Marston's Share Price (MARS)

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Share Name Share Symbol Market Type Share ISIN Share Description
Marston's Plc LSE:MARS London Ordinary Share GB00B1JQDM80 ORD 7.375P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.40 -0.41% 96.50 1,561,692 16:29:36
Bid Price Offer Price High Price Low Price Open Price
96.30 96.50 98.25 96.10 97.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 515.50 -388.70 -1.80 612
Last Trade Time Trade Type Trade Size Trade Price Currency
18:08:48 O 19,632 96.50 GBX
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Marston's (MARS) Latest News

Marston's News

Date Time Source Headline
07/4/202110:15ALNCMarston's prepares to reopen 700 pubs in England next week
07/4/202107:00UKREGMarston's PLC Financial Waiver and Reopening Update
26/3/202111:37ALNCMarston's bondholders approve waiver request after pubs forced to shut
26/3/202110:34UKREGMarston's PLC COVID Update: Result of Noteholder Consent Request
11/3/202111:33ALNCMarston's CEO Ralph Findlay to step down in September after 20 years
11/3/202107:00UKREGMarston's PLC Ralph Findlay to step down, September 2021
05/3/202107:00UKREGMarston's PLC Analyst update transaction to operate SABrain pubs
04/3/202113:06ALNCIN BRIEF: Marston's asks for covenant waivers ahead of pub reopening
04/3/202108:07UKREGMarston's PLC COVID-19 Update re: Noteholder Consent Request
12/2/202115:20UKREGBlackRock Group Form 8.3 - Marston's plc
More Marston's News
Marston's Investors    Marston's Takeover Rumours

Marston's (MARS) Discussions and Chat

Marston's Forums and Chat

Date Time Title Posts
15/4/202115:11Marstons - Needs Shaking Up !2,117
26/3/202110:43Marstons...time to buy???5,861
28/10/202016:01MARSTONS 2020 458
04/6/202014:38WHEN ARE THE FUCKIN PUBS OPENING? SINCE THE BEACHES ARE!!14
21/7/201811:24Is there Life on MARS?91

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Marston's (MARS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2021-04-16 17:09:0096.5019,63218,944.88O
2021-04-16 16:59:3896.503,4973,374.61O
2021-04-16 16:59:3896.501,5151,461.98O
2021-04-16 16:46:5596.501,4001,351.00O
2021-04-16 16:46:5596.504947.29O
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Marston's (MARS) Top Chat Posts

