lots of things happening at once: interest rates due to drop, market getting more positive, Heineken doing up suburban pubs, economy going "gangbusters" and Marstons' market price being ridiculously cheap?

[dexdringle] 10/5/2024 12:28

I think these are definitely going to a quid.

You're welcome 😂

[stewart_25] 10/5/2024 12:12

Net debt of 1,185ml 2023 though... down 31m on previous year....

[erdingtonian] 10/5/2024 12:05

Market cap £208.32m, net assets £640.10m. 100.5p of assets for 32.55p. Sale of the century?

[chinese investor] 10/5/2024 12:03

Marstons have 1,550 pubs !

[chinese investor] 10/5/2024 12:02

Pubs are opening up again !

[jeffian] 10/5/2024 11:10

Maybe he should say a quid then!

;-)

[simmsc] 10/5/2024 11:09

Someone gets shot down for saying 40p and then the price rallies almost 9%.Brilliant!

[jeffian] 10/5/2024 11:06

The current movement may reflect someone sniffing around or just that it's obviously 'cheap' and the market is getting more positive, but either way in the context of the "40p" comments above, it should be remembered that they still hold 40% of the brewing company (for which Carlsberg paid £273m/43p per share for their 60%) so the present price is more than covered and the pub estate is in for free.

[barnes4] 10/5/2024 10:50

Come out KY

[hamhamham1] 10/5/2024 10:09

Yup, a long way from a quid.
But slowly, slowly, catchy monkey ;)

[bigfrocks] 10/5/2024 09:23

On the move!

[barnes4] 10/5/2024 09:23

Where are you KY?

[dexdringle] 10/5/2024 06:54

《《298; Where do you get your stupid 40p calculation from or am I at risk of falling into an argument with a stupid person here which I'd quickly lose due to your highly experienced level stupidity ? 》》299;》

Simply on the basis that, if a bid came now, they are currently worth 30p a share and 40p would be a 33% premium. No one is paying a premium greater than that for this shambles.

When the £1.05 bid came along the share price was around 80p. A premium of around 30%....

[mexico man] 09/5/2024 19:09

That's why debenhams didn't want mike Ashley he'd have sacked the lot

[meijiman] 09/5/2024 16:36

One of the worst is De La Rue. An offer of many multiples of the present share price was rejected. The issue is the management are interested in keeping jobs/salary/perks. They are not interested in shareholders at all. They know they will be out the door for being useless as soon as the deal goes through. To succeed the bidder needs to convince the institutional holders to back them.

[my retirement fund] 09/5/2024 16:09

Where do you get your stupid 40p calculation from or am I at risk of falling into an argument with a stupid person here which I'd quickly lose due to your highly experienced level stupidity ?

[dexdringle] 09/5/2024 15:06

《《298; Given their dreadful performance since rejecting a £1.05 offer a few years ago, it would be difficult to see how they could say no now! 》》299;

They couldn't. Not that there is a snowball in hells
chance of such an offer. Any offer now would be 40p max.

It'd then be interesting to see how the board justify recommending 40p having rejected £1.05. Obviously, not the same CEO but it is the same ship. He'd have to reference the previous CEO being a clown having rejecting £1.05.

"The board recommends acceptance of the offer of 40p. We recognise that this is far less than the £1.05 offer rejected by the board previously which is down to the board, at that time, being a bunch of gravy train chancers". Or something like that 😂

[pj fozzie] 09/5/2024 14:01

Pah - needs to be significantly higher than £1.05 for me to be back in the black. I think my average purchase is £1.30ish - back in the day when a decent dividend was being paid.

Cheers,
PJ

[my retirement fund] 09/5/2024 13:43

Given their dreadful performance since rejecting a £1.05 offer a few years ago, it would be difficult to see how they could say no now!

[dexdringle] 09/5/2024 13:42

《《298;《 In 2021, the group snubbed a £666million approach from private equity. At the time it said it significantly undervalued the British pub operator 》》299;》

Unbelievable how many companies are so arrogant as to turn down takeover offers on the basis of them 'undervaluing' the business - only for the shares to never again reach that level. See also J Wood Group.