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Share Name Share Symbol Market Type Share ISIN Share Description
Marstons LSE:MARS London Ordinary Share GB00B1JQDM80 ORD 7.375P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.25p -0.26% 97.65p 97.60p 97.85p 98.30p 97.60p 98.30p 124,239 08:22:03
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 1,141.3 54.3 7.1 13.8 619.06

Marstons Share Discussion Threads

Showing 4376 to 4397 of 4400 messages
Chat Pages: 176  175  174  173  172  171  170  169  168  167  166  165  Older
DateSubjectAuthorDiscuss
23/1/2019
21:15
OK, AGM. First time attendee. Seemed to be long time small shareholders and their proxies. Bacon baps available at the start, tea and biscuits after (apparently this is important). Chair seemed keen to give the message he had spoken to shareholders since joining and has listened to their concerns about the debt. Implied direct influence in the change in tac due to this. He also acknologed share price decline over the last year and said he hoped by the next meeting the market would have changed its view. Ralph gave a presentation which I'm sure will go online. Honestly not much of note if you're abreast with what has happened over the last couple of years. Good orator, spoke well and calmly seemingly with few notes. Avoided Brexit, purposefully. Questions from the floor were 'interesting'... a few folk questioned increased costs, answer - 'the business has increased in size, costs have risen accordingly but we operate cost control'. Few folk said they were concerned about debt so welcomed focus on that. Question raised (I presume from redartbmud) as to whether exec pay will be frozen along with the divi. Technally wasn't ruled out, but implied 'no', rational from the chair being the board are trying to balance improving three things, profits, debt and divi. Tbh I buy that, they board could raise the divi 10% a year for the next five years, reduce debt but the estate would go to pieces, or raise divi and balloon the debt. redartbmud spoke to the CFO after business had closed (redartbmud I was the chap sitting behind you and happened to join that conversation) that the market wasn't rewarding divi increases. Then the questions got barmier.... Perhaps gluten free and vegan beer will resuscitate the group? Being looked into. Canabis beer? Perhaps in the future. A chap suggested two 'free ways' to reduce the debt, the ideas being a rights issue, cut the divi or give it as a scrimp. Chair suggested the questioner might be in a minority of one about the rights issue idea and that the institutional investors he had spoken with appreciated the cash divi. A shareholder and farmer asked the board if 'given the debt whether the board was confident malt suppliers would be paid'. Seemed mad to me, Ralph seemed bit annoyed and just said 'YES' 'Very confident'. Someone had a ramble about the lack of lunch, suggested if a brewer was on the board then a proper lunch would've been given and asked if a brewer would be put on the board. Ralf gave an explanation of current and previous board makeup, largely saying when heads of business units were on the board the board became unwheldy and that current best practise was for Chair, CEO, CFO, company sec and NEDS. Last question happened to come from me which was when would the CW aquisition start adding positively to EPS. Was told an addional £1m of efficiencies this year would mean it would start contributing positively in 2019. Still skeptical. I spoke to the CFO after the meeting about the £8m canning line which has been bought, which was due to have been a win from the CW aquistition. Seems it will be held as a backup rather than disposed of. On the £80-90m 'non-core disposals' these were land, pubs without licences, pubs due to be closed and flats not used by Mars other than for rental. Disposal and stopping the interest would save more than the current yield. Bacon baps pre-AGM, tea and biscuits after. £10 voucher given to all yet the biggest moan seemed to be AGM timing and lack of lunch.
quady
23/1/2019
20:37
I question some of the decisions being made at this time. My local Marston's does a great trade as a 2 for1. The pub is regularly packed and families spend quite a bit of time there. Getting rid of the 2 for 1 and replacing it with a premium outlet really is a terrible decision.
the deacon
23/1/2019
19:13
Not really. The greatest contention was the time of the AGM (too early so hard for small shareholders to travel to) and catering at the AGM (seems to be an expectation of a lunch and pint to 'sample', which had been economised). I suspect whilst those issues exercised the greatest response from the floor, the Directors won't be too concerned about their positions.