DateSubject
17/4/2021
09:20		Marston's Daily Update: Marston's Plc is listed in the Travel & Leisure sector of the London Stock Exchange with ticker MARS. The last closing price for Marston's was 96.90p.
Marston's Plc has a 4 week average price of 91.95p and a 12 week average price of 71.20p.
The 1 year high share price is 105.50p while the 1 year low share price is currently 28.34p.
There are currently 633,991,930 shares in issue and the average daily traded volume is 3,073,195 shares. The market capitalisation of Marston's Plc is £611,802,212.45.
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13/2/2021
10:23		chinese investor: There’s no doubt pubs have been hit hard by lockdowns. All over the country, pubs are shut and have been for a long time. Yet over the last few months, the group’s share price has risen (although it’s well down over the three-year and five-year periods). Nonetheless, why are the shares rising? I think primarily it relates to the excitement around the unsolicited bid for the group. There’s now a growing expectation that the whole sector may go through a period of mergers and acquisitions as smaller rivals struggle and prices are depressed because of the pandemic. The original Marston’s bids did represent a modest premium to the share price at the time, so there could be other bids at a larger premium. This could potentially be good news for existing shareholders. There’s also an expectation that the vaccine rollout will mean pubs can reopen later this year, which is helping lift share prices. Competitor JD Wetherspoon has seen a smaller boost to its shares in recent months as well. There’s also Marston’s joint venture with Carlsberg which has given it cash, which is helpful at the moment. That too will likely have boosted investor sentiment and could help the group for years to come. On the other hand, there are worries around new variants of the vaccine, and ministers have been unable to say when pubs can reopen. Because of this, I think buying the shares as the global pandemic carries on is still fraught with risk. Would I buy Marston’s shares? It’s this risk that would keep me awake at night if I was a Marston’s shareholder. There’s the question of when it might be able to grow revenues again, on top of the issue of its net debt. At the time of its first-half results last year, that was well over £1bn. Despite falling recently, the share price is still well up on where it was just a few months ago. In that time, very little has changed, apart from the vaccine rollout success to date. For me, as a long-term investor, I’m not seeing much in the shares to suggest they are worth buying. So, although the share price has fallen this week, I won’t be adding Marston’s to my portfolio. The shares haven’t fallen enough, in my view, to offer me a sufficient margin of safety. I’d only invest in the shares if multiple new bids came through for the group, at a significant premium to the current share price. That may happen, but it also may not.
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11/2/2021
07:04		skinny: Platinum Equity Advisors Int (UK) Statement regarding Marston's PLC. Statement regarding Marston's PLC ("Marston's") Platinum notes Marston's statement addressing press speculation on 29 January 2021 regarding a possible cash offer for the entire issued, and to be issued, share capital of Marston's (the "Proposal") and Marston's subsequent rejection of the Proposal on 1 February 2021. Platinum today announces that, after careful consideration, it does not intend to submit a revised proposal and it will not make a firm offer for Marston's. Accordingly, this is a statement to which Rule 2.8 of the Code applies. Under Note 2 on Rule 2.8 of the Code, Platinum reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances: (a) with the agreement of the board of Marston's; (b) if a third party announces a firm intention to make an offer for Marston's; (c) if Marston's announces a "whitewash" proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the Code); or (d) if there has been a material change of circumstances (as determined by the Takeover Panel).
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04/2/2021
11:21		johnjones4: You make a crucial point Brewery Boy. Marstons is really a pub estate. And that answers the question another poster asked: what would Platinum do with Marstons if they got it? Well I think we can discount any plans to run a hospitality business long-term. They are private equity and will be looking to make a quick buck. Which is where the pub estate comes in. Round here, not a Marstons area but this is a UK-wide phenomenon especially in the suburbs and rural districts, pub after pub is either being turned into flats or is being demolished to make way for small housing developments. This, I believe, is Platinum's strategy: grab valuable land from a UK business at a knock-down price thanks to the UK government having legally suspended the free market in which that business operates and take advantage of the fact the UK government will then still dare to hide behind arguments about respecting the free market to stand back and let loads of UK businesses whose share prices ministers have pulverised be asset-stripped by foreign predators. So I fear if Platinum goes so will very many of Marstons' viable local pubs with a potential future as community social hubs and so will a great many jobs across the country. That's why as a long-term holder who is happy supporting what I think is a well-positioned UK business with a good chance going forward I'm strongly opposed to flogging it off to Platinum.
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03/2/2021
20:07		brewery boy: A lot of posters here seem unaware that MARS now only runs pubs. The beers come from Marston's breweries around the country which belong to Carlsberg - Marston's brewery which is a joint venture between Carlsberg and Marstons. Marstons own 40% of brewery.
