Marston's Share Discussion Threads

[jazza] 19/1/2010 10:34

Such a lame statement. You nor i nor anyone else can accurately predict that far ahead.

Suffice to say, the smart money would back INflation and therefore higher prices...



RichardBroughton - 19 Jan'10 - 09:44 - 449 of 454
and property prices (commercial and domestic) aren't going anywhere fore 10 years at least.

[philw2009] 19/1/2010 10:13

They already took a property impairment charge in their last statement. There's no reason to think that it might have 'halved or more'. The company is profitable, and the profit is growing.

The reason that the shares are so low is due to the dilutive rights issue, and this will be forgiven in time.

[iaincc] 19/1/2010 10:13

For this to carry on falling in the face of an excess of buyers means that there is a distressed seller being fleeced by the suits.

Expect a nice rebound but I'm waiting for 78p to buy more.

I have to disagree with RichardBroughton the Govt printing press is only designed to weaken sterling and provide artificial support for the housing market with foreign money. Marston is a solid enough company and will get snapped up by another large chain.

[pugugly] 19/1/2010 10:07

Not sure exactly the location of most of their pubs but surely trade will have been very badly hit by the recent snow - Say possilby a loss of at least 7 days trading, plus of course possible weather damage to the estate.

Anyone any knowledge in this area or thoughts.

Agree very much with RB on property prices, PLUS there is also the potential of very heavy bashing of the booze culture by politicians in th erun up to teh election.

There should be value here but just trying to get a handle on a possilbe entry price and the risk of further dilution.

[milacs] 19/1/2010 10:05

RichardBroughton

If I felt so negative about a shares prospects I would sell up and invest elsewhere.

Please tell me why you still hold on to them.

M

[timbo003] 19/1/2010 10:05

Richard

I think it also depends on what your view is on inflation over the next few years, my own view is that it is likely to take off (QE = inflation down the line), in which case asset prices will recover fairly quickly, which makes geared, asset backed, profitable companies (such as Marstons) a buy in my book, and with a nice divi, I'm getting paid to wait.

[richardbroughton] 19/1/2010 09:44

Depends when the property was valued, might have halved or more from book value, empty pubs everywhere and property prices (commercial and domestic) aren't going anywhere for
10 years at least. Plant and eqipment (pub fittings) is worthless and they have £250M worth of 'intangibles' in the balance sheet. Sorry to disagree as I have a substantial holding as a result of their takover of Mansfield Brewery some years ago which I have held onto for the wrong reasons. This share is very susceptible to a consumer downturn when the Gov't eventually pulls the plug on the financial steroid injections close to or after the election.
IMHO.

[timbo003] 19/1/2010 09:42

philw

I totally agree, I bought some more yesterday (now holding 28K shares) and I will keep on buying at these levels, as and when funds become available.

[philw2009] 19/1/2010 09:21

Marston's is a bargain at the moment. Their current market cap is 489.84m, but they own 1,894.4m in property, plant and equipment. If you subtract their borrowings, that still leaves..

Property, plant and equipment 1,894.4
Borrowings (1,173.5)

a whopping 720.9m. This means you're getting a profitable, growing business essentially for free. What's not to like?

[jdung] 19/1/2010 08:22

now share price is 85.5 p, but trade line show, next support at ?? p area.,

[evox] 15/1/2010 18:10

Yes and my sense of smell is not very good!

[mike953] 15/1/2010 12:16

Just shaking off some holders -look how many automatic trades the fall triggered. MM's at their work for some cheap stock me thinks.

[diku] 15/1/2010 12:10

It has struggled to go above 90p...wonder if the recent lows will have to be retested again..

[milacs] 15/1/2010 09:51

Wonder if there is a big seller out there?

M

[evox] 14/1/2010 19:52

I'll second that. I can smell an upturn!

[diku] 14/1/2010 15:55

p2009...same here!..

[philw2009] 14/1/2010 13:16

I really am ready for a push over £1 now, been waiting a few months. At least the dividend was decent.

[pauliewonder] 14/1/2010 11:30

Buy recommendations @ 90.70p.....onwards and upards hopefully although we seem to have resistance at low 90's. Might be ready to break that!

[diku] 08/1/2010 11:46

If the insti are still upset with the RI then they are putting a nail in their own coffins!...and if the price drifts lower it will give PI's an opportunity to pick up more shares!

[jeffian] 08/1/2010 10:55

ETI will also update on trading at their AGM on 21 Jan, though that's only relevent to MARS' tenanted estate. I still feel MARS share price will lag their peer group because it upset so many insti holders with its Rights Issue. City can be slow to forgive.

[mesquida] 08/1/2010 08:38

Presumably we will hear from MARSTONS at their A.G.M. on 29th January, and prior to that GREENE KING could also update the market. It is an unfashionable view but I cannot help thinking that there could be a quick 20% to be made here.

[timbo003] 08/1/2010 07:25

Mitchell and Butler's trading over the Xmas period looks fairly okay (trading update out this morning, see below), should bode well for Marstons (and other companies with substantial mnanaged pub interests)

Trading in the new financial year has remained strong, driven by sales growth across the main brands with same outlet like-for-like sales growth of 3.4% in the 6 weeks to 2 January 2010. Sales in the key ten day period over Christmas and New Year, which was less affected by the recent poor weather, were up by 4.9%. In the first 14 weeks of the financial year, same outlet like-for-like sales growth was 3.3%.

[pauliewonder] 07/1/2010 23:38

Taken from iii - Cheap Shares 2010

[jeffian] 07/1/2010 14:54

FWIW, I prefer GNK but I hold both.