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
  1.75 2.24% 79.80 2,549,444 16:35:16
Bid Price Offer Price High Price Low Price Open Price
79.65 80.05 80.45 76.80 77.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 515.50 -388.70 -1.80 506
Last Trade Time Trade Type Trade Size Trade Price Currency
17:25:48 O 3,054 79.585 GBX

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Date Time Title Posts
15/9/202118:04Marstons...time to buy???5,882
23/8/202116:13Marstons - Needs Shaking Up !2,227
28/10/202016:01MARSTONS 2020 458
21/7/201811:24Is there Life on MARS?91

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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 78.05p.
Marston's Plc has a 4 week average price of 75.50p and a 12 week average price of 75.50p.
The 1 year high share price is 105.50p while the 1 year low share price is currently 39.40p.
There are currently 633,991,930 shares in issue and the average daily traded volume is 1,831,462 shares. The market capitalisation of Marston's Plc is £505,925,560.14.
anhar: Yes I looked into it carefully before buying. Actually I'm glad it's run mainly by people in the music biz, a very specialised industry so surely they'd know better than city types about it. Agreed they are well rewarded but there aren't many ITs that specialise in this so you would expect better rewards for the managers than for the normal types of share owning ITs. ITs tend to focus on growing net asset values more than eps and it is the growth of NAV over time which drives the share price of ITs. They are generally rmeasured by the resulting premium or discount to the share price rather than eps and P/E. I'm happy with that but NAV is secondary for me, I'm particularly focused on income which is OK. Divis have been increasing in the short time the company has been listed. It is more risky than a normal IT but as a proportionate part of my widely diversified income port I'm willing to take the chance. But I wouldn't bet big on this share alone. And it has got to be better than that crock MARS (from an income view).
cassini: I have shorter-term designs on MARS than twenty years! In essence I bought it last year simply as a recovery stock. In hindsight I should have taken the money and ran when that bid came along and we briefly touched triple digits, but hey... I haven't actually tried getting a meal in a pub in the evenings for a looong time until recently - and I found out that it's hard to get a meal (sample of three attempts) if arriving after 8:30pm - in the country at least. Now I was always used to pubs serving until 9pm or 9:30pm on weekdays in the past, so it looks like the custom still isn't there. One pub I went to told me they only had one chef on (pre-COVID they'd have two) so even before 8:30pm numbers were limited to what the single chef could handle, essentially they were running a booking only limited service, unless you got lucky. So, unless Marstons is back to normal footfall, unlike the places I visited, COVID must still holding it back and this will provide a drag on the price. I'm not asking for anything strategic out of Marstons other than to get back to business as usual and get the price above 3 digits. I do note the debt situation looks pretty abysmal. I don't know if that has increased a lot this last 18 months or whether it was similar pre-COVID but I can't see a dividend of the size they had before 2020 returning for a good long while. That's if they've any sense - they should use any profits to pay the debt down. The lack of a dividend will also cap the price.
essentialinvestor: Ian, inot so much will they go bust, it's about shareholder returns on their investment. At Friday's close the share price is Down approx 50% from the 2015 high - I'm purposely not going back to the huge financial crisis share price decline. So MARS not exactly a wealth compounder?.
redoctober5: IN THE KNOW: Marston's shares may surge on Carlsberg JV, virus bounce (Alliance News) - Shore Capital Markets affirmed its Buy recommendation for Marston's, explaining the pub operator's shares could almost double in the medium-term. Marston's shares were trading 2.3% higher at 92.55 pence each in London on Tuesday afternoon. Three years from now however, its stock could be valued at 170p, Shore tipped. "Despite the obvious value created through the formation of the Carlsberg Marston's Beer Co joint venture and the Brain's transaction, Marston's Enterprise Value remains some GBP250 million lower than its pre-Covid level. This appears to be at odds with what has been witnessed elsewhere across the sector," the broker explained. The company's investment case is centred on its post-Covid-19 recovery, reducing its net debt and realising value from CMBC. On the post-virus recovery, Shore tips Marston's to generate pro-forma earnings before interest, tax, depreciation and amortisation of GBP185 million by financial 2024. In financial 2019, its Ebitda was GBP171 million across is retained pub estate. Shore's estimated pro-forma figure is adjusted for the Brain's deal, reduced corporate costs and the disposal of its brewing operations. Marston's in December struck a deal to operate pubs owned Cardiff-based family business Brain's. Shore also predicted a reduction of net debt to under GBP1 billion, from GBP1.23 billion. "We forecast free cash flow building towards GBP80 million per annum over the medium term, as Ebitda recovers, and the interest charge and pensions contributions fall," Shore said. On CMBC, the broker noted that at 43p-per share, the joint-venture makes up about half of the pub firm's share price. In May 2020, Marston's and Carlsberg announced the formation of a new joint venture for brewing and distribution in the UK. Marston's would receive a 40% stake in the Carlsberg Marston's Brewing joint venture, plus a balancing cash payment of up to GBP273 million. Shore said: "Delivering on both synergy and debt reduction targets should, we believe, lead to Marston's' CMBC stake being more fairly reflected in its equity valuation." Delivery of the three, reducing net debt, recovering from Covid-19 and realising value in CMBC, could hurtle the company's share price to 170p, Shore explained.
anhar: Yes, I too regret that the 105p bid failed. The shares have never since reached that level. I regret it even though I would have made a loss at that price but would have accepted it and moved on. I'm as certain as possible that there is large desire for a return to pub normality but the question is even if pubs are mobbed, when will this be reflected in MARS share price and, for me the most important bit, the dividends? I bought before lockdown when the share was a good yielder, as I'm purely an income investor. I decided to hold for recovery when lockdowns hit and divis were suspended. The shares are up a lot on the lockdown low, due in some measure to the failed bid I'd guess, so I'm glad I didn't panic sell back then but I'm still showing a fair loss on cost. I'll give it about 12 months and If I don't see a return to worthwhile divis by then, I'll dump, even if at a loss, and seek a better yielder with the proceeds.
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.
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).
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.
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.
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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