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02/2/2021
11:38		johnjones4: Given it's private equity I don't imagine it genuinely involves wanting to be running a UK brewing and pub business for very long. Only long enough to syphon out a lot of cash then move on. And how you do this with a company sitting on an estate of pubs isn't hard to see. Pubs were already in trouble across the UK for well-known reasons: near us (not a Marstons part of the country but the situation is typical) you see suburban and rural pubs in trading difficulty being shut down and turned into flats or demolished to make way for small housing developments. And to top it all off, Covid and the temporary closure of much of the hospitality sector has ensured a bidder could potentially snap up the Marstons estate at a huge discount. So top marks to Platinum for giving it a go, providing they can make a killing. But given that the cratered share price today which makes Marstons such a juicy target is entirely on the government for legally suspending the free market in which this business was operating, it would be interesting hearing ministers defending standing back and saying they have to let free market principles apply when it comes to predators wanting to asset-strip UK businesses ministers have shut down and put lots of employees out of work.
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01/2/2021
19:57		ianood: dan, I agree that AA was a serious miscarriage and exploitation by PE both at float and again at takeout. Interesting article about MARS this am from Langton Capital: MARSTON’S – UNSOLICITED BID APPROACH: Consideration of the position & what happens next? Marston’s announced on Friday that it had received an approach from Platinum Equity Advisors and our comments thereon are set out below: Key points: • In a short statement, Marston’s confirmed that, on Friday, it had ‘received an unsolicited non-binding proposal from Platinum Equity Advisors…regarding a possible cash offer for the entire issued, and to be issued, share capital of Marston's.’ • It said: ‘the Board will evaluate the Proposal with its advisers and a further announcement will be made in due course.’ • It cautions, as is standard practice in such situations, that ‘there can be no certainty that any firm offer will be made for the Company, nor as to the terms on which any firm offer might be made.’ Some background: • Bloomberg had broken the news at around 10.30am. Marston’s shares moved by up to 30%, and the company made its announcement regarding the approach at 11.24am. • Under Takeover Code rules, Platinum now has until ‘5pm on Friday 26th February 2021, being 28 days after today’s date, to either announce a firm intention to make an offer for the Company…or announce that it does not intend to make an offer.’ Further comment: • Punch Taverns, Greene King and EI Group (Enterprise Inns) were purchased in recent years, the latter two companies not long before Covid-19 changed the near-term outlook for the sector materially. • Marston’s has secured its financial position via its JV with Carlsberg (to form the Carlsberg Marston’s Brewing Company) and has gone on to secure leases on a portion of the SA Brain estate via an innovative, capital light, deal • The rationale for Platinum’s approach has not been made clear. • But moves by other PE houses or family offices to acquire freehold-based estates has shown that there is significant perceived value in the sector. Langton Comment: Bargain hunting? • There may be 10,000 or more pub and restaurant leases now going cheap. In fact, many may come ready-fitted with fixtures & equipment and some will have reverse premia. • But there are few freehold bargains to be had. • This for the very good reason that, whilst the downside valuation on a lease (with its 25yr, upward only rent structure) can be large (certainly much more than 100%), this is not the case for freeholds. • Owners know this, would-be buyers know this and, perhaps importantly, creditors and finance-providers know this. • Hence, whilst liquidity (which Marston’s has dealt with under nearly all scenarios via its Carlsberg JV) can be an issue with freehold owners, valuation most often isn’t. Langton Comment: So, where to from here? • We do not believe freehold assets can be (or need to be) sold cheap. We think that all would-be parties to the above potential transaction know this. • We may be wrong, of course, but, if the point above is correct, then any valuation for Marston’s should, arguably, be: o Based, at least in part, on a pre-Covid price. o Less the £m cost (as a one-off) that the pandemic has caused (not yet ascertainable but the current burn rate is c£3m to £4m per week). o Plus, some recognition that the Carlsberg deal has crystallised value. o Plus, the synergy benefit-adjusted capitalised excess of cash-flows from the brewery JV over what the stand-alone business would have produced o Plus, something for the Brain’s deal • A buyer (and the seller) may debate how much the market going forward will be a) worse because of ongoing cleaning, distancing & confidence issues and/or b) better because supply will be reduced Langton Comment: The current situation: • Marston’s can and should demand a full price for agreement. Whether that works or not for Platinum’s models given its cost-of-capital calculations is not yet clear. • Platinum may need agreement to get access to Marston’s books. Without such access, it would be flying blind. It may not be able to fund its potential purchase or feel able to make such a significant purchase without seeing what it is buying.
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01/2/2021
