Marston's Plc

0.10 (0.33%)
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
  0.10 0.33% 30.20 1,402,467 16:29:56
Bid Price Offer Price High Price Low Price Open Price
30.20 30.30 30.70 30.20 30.25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Malt Beverages 799.60 137.20 - 0.11 14.71
Last Trade Time Trade Type Trade Size Trade Price Currency
17:54:11 O 13,686 30.20 GBX

Marston's (MARS) Latest News

Marston's (MARS) Discussions and Chat

Marston's Forums and Chat

Date Time Title Posts
08/6/202311:48Marstons...time to buy???6,546
05/6/202320:22Marstons - Needs Shaking Up !2,256
07/10/202217:08MARSTONS 2020 461
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
2023-06-08 16:54:2730.2013,6864,133.17O
2023-06-08 16:40:5630.512,535773.43O
2023-06-08 16:40:5630.6316,2214,968.98O
2023-06-08 16:39:2630.3449,46015,004.68O
2023-06-08 16:25:4030.2032,1009,694.20O

Marston's (MARS) Top Chat Posts

Top Posts
Posted at 07/6/2023 19:43 by boffster
Back in 2019 GNK was taken out when it had c. £2.2bn revenue and c. £1.9bn of debt. The consideration was £4.6bn which stripping out the debt, leaves £2.7bn for the equity or just over 1x earnings on a debt free basis. That was on a NAV (less goodwill) of about £900m.

Applying a similar valuation to MARS would value the equity at about £1bn or about £1.50 per share (not a million miles from where MARS share price was, at the time)

Posted at 05/6/2023 13:13 by fenners66
I don't know - so I asked has the board that rejected the 105 offer 1/2/21 been sacked or resigned ?

Rejected as it undervalued the company.

Well the company has a weighted cost of interest in the last full year accounts of 5.2%
Uses 5.2% as a DCF number for pension liability calcs.
So a DCF rate of 5.2% vs the 105 offer from 2021 is a fair approximation.

So that offer would be worth 118.3p per share today.

Obviously the current share price is nowhere near.

Posted at 05/6/2023 11:06 by the grumpy old men

Its obvious of your dislike for this company


One wonders why you bother to post,its not as though you can influence the share price,users or followers of the company

At least they will not be opting out of your area

One wonders whether you have a dislike of pubs in general or hold other shares

Posted at 03/6/2023 05:42 by hamhamham1
From the recent 16th May update..
"ยท Net asset value (NAV) per share of £0.98 (H1 FY2022: £0.71)"

NAV is calculated by dividing the total value of all the cash and assets of a company, minus any liabilities, by the number of outstanding shares.

(note current share price is 30.53p)

Posted at 17/5/2023 14:42 by darrin1471
The city often gets it wrong otherwise there would be no opportunity to short or go long.
There are no current declared shorts above 0.5% in MARS. GLG dropped below 0.5% on April 27th.

I looked at the pub sector last year due to the price falls and the improved outlook over last Christmas. In the new year I was invested in JDW and MARS on a ratio of 2:1. I did not add to MARS and I am now down a couple of percentage points. Second half of January I added to JDW, as they increased prices and I ended up with a ratio of 14:1. Having taken out my original investments in JDW I am now 4:1.
I have been thinking of selling MARS.
JDW and MAB have recovered well and significantly out performed MARS YTD, over 6 months, a years and 5 years.
Previously they have closely tracked each other over time. The divergence requires a closer look as MARS now looks undervalued vs JDW and MAB

Posted at 17/5/2023 13:20 by janekane
Some of the fools who post here about takeover bids need to get their bump on the head examined
Who the hell would put their balls on the table for a company who owe so much money
Realistically it’s going to take 20 years To pay off this debt
The City never get it wrong as the share price shows
Mars are just about servicing this debt with costs taking any chance of showing the bottom line in the black
Realistically this is a shorter dream fill ya boots

Posted at 24/1/2023 10:26 by darrin1471
There are a lot of plus numbers in the trading update, all of which are welcome. I think we have to use the pre covid numbers to understand where MARS are today.
+12.9% festive vs 19/20 must be close to flat on volumes and the rest being price inflation.
+4.5% in 16 weeks vs FY20 must be lower volumes.
Current share price is -60% vs pre covid and -55% on post covid highs. With higher fixed rate mortgages for the next 2-4 years, headwinds make a full recovery in the share price unlikely. A return in sector optimism could see a 50-100% recovery in share price at some point in 2023.

MARS new outside spaces are an asset over the pre covid estate but they will be very weather dependant and early 2022 was very favourable weather so LFL comparative will be tough.

Posted at 12/12/2022 23:56 by southernsong
Just look at these bounce-back figures.

They are impressive and show that a recovery is well underway. On top of those figures (to October 22), sales are looking to be up a further c.7%.

SP lagging behind but it will correct itself.

A broader improvement in macroeconomic situation will see stocks like MARS move back up swiftly. I accumulate down here and await that scenario.

NAI and GL.

