Marston's Share Discussion Threads

[lindowcross] 04/1/2019 20:30

Jeffian, good points, and if Glaxo can flog Horlicks in India for 3 billion quid to Unilever, I'm sure we can all speculate on what the rights to Marston's Pedigree might be worth.

[daler1966] 04/1/2019 12:02

Yes ok thanks for that Cc2014 .

[jeffian] 04/1/2019 11:08

#3017,

The "Net Asset Value" argument is also used by EIG and one has to wonder why these pubco's trade at such substantial discounts to NAV. Market's always been a bit wary of property valuations but I think the answer lies in the extent of Goodwill/Intangibles. MARS has a stated 2018 NAV of £957.6m and 660m shares in issue = £1.45/share. But within that £957.6m, £300m is Goodwill and Intangibles. Take that off and the property-backed NAV falls to £1/share.

Other than that, I agree!

[chinese investor] 04/1/2019 09:04

"Stonegate Pub Company IPO-SPC.L on Friday reported an 8-12 percent rise in sales over the Christmas period, the first major UK bar owner to publish holiday results in a sector that has been plagued by unseasonal weather and Brexit worries.

Stonegate, whose Slug and Lettuce chain is part of a portfolio of more than 700 British pubs, said sales rose 12 percent on the year in the two weeks to Jan 1.

Like-for-like sales growth was 7.8 percent and for key trading days, including Christmas Eve and New Year’s Eve, sales were up on average 8.3 percent, the company said."

[daler1966] 04/1/2019 08:34

Something going down??

[ianood] 04/1/2019 08:33

Maybe, but they are current.

[quepassa] 04/1/2019 08:31

last property revals were DOWNWARDS.

[ianood] 04/1/2019 08:28

lindowcross - Mindful of the regular property valuations I concur

[quepassa] 04/1/2019 08:25

rolling in the aisles with laughter.....

....you'll end up believing your own misguided propaganda in the end....

[lindowcross] 04/1/2019 08:18

Facts as opposed to wild guesses. The company's net asset value in November 2018 was £1.51 per share. Marston's owns substantial property in the form of breweries & pubs. It's estate is of much better quality than 10 years ago. It owns a number of valuable quality brands. If I allow myself a "wild guess" as other posters do, I'd say a bidder would need to offer at least £1.70 to gain control- I'd feel short-changed at anything less.

[janekane] 04/1/2019 08:04

Move production from one to another sell the land for housing double the money originally paid for
Use this to start paying down debt

[jeffian] 03/1/2019 17:14

I don't mind more pubs but I wouldn't say no to less breweries!

[spacecake] 03/1/2019 16:54

Asset sales and more asset sales rather than more pubs.

[quepassa] 03/1/2019 13:42

hint...

look at the Enterprise Value of Marston's (debt + mkt cap) and compare that the the latest statutory profit of some £50m.


No-one is going to stump up some £2billion for a company that made just circa £50million in statutory profit. That would be a highly unattractive prospect and appalling Return on Capital in my view to any potential acquirer, especially in such a struggling industry.


Saddled with so much debt in a back-peddling industry, in my opinion this company will sooner or later likely need to raise significant new equity.

ALL IMO. DYOR.
QP

[janekane] 03/1/2019 13:08

Book value ,sp ,assets ,gearing ,debt ,goodwill,
market sentiment at this time is very low making it vulnerable
RF recognised the debt needs sorting with his recent statement
So I suggest you do your own research

[lindowcross] 03/1/2019 11:25

Janekane, please let us know your evidence and/or reasons for stating price needs to be .80p for Mars to be a take over target?

[daler1966] 03/1/2019 10:38

Looks like good news coming?

[skinny] 03/1/2019 10:17

AGM January 23rd, Half Year results 15th May - .

[daler1966] 03/1/2019 10:01

Yes next dividend May/June time .

[chinese investor] 03/1/2019 09:47

100p Soon !

[janekane] 03/1/2019 09:45

Not if the share price reverses the trend
it needs to be 80p before its financially viable to a preditor

[daler1966] 03/1/2019 08:57

Take over target?

[janekane] 31/12/2018 20:54

Ianood
Happy new year I hope it's as prosperess as 2018 has been for me
XX

[ianood] 31/12/2018 18:46

Such a pity! :)