15:33		skinny: Update on Possible Offer FOR IMMEDIATE RELEASE 1(st) February 2021 Marston's PLC UPDATE ON POSSIBLE OFFER Further to the announcement on Friday, 29th January 2021 that the Board of Marston's PLC ("Marston's" or the "Company") had received an unsolicited non-binding proposal from Platinum Equity Advisors, LLC ("Platinum") for the entire issued, and to be issued, share capital of Marston's (the "Proposal"), the Company provides the following update. The Board of Marston's has considered the Proposal of 105 pence per Marston's share with its advisers, and unanimously rejected the Proposal on the basis that it very significantly undervalues Marston's. The Proposal followed two earlier proposals at 88 pence and 95 pence per share in December 2020, both of which were received prior to the Brains transaction, and were unanimously rejected by the Board. The Proposal represents a 19% discount to the Company's share price at the start of 2020, pre-COVID 19; and since that time the Company has completed the transformative joint venture with Carlsberg to create the Carlsberg Marston's Brewing Company, which realised significant value on completion and is anticipated to continue to do so as the benefits of the joint venture are realised. In December 2020 the Company also announced an agreement to operate 156 high quality pubs within the SA Brain estate in South and West Wales, in a transaction which is expected to be accretive to earnings in the first full year of trading. In accordance with Rule 2.6(a) of the Code, Platinum, is required, by no later than 5.00 p.m. (London time) on Friday, 26(th) February 2021, being 28 days after Friday's announcement, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Takeover Panel (the "Panel") in accordance with Rule 2.6(c) of the Code. This announcement has been made by Marston's without the prior agreement or approval of Platinum.
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29/1/2021
10:53		sphere25: Bid speculation explaining the price leap: https://www.telegraph.co.uk/business/2021/01/29/markets-live-latest-coronavirus-news-pound-euro-ftse-100-reddit/ "Marston’s attracting takeover interest – Bloomberg Pub chain Marston’s is attracting takeover interest from potential buyers including Platinum Equity, Bloomberg reports, citing sources. The news service says: Platinum has made an initial approach to Marston’s about a potential deal to take the company private, according to the people, who asked not to be identified discussing confidential information. Deliberations are ongoing, and there’s no certainty they will lead to a transaction, the people said. Both Marston’s and Platinum did not comment. Marston’s share price has jumped 24pc following that report a few minutes ago."
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18/9/2020
04:43		buywell3: Now the whole point of buywells recent posts is backed up by this recent piece buywell picks this key phrase merger and M&A activity in the restaurant and pubs sector has fallen away significantly buywell asked the question here quite early on and never got an answer What would be the effect on MARS share price if Carlsberg does not proceed ? hTtps://www.just-food.com/news/covid-19-food-industry-updates-thursday-17-september-free-to-read_id143295.aspx Plus UK Covid-19 cases are now surging hTtps://www.mirror.co.uk/news/uk-news/uk-coronavirus-cases-soar-almost-22694084 how long can boris allow pubs and resaurants to remain open ?
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27/7/2020
19:51		forwood: Well here's another! The Carlsberg deal is worth 41p a share in a direct cash payment due within 8 months. So everything else, the 1400 pub / hotel estate and the brewing business is worth just half a penny? Does the market really believe this deal isn't going to happen? Net debt now is £1,379m. Post the deal it could be £1106m. The remaining value in bricks and mortar, nearly £1.2bn, is totally unrecognised at the current price. It's equivalent to £1.76 a share. Obviously the key to the company's future success is the ability to ensure sufficient cash to offset real outgoings but with a huge estate, they have significant assets they can call on to see them through. Indeed the Jan update plan is to sell c £85-90m property, ostensibly for debt reduction. Marston's brewing business was valued at up to £580m on the basis of 13.0x adj. 2019 EBITDA, ie about £44m annually. The new deal will generate an estimated £24m running costs efficiencies and despite being a reduction in the overall percentage owned is expected to be broadly neutral in cash flow terms, taking account of Marston's share of the JV dividends. Now what we don't know is how CV19 is actually going to affect earnings in the JV, and how much income will be generated by the pub estate. There will be beer sales regardless of whether the pub estate is open or not. On the estate, there will be food sales and hotel reservations so long as the estate is open. Boris has said he doesn't want us to go back into total lockdown but there may be local lockdowns to contend with. That high level of uncertainty is depressing the share price of many companies but in my view the current market value is plainly nonsense. Marstons isn't going bust, doesn't need to raise cash now and has £millions tied up in property which could be sold if needed. Of course, the further down the share price goes, the more attractive the company becomes for those who might be interested in owning a lot of pubs and hotels! I simply don't believe that a Tory govt would prevent this deal going through. The share price has been driven down by a US shorter. When they close, they will have to buy c 6m shares. This is likely going to generate a huge spike in the SP, and I would not be surprised to see the share price double or even triple.
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