Marston's Share Discussion Threads

[arf dysg] 27/10/2017 11:26

I thought it was shooting up massively, until I noticed that the scale on the graph was only one penny.

It's still shooting up, though. I do like shooting up.

[chinese investor] 27/10/2017 11:01

Good mention in IC today - Dividend safe for now !

[arf dysg] 24/10/2017 15:25

hxxp://www.thedailymash.co.uk/news/science-technology/scientists-confirm-four-pints-is-best-amount-of-beer-20171024137933

[lord gnome] 24/10/2017 13:17

said the choirboy

[essentialinvestor] 24/10/2017 10:17

Micro brewery resurgence.

[arf dysg] 24/10/2017 10:15

said the archdeacon

[spacecake] 23/10/2017 12:36

The count of breweries in the UK passes 2000, the first time since the 1930's with 300 launching in the last year alone.

[baltic] 23/10/2017 11:53

said the actress

[arf dysg] 23/10/2017 11:26

Nothing satisfies like a Bishop's Finger.

[ianood] 23/10/2017 11:24

The debt is long term and largely akin to a mortgage on their growing property portfolio. This is protected from high interest rates by a portfolio of interest rate swaps.

[richie1218] 23/10/2017 10:24

I'm investing in Marstons for the divi so I'm happy to take it thankyou.

[11_percent] 23/10/2017 10:02

They said that CAPEX was being curtailed, and we were happy about that.

We are now paying a large divi, too large???.......when that money could be used to get rid of debt.

[11_percent] 23/10/2017 09:56

You can make a case for a short term sector bounce, given
the very substantial % decline in just a few months.

------
You lost me.

"a short term sector bounce" even if it happens, is of no consequence.

and is not related to the decline.

[essentialinvestor] 23/10/2017 09:14

Still large amounts of expansionary CAPEX being allocated.

The next recession may showc whether expansion in late cycle is wise.

You can make a case for a short term sector bounce, given
the very substantial % decline in just a few months.

[pugugly] 23/10/2017 07:06

Has anyone done an analysis of the debt - Effective interest rates - duration - when are rollovers due etc - Debt can be useful BUT if Brexit goes wrong - Interest rates rise to defend £ then could be double whammy - Increased costs of debt and consumers spending less on going out - So on balance I would vote for reducing debt even if it means reducing div. It is the total return package that is most important.

[11_percent] 22/10/2017 22:14

Dose anyone think we should cancel the div, to pay of the debt.

[11_percent] 22/10/2017 22:06

This is a great company, in its sector, compared with its peers.

I think the divi is safe, at the moment.

The risk here is the consumer, if there is a big downturn, they will not go out for meals.

Ok, then there is the debt.

[11_percent] 22/10/2017 22:00

scobak
22 Oct '17 - 18:38 - 2424 of 2425    0   0
Looks more like a property company which also does quite a lot of brewing and distribution. Still though it needs to sort out what direction it wants to proceed in.

-----

You are an idiot.

It is a pub company that has property, it is being managed.

[jbfnfn] 22/10/2017 19:17

yf23_1 2423 There was a discussion about hedging interest rates ('cashflow hedges' in the accounts) back in February 2017.

The key posts were

Jeffian 8 Feb 17 post 1937
aldgatee1 9 Feb 17 post 1940.

I got some books out of the library on derivatives to try and understand it, but I've made limited progress.

I'm a penny punter underwater on my holding here. I'm holding on because I think updating the estate to modern well located pub/restaurants is the correct business strategy. Also the dividend pays for a few pints to drown my sorrows.

[scobak] 22/10/2017 18:38

Looks more like a property company which also does quite a lot of brewing and distribution. Still though it needs to sort out what direction it wants to proceed in.

[yf23_1] 22/10/2017 12:25

Just some thoughts about investing here ...

..initially thinking decent entry at 107p with fair value rise to 120p.

..after doing a bit of research, I really don't like the size of the debt, which also causes £37m of finance charges, which makes for a much more geared bottom line when you look at it as %age of profit - not good in a downturn.

..the other item is 'cashflow hedges'. What the hell are they and how are they implemented ? They are rather a large item in the interims equating to a 1/3 of operating profit.

In summary, what looks like a steady brewer with good brands and pub activities is now looking like a pub operator which is highly geared to the retail climate.
I think I've put myself off now.

[essentialinvestor] 22/10/2017 12:16

There will be no large buys with the share price at this levels.

Institutions are hugely down on the recent placing price
And in any case issuing shares on the current rating would be dilutive.

[racg] 22/10/2017 11:58

Oh yeah?; why so?

[dogwalker] 22/10/2017 07:15

Just need to buy Shepherd Neame next.