quady
23/1/2019
17:57
Any 'Marstons needs shaking up' comments at the AGM today ?
spacecake
23/1/2019
11:38
Perhaps, but I assume low interest rates and the property portfolio underpin the debt, and both would unravel fast in a worse case scenario...
zcaprd7
23/1/2019
10:24
Jeffian - any ideas on annual total average return over that period? Here today perchance?
quady
23/1/2019
10:14
So did I. Over 25 years ago! 8-(
jeffian
23/1/2019
10:12
ZC I think in three years time the debt reduction will have a considerable effect. I bought these shares on a 25 year view.
hybrasil
23/1/2019
09:41
Really think we will see activist investors calling for a break up of this company Needs to be modernised and the assets properly monetised
bigboots
23/1/2019
09:37
Too much debt, they should shelve the dividend for a couple of years, but too much corporate pride...
zcaprd7
23/1/2019
09:31
I think MARS share price response maybe reflects a poor comparison with recent GNK update which was significantly better for pubs sales growth, although MARS did better in brewing. Marstons indicated margins in line with last year, GNK didn't comment and results may show some of the volume was bought by lowering prices. The debt still weights heavily on MARS, .2Bn reduction by 2023 to 1.2Bn is hardly rapid debt reduction, the risk of adverse conditions by then causing serious pain like dividend cut or distressed disposals must be weighing on MARS. GNK (36 Wk) MARS (16 wk) LFL +3.2% +1.4% XMas +10.9% +5.7% Brewing +1.8% +3.2%
hydrogen economy
23/1/2019
09:09
LEST ANYONE FORGETS. This is verbatim what Marston's told shareholders and the market just two months ago with the Prelims on 21st November 2018:- "Dividend cover is 1.9 times and our dividend policy remains to target progressive increases in the dividend at a cover of around 2 times in the medium term." "Progressive increases" in dividend in the medium-term. Yeah, right.... Just eight weeks later and it's already a very different story of just maintaining the dividend. How quickly things change. The question for me is if in two months, Marston's have gone from declaring a dividend policy of "progressive increases" to a policy of "maintaining the dividend at the current level during this period", how much faith can you put in what they say? Can you rule out the possibility that they won't actually reduce the dividend in the current uncertain outlook? I know what I think. Good Luck All ALL IMO. DYOR. QP
quepassa
23/1/2019
09:09
Awaiting the arrival of an activist investor, or a bid, to shake this little lot up!
ianood
23/1/2019
08:44
Safe, stable dividend paying stock and totally undervalued at this price Whats the yield ?
bigboots
23/1/2019
08:25
I thought they were good but the market obviously doesn't ! 7.5% Yield !
chinese investor
23/1/2019
08:25
That's easily changed. But yes, encouraging nevertheless
the deacon
23/1/2019
08:22
Deacon he's stated it's safe till 2023
janekane
23/1/2019
08:17
Let's hope the large institutional shareholder show their frustration with credit card Findlay and vote him out at the AGM Get shot of bad habits get someone who can turn this once great company round
janekane
23/1/2019
08:14
Disappointing. Feels like the dividend, although safe for now, is hanging by a thread..
the deacon
23/1/2019
08:12
exel , I'll be honest I've not factored that in in but I was only looking generally at it. I'll get calculator out when we have some numbers, Corp Tax say about £ 20m ish a Year, it doesn't leave a lot of scope for much else but profits will be higher going forward due to aquisitions they have made over the last couple of years, no doubt they will be looking to make cost savings from acquired businesses
baticle
23/1/2019
08:08
CI. I don’t think those results are disappointing. They have decided (correctly imho)to reduce debt. They plan to maintain a very generous dividend while so doing. Trading is ahead of last year despite a very well reported difficult trading environment. What’s not to like?
hybrasil
23/1/2019
08:02
Disappointing !
chinese investor
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