Fuller Smith & Turner Share Discussion Threads

[martinmc123] 13/11/2024 11:57

3*
Fuller, Smith & Turner posted Solid looking Interims for the period to 28th September this morning. Like for like sales for Managed Pubs & Hotels in H1 was up 5.2%, demonstrating continued market outperformance, revenues and other income were up to £194.1m. Adjusted profit before tax increased by 21% to £17.6 million from H1 2024 £14.5 million, statutory profit before tax of £29.0 million was nearly double the H1 2024 figure of £14.9 million...from WealthOracle

wealthoracle.co.uk/detailed-result-full/FSTA/973

[stratford bard] 07/8/2024 07:13

Thanks for your insights giltedge, much appreciated your take on the AGM, which unfortunately I couldn't attend. I've held shares in Fullers for many years, a quality company & I think until covid, had increased their dividend every year since the war! I note they've just purchased Warwickshire based lovely pubs. I live in Stratford so know some of these pubs & they are indeed top quality. My two locals in Stratford are always busy, great beers & food. I use my shareholder Inndulgence card to get 15% discount so happy days. I have left the third week of July free next year so hope to attend the AGM. More insights would be appreciated giltedge & others. I'm sure the share price will recover in time. I doubt we'll regret owning FSTA. Good luck

[giltedge1] 25/7/2024 07:02

Attended meeting on 23rd, Good start to year over 5% revenue growth, pubs in good shape operational wise, cap ex & maintenance, way ahead of competition. Estate still growing revenuse as City & Rail pubs still recovering from return to Office. No further sales expected after sale of noncore smaller pubs to Admiral. Cash received for Mad Hatter + as a bonus still operating Mad Hatter as new owners not ready to takeover site, so still generating cash profits on top. Confirmed NAV over £13. & commitment to craft beers & staff training. Continuing buybacks as Director,s consider shares good value. Good news & couple of pints of London Pride, made a good day. Up 20% 1 yr ,+ divs. My Last post as lack of BB interest in this steady performer. A core SIPP holding for me.

[giltedge1] 13/6/2024 20:48

Great Result, dividend up 21%, buyback another 2.5 million, still haven't completed the other 1 million buyback!, stock hard to find. Good news for us shareholders. To come Mad Hatter Sale £20M, sale of tenanted pubs £17m, & pension surplus £17m. Euros 2024 should give a boost. Think I will have a pint on the way home to celebrate!.

[giltedge1] 03/6/2024 21:03

Deutsche raises a glass to Fuller disposals

Pub group Fuller Smith & Turner (FSTA) has demonstrated value with the sale of non-core pub assets, says Deutsche Bank.

Analyst Tim Barrett retained his ‘buy’ recommendation and target price of £12.50 on the stock, which inched up 0.3% to 700p last week.

The group agreed to sell 37 tenanted pubs, which is equal to about a fifth of its tenanted estate, to Admiral Taverns for £18.3m, which Barrett said is ‘£500,000 per pub and a £1.6m premium to book value’.

He said that this premium if applied to the September 2023 balance sheet ‘would now give close to £14 per share of adjusted book value, slightly higher than previously disclosed owing to the repurchase of the equity base since 2022’.

Overall, Barrett said the ‘non-core pub disposal demonstrates value’ in the group.
I'll drink to that!

[giltedge1] 17/5/2024 15:07

Buyback taking long time, seems not many shares available to buy, so can't be much downside. Expecting good result 31/3, & with Mad Hatter sale to come, £20m July, will save on interest charges. Should be a big beneficiary from falling energy prices & interest rates. Looks good value at half NAV, when pubs valued at market value.

[essentialinvestor] 07/3/2024 14:21

Back in to a more reasonable buy range - even nice nearer £5, which may not happen.

[essentialinvestor] 07/12/2023 10:57

Ok, thanks.

[darrin1471] 07/12/2023 08:23

EI. My understanding does not go beyond basic here but the RNS said "The Company intends to cancel the purchased shares".
Authorisation for the buybacks has been given at the last five+ AGMs.

[essentialinvestor] 06/12/2023 22:19

Darrin, that may be to satisfy employee share based options?.