Marston's PLC Preliminary Results for 52 weeks ended 1 Oct 2022
06/12/2022 7:00am
UK Regulatory (RNS & others)

Marston's (LSE:MARS)
Historical Stock Chart

From Nov 2022 to Dec 2022

Click Here for more Marston

RNS Number : 6650I

Marston's PLC

06 December 2022

6 December 2022




Marston's, a leading UK operator of 1,468 pubs, today announces its Preliminary Results for the 52 weeks ended 1 October 2022. The period under review, which commenced on 3 October 2021, included a period of disrupted trading in December 2021 /January 2022 due to the re-emergence of COVID-19 in the form of the Omicron variant.

Underlying* Total*
2022 2021 2022 2021
--------- ------------ ---------- ------------
Total revenue GBP799.6 GBP401.7 GBP799.6 GBP401.7
m m m m
--------- ------------ ---------- ------------
Pub operating profit/(loss) GBP115.4 GBP 5.7 GBP 142.1 GBP (90.5)
m m m m
--------- ------------ ---------- ------------
Share of associate GBP3.3 m GBP (14.5) GBP 3.3 GBP (14.5)
m m m
--------- ------------ ---------- ------------
Profit/(loss) before GBP27.7 GBP (101.3) GBP 163.4 GBP (171.1)
tax m m m m
--------- ------------ ---------- ------------
Net profit/(loss) GBP27.5 GBP (86.2) GBP 137.2 GBP (128.3)
m m m m
--------- ------------ ---------- ------------
per share 4.3 p (13.6) p 21.7p (20.3) p
--------- ------------ ---------- ------------
Net cash inflow/(outflow) GBP26.2 GBP118.1 GBP26.2 GBP118.1
m m m m
--------- ------------ ---------- ------------
NAV per share GBP1.02 GBP0.64
--------- ------------ ---------- ------------

*From continuing operations

Return to more normalised trading despite Omicron disruption

-- Full year like-for-like sales 99% of 2019 despite disrupted Christmas trading period
-- Drink sales continued to outperform food sales demonstrating the trading resilience of the Group's predominantly community pub estate

-- Final 10 weeks of FY2022 like-for-like sales were +3% vs. 2019 and +4% vs. 2021
-- Increase in pub operating profit: GBP115.4 million (FY2021: GBP5.7 million)
-- Improved share of CMBC's profits: GBP3.3m (FY2021: loss of GBP(14.5) million)
Positive cash generation, debt reduction and NAV increase

-- GBP26 million net cash inflow from operating activities; underlying net cash inflow (excluding one-offs) of GBP48 million

-- Continued progress with debt reduction strategy: net debt (excluding IFRS 16) reduced by GBP16 million to GBP1,216 million (2021: GBP1,232 million) despite the one-off GBP22 million net outflows outlined previously

-- Property value GBP2.1 billion, representing an increase of GBP93.4 million vs. 2021
-- Net asset value (NAV) per share increased by c.60% from GBP0.64 to GBP1.02 since October 2021
-- GBP9.9 million generated from non-core disposals; disposals 40% ahead of net book value
Positive momentum on "Pubs to be proud of" strategy

-- "Back to a Billion": sales and net debt targets by 2026
-- Significant improvement in guest, engagement and standards metrics
-- Continued focus on repositioning pub estate into simplified format structure to generate strong returns: 22 transformational conversions completed and successful exit from Two for One format

-- Simplification of menus driving guest satisfaction and spend per head; enhanced operational and purchasing efficiencies

-- Commencement of new digital strategy following external appointment of Director of Digital
-- People change programme including significant change in leadership and operational teams, reshaped reward and enhanced engagement and training programme

-- Strong ESG agenda encapsulated by "Doing more to be proud of" including energy saving initiatives, focus on social purpose and good governance with improving EHO scores

Current trading and outlook

-- Well-positioned to meet challenging market conditions
-- Positive current trading, with like-for-like sales in the last 8 weeks +6.8% vs. last year
-- Well-positioned, predominantly freehold pub estate with limited exposure to city centres
-- Continued investment in repositioning the pub estate
-- Managing inflationary challenges within our control: offsetting costs through efficiencies and pricing strategies

-- The first winter World Cup and the first Christmas period without restrictions in three years to look forward to. For the two England World Cup games, like-for-like drink sales were c.+50% vs. 2021

Commenting, Andrew Andrea, CEO said:

" I am pleased to report a strong performance over the last 12 months evidenced by a doubling of revenue growth, a return to profit and steady progress with our debt reduction strategy. We have a clear and focused strategy which provides a strong platform for future growth, and it is encouraging to see the actions and initiatives which we have undertaken in 2022 beginning to deliver positive results.

Demand for our predominantly community-based pubs continues to be encouraging despite ongoing macro uncertainty and our estate is well-placed to benefit from changing patterns in consumer behaviour. We are managing cost inflation well and remain confident that our commitment to continue to reduce the Group's debt and return sales to back to GBP1 billion will drive NAV and shareholder value.

Current trading to the end of November has been positive with encouraging levels of Christmas bookings as we look forward to the first restriction free festive period in three years. Additionally, the World Cup has benefited trading, delivering like for like drink sales of c.+50% for the home team games. Whilst uncertainty remains, Marston's remains well-financed and in great shape to weather the challenges ahead with the right formula, the right strategy and the right team to continue to make progress and deliver shareholder value. "

Posted at 22/6/2021 15:16 by 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.

Posted at 17/5/2021 10:47 by 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.

Marston's share price data is direct from the London Stock Exchange
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