Marston's Share Discussion Threads

[careful] 23/1/2024 14:18

What is wrong with having a mortgage when the property portfolio is so valuable.
Loan to value ratio and all of that.

[trader465] 23/1/2024 13:54

Underlying profit before tax was GBP35.5 million
Net debt at end of the period (1,565.8)

How many decades of profit to pay off the debt?

[careful] 23/1/2024 13:48

Love the way they assume that the market is smart, logical and all knowing.
They try to understand why the share price is flat having made that assumption.

The market is ignorant and stupid and gets the prices wrong quite often.
I personally have never made a poor investment, but the markets gets the prices wrong.

[libertine] 23/1/2024 13:42

Analysts at Shore Capital reckon the lack of share price movement, and the consistently low valuation, has been led by the group’s debt pile.

In December, Marston’s revealed that at the end of the 2023 financial year, its net debt sat at over £1.1 billion.

Its market capitalisation sits at £210 million.

Yet, Shore Capital argues the market is failing to account for the “optionality held on the balance sheet”.

The London-listed company’s flexibility arises from both its £2 billion property estate and its 40% stake in the Carlsberg Marston Beer Co, which brews brands like San Miguel and Hobgoblin.


Marston’s also trades on a price-to-earnings ratio of 5x and a 65% discount to its net asset value.

“With current trading resilient, ongoing margin improvement and deleveraging targets, we continue to see the valuation normalising over time,” Shore Capital concluded, before rating the stock a ‘buy’.

[careful] 23/1/2024 13:35

No correlation between share prices and news flow.
Opportunities abound.

What did they say at the AGM that spooked the market?

[boffster] 23/1/2024 13:18

Seems a ridiculous response from the market, not really sure what was expected. I called in the local Marstons between Christmas & New Year and walked out because I couldn't get a table. Achieving any sort of growth in this market is an achievement in itself if you ask me.

[rmillaree] 23/1/2024 11:56

times have moved on now (inflation wise) - the reality is for all the talk we have had with regard to reducing debt - imho this company will only rerate if they can reduce debt materialy without raising whilst at same time proving they can churn out decent profits. i am talking about £50 plus per year being minimum to show they are making progress. If they could keep churning out profits and keep nav up with inflation and reduce debt £50 mill plus per year might see soem progress in 4-5 years :).
One would like to think all teh hundreds of milliosn they pured into newbuilds would bering the cashflow joy - its been sadly lacking up to now though - hey ho churning out profits of £50 mil plus pa is a starting point - the good news heer is that in theory debt is manageabl.

[stewart_25] 23/1/2024 10:04

and they had an offer for 105 and turned it down saying it was too low!!!

[hamhamham1] 23/1/2024 09:12

I reckon this will be bought out, maybe at 90p level, but who knows?
Good RNS, happy to hold for a couple of years.

[disc0dave46] 23/1/2024 08:46

Thanks for info PJ

[careful] 23/1/2024 08:18

No cash in the UK market.
Little use offering cut price shares if there are no customers.

Happy to own my share of this business with its net assets of about 100p per share.
Business going well.

[heatseek77] 23/1/2024 08:12

The Imp 👍🏻 absolutely definitely tuck away in cash ISA and enjoy rewards in couple years - Justin will sort this out

[heatseek77] 23/1/2024 08:10

35p Hamx3 👍🏻 take that...HNY Ham

[the imperialist] 23/1/2024 07:45

My advice would be to take pop what you have in a cash ISA jubber.

[jubberjim] 23/1/2024 07:43

Will be a wide spread on price on opening due to the dearth of activity in this share

Hope to take advantage and unload some but I have my doubts due to the insipid markets

Punters need to get themselves down the boozer and load up on dutch courage but money and nerve is in short supply

Glass half full or half empty ? We will soon find out!

At the moment the beer is and has been looking a bit flat

Here

[the imperialist] 23/1/2024 07:42

MARS, STAF, PFC, VOD, MCG: All recovering giants. Hold for gold!

[hamhamham1] 23/1/2024 07:11

36p opening per chance???
Nice one, GLA holders.

[skinny] 23/1/2024 07:01

Total retail sales in the Group's managed and franchised pubs for the 16-week period were +8.8% on last year. Both drink sales and food sales have been strong, demonstrating the resilience and appeal of our predominantly suburban pubs.

Like-for-like sales for the 16-week period to 20 January 2024 were +8.1%, reflecting strong trading over the festive period. Like-for-like sales in the first nine weeks of the 16-week period to 2 December 2023 were +7.4% as previously reported, with positive trading momentum continuing into the festive period. In the following seven weeks, like-for-like sales were +8.4%.

For the key festive days (Christmas Eve, Christmas Day, Boxing Day, New Year's Eve), like-for-like sales were up +9.6%.

[pj84] 23/1/2024 00:49

Yes if you own more than 500 shares you get a book of 30% vouchers.

[disc0dave46] 22/1/2024 18:27

Do you get any discount for holding shares?, from memory WTB used to.

[jubberjim] 22/1/2024 11:03

Got my 30% meal vouchers

But still got another 2 and a bit months of diet to go

Small consolation beer is not discounted only meals

Looking forward to update now

Dire markets at moment

[disc0dave46] 22/1/2024 09:49

Another go to get above 34

[knowing] 19/1/2024 22:13

Should hopefully underpin the #MARS update and start the real recovery

[darrin1471] 15/1/2024 16:46

AGM Tuesday 23 January 2024 when there is likely to be a trading update.