I thought the point you made previously on the scale of these was
a really good one.

Tbf it's great for staff and fair does to TW in this respect.

[darrin1471] 06/12/2023 21:20

EI Did you notice JDW have started a share buyback.

[essentialinvestor] 06/12/2023 16:45

Questor put pay to my hope of buying a few lower down!. A better few days for WTB.

[essentialinvestor] 21/11/2023 22:01

Darrin, out of YNGN and into WTB - no other sector holdings ATM.

Will WTB crack the German market with Premier Inn is the big unknown.

[darrin1471] 21/11/2023 20:53

EI. Have you any pub shares at the moment?

[essentialinvestor] 21/11/2023 20:40

Under £6 will be back in.

[darrin1471] 21/11/2023 20:24

The Telegraph is being a bit disingenuous. The £200m includes the special dividend from the brewery sale.
Revenues are up because prices are up.
City Pub group has just been sold at £10m below NAV.

On the positive side:
"Directors’ valuation of the total property portfolio in May 2022 at £995.6 million,
approximately £400 million above our current book value – giving implied adjusted
net asset value per share of £14.07"

[lindowcross] 21/11/2023 18:12

From the Telegraph today:

A rally of more than 40pc from the year’s low in April helps to justify this column’s patience with pubs-to-hotels group Fuller, Smith & Turner and any further improvement in trading could (finally) take us into the black on this position, first taken two years ago.

Working from home, train strikes and input cost inflation may have crimped the pace of the post-lockdown recovery but Fuller’s well-tended estate in London and the south of England is showing strong footfall despite some very variable weather.

First-half results published last week for the six months to September showed double-digit percentage increases in revenues from food, drink and accommodation. Profits rose sharply, cash flow was good and the company increased its interim dividend by 42pc, adding a new share buyback programme as it did so.

And the buyback is one of those that genuinely make financial sense, because the shares continue to trade a long way below net asset value. The company’s £386m market value compares with equity or net assets of £442m, and that latter figure is based on property valuations that date back more than two decades in many cases.

An indication of the value that lies within Fuller, Smith & Turner comes from the £17m profit that the company will book on the sale of a property in Southwark, London, for £20m when the deal closes next year.

Risks remain, especially from further train strikes, sticky inflation or “higher for longer” interest rates, which drain away consumers’ confidence and cash. But even then the valuation and strong balance sheet offer protection.

In the meantime, the dividends and buybacks mean investors are gaining some reward for their patience.

It is worth bearing in mind that by the time Fuller Smith & Turner completes the new buyback and pays its final dividend for fiscal 2024 next summer it will have returned some £200m in cash to shareholders over a decade, no mean sum relative to the current market value.

Fuller Smith & Turner still looks very cheap. Hold.

[1tx] 15/11/2023 13:59

Yes;better than expected.Worthwile divi increase.Still good value.....

[giltedge1] 15/11/2023 10:57

Great Result, caught market off guard all up profit, Cashflow, Dividend, debt down. Mad hatter sale to come I believe. Great to see price rises sticking, charge £129 for a hotel room might have a pint on way home to celebrate!.

[christw1234] 24/8/2023 09:16

Rimmy
You are missing my point, I have spent £1000 of pounds there over the years.
Customer service is very poor in the Fullers pubs

[philanderer] 20/6/2023 10:12

Questor still pushing them..


'There should be no hangovers for investors who buy another round at this pub and hotels group'

Questor share tip: Headwinds persist but sales and profits have met expectations while the company’s balance sheet offers plenty of security

[giltedge1] 16/6/2023 05:02

Mad Hatter sale underlines many hidden gems in Central London portfolio. 6 more & debt free. I have a Youngs & Fullers near me Fullers I much prefer, they refurbished my local, on purchase & refurbished again 5 years later, good operator Gaining market share with weak operators leaving market.

[1tx] 15/6/2023 14:09

Reasonable results;and it looks if we are on an upward trend.The agreement to sell the Mad Hatter Hotel for £20m against a book value of sub £3m gives substance to the fact that the book value of assets is far below the actual value.Still good value at present price.