Marston's Share Discussion Threads

[dogwalker] 08/12/2018 08:50

The general conclusion was that Greene King is the better bet because its dividend payout rate appears safer. Plus, being in this line of business is heavy going for everyone anyway.People need to step up their heavy drinking habits in pubs. That last sentence wasn't in the article, The Deacon.

[tim 3] 07/12/2018 20:43

Yes thanks to LinkedIn I did a search on some of the ones who give the buy/sell recs and it was quite an eye opener to say the least the lack of experience they have ,you get far more experience from many of the posters on these threads.

[ianood] 07/12/2018 18:01

Tim 3 - totally agree, I waived my subscription in August. I have purchased one issue since , the IT Special which I have to say was not all that. I also found the writings of Chris Dillow somewhat uninspiring too.

[the deacon] 07/12/2018 14:42

Invested in both, but not an IC subscriber. What was the general conclusion of the article?

[tim 3] 07/12/2018 14:01

I stopped my subscription to IC recently not just about their tips being poor but the research behind them being basic in the extreme leaving out obvious facts and many of the newer journalists are almost fresh out of college with very little investing experience.

[speedsgh] 07/12/2018 13:16

FWIW Mr Bearbull column in this week's IC compares the investment case of GNK vs MARS. Mr Bearbull has a pretty sketchy track record in recent years but maybe worth a read all the same...

Applause? No, booze -

[the deacon] 07/12/2018 11:02

Yup. 13/12/18

[daler1966] 07/12/2018 08:41

Next week ex div ??

[spacecake] 28/11/2018 17:31

Click max on the chart above, Land securities compared to Marstons.

The share price over the last ten years are almost the same, Marstons valued as a real estate company rather than a leisure, bars and restaurant type business.

[skinny] 28/11/2018 15:21

GNK interims tomorrow.

[janekane] 28/11/2018 15:16

Same old same old one forward step Two back

[exel] 24/11/2018 14:04

Hand of the new chair is fairly evident in both the positioning of these 2018 results, and the forward-looking 2019 commentary.

[janekane] 23/11/2018 19:15

RF getting the message that the City have no regard to his debt formular going forward
as another poster questioned who,s he working for us the owners or himself and the banks who are making a fortune out of his debt leaseback deals

[speedsgh] 23/11/2018 12:06

Marston's scales back expansion -

...IC VIEW
Mr Findlay says that while Marston’s level of debt is "comfortable", the plan is still to pay it down. The leverage ratio (net debt/cash profits) should gradually reduce over the next five years, from the current 6.2 times (4.6 times before leases). The company also expects to clear its pension deficit by the 2020-21 financial year, with the £10m freed up from annual payments redirected to debt reduction. Mr Findlay also believes dividend payments are "sustainable", being covered 1.9 times by earnings. At seven times forward earnings, the shares still trade at a significant discount to the sector. Buy.

[spacecake] 22/11/2018 17:02

Because there is so much debt the BOD and management are now simply running the business for the benefit of the banks and not the shareholders.

[porsche1945] 22/11/2018 16:35

Market just doesnt believe in this company,share price a disaster really, carrying too much debt, really just need them to get back to 1.20 so i can get clear with my 25k av’ cost price and steer clear of all this basket case UK facing stuff, all looks doomed. Takeover or breakup plz.

[spacecake] 22/11/2018 15:25

Maybe RF is worried about the bonus hamster wheel stopping !

[janekane] 22/11/2018 10:50

RF stated his intention to free up cash
We have lots of property and land that could be freed up at significant profit with planing permission if gained for housing /commercial ,housing being the most lucrative
RF has finally got the message that the City do not like his securitisation lease back deals

[quepassa] 22/11/2018 08:44

From yesterday's results:-

"- Securitisation financing benefits from refinancing opportunities. Whilst the outcome of our review of these opportunities is at an early stage, we expect to report further in the course of the next financial year.

As a consequence of the actions above, we are targeting a 1x reduction in leverage within 3-5 years. At the same time, we are setting clear guidelines in respect of capital structure. In addition to our ongoing objective to reduce leverage we will also target a net cash surplus before growth capital (acknowledging fluctuations in working capital) and acquisitions meeting strict return on capital criteria, and a commitment to maintaining fixed charge cover (the ratio of EBITDAR to interest and rent payments) of at least 2.5 times."




...reading this, one can but wonder to oneself if a RIGHTS ISSUE may or may not be a strong candidate to help meet some of these stated financial/capital goals....


hahaha.


ALL IMO. DYOR.
QP

[janekane] 21/11/2018 13:29

Good opurtunity to top up

[chinese investor] 21/11/2018 12:54

Recommendation ?

[cc2014] 21/11/2018 12:50

Now it looks different at 105 and up 6.6%

[big yankee dealer] 21/11/2018 12:00

• Marston’s has reported profits in line with expectations and EPS, on a lower tax charge, slightly ahead.

• The group has held its dividend, the shares yield 7.6%, and has given a signal that it will focus on debt reduction in the near term.

• Trading is positive in the first weeks of the new financial year and, as the group aims to mitigate most of its cost increases in 2018/19, the group should only need 1% to 2% LfL sales increases in order to hold profits steadyagainst what is a tough trading backdrop.

• The World Cup and the warm weather have been, overall, helpful. But margins have fallen a shade and interest costs have risen. Drink has performed well but food sales were impacted earlier in the year by hot weather and by the World Cup (and earlier still by the Beast from the East).

• As has been noted for some time, what remains clear is clear that the balanced model has smoothed trading for Marston’s given the swing in trading performance (food has been tough and wet sales have been strong.)

• Marston’s shares trade on a PER of around 7x with a yield of 7.6%. Debt should begin to fall at a faster rate and the dividend is secure.

• The shares appear cheap. Trading is not easy but Marston’s has a estate of well-managed and well-maintained, largely freehold properties. It is selling product that the consumer would like to buy at a price they are prepared to pay.

• Lodges, craft brewing and food (in the longer term) remain growth areas. Marston’s is a major brewer and has a large wet-led element to its estate and is well-placed to grow and to create further value for its shareholders.

[skinny] 21/11/2018 11:57

FWIW :-

Peel Hunt Buy 99.15 125.00 Reiterates

Liberum Capital Buy 99.15 130.00 Reiterates

Shore Capital Buy 99.15 Reiterates

[handicap] 21/11/2018 11:56

Indeed, Jeffian, and unless the new Chairman rolls up his sleeves and breaks into a sweat, the shares may continue to stumble haltingly onwards.