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MARS Marston's Plc

28.25
-0.65 (-2.25%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.65 -2.25% 28.25 28.30 28.45 29.30 28.20 28.70 2,226,821 16:35:25
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Malt Beverages 885.4M -9.3M -0.0147 -19.35 180.42M
Marston's Plc is listed in the Malt Beverages sector of the London Stock Exchange with ticker MARS. The last closing price for Marston's was 28.90p. Over the last year, Marston's shares have traded in a share price range of 26.85p to 39.35p.

Marston's currently has 634,148,510 shares in issue. The market capitalisation of Marston's is £180.42 million. Marston's has a price to earnings ratio (PE ratio) of -19.35.

Marston's Share Discussion Threads

Showing 4051 to 4070 of 9975 messages
Chat Pages: Latest  171  170  169  168  167  166  165  164  163  162  161  160  Older
DateSubjectAuthorDiscuss
07/10/2018
17:46
Anyway, what about that brewer Marston's. I think that is what this BB is about. Anybody got any thoughts that are not having a go at others posters.
ianian4
07/10/2018
15:13
What's up seems to be attracting a bit of attention hope he /she can keep their dummy in the Pram
All imo dyor
LOL

janekane
07/10/2018
10:48
now, now scurbs....

calm down and try not to get so tetchy


enjoy

and thank you once again for your efforts


all imo. dyor.
qp

quepassa
07/10/2018
10:26
Can i suggest a change to your post endings.

all imo. dyor cause I ain’t done none!

scburbs
07/10/2018
09:40
you are misguided.

thanks for your efforts anyway.

all imo. dyor.
qp

quepassa
07/10/2018
09:06
QP,

Don’t be silly the debt isn’t off balance sheet it is £791m of the debt on the group balance sheet. Lazy I say again, but this time no smiley face and probably a tad generous on my part!

scburbs
06/10/2018
23:12
Janekane

Full support from me.

İf only to keep this thread focussed on the real problem of no confidence.

Keep it up.

dinvester
06/10/2018
15:30
1024
What's going on thinks your remiss
negligent, neglectful, irresponsible, careless, thoughtless, heedless, unthinking, unmindful, lax, slack, slipshod, lackadaisical, forgetful, inattentive, unheeding;
Please could you be more attentive
What's up will be very uptight
LOL

janekane
06/10/2018
10:53
not lazy in any way.

like all the others, you have failed to understand the question. and in this respect you are quite remiss.

i am not -and never have been- after the Banking Covenants of the off balance-sheet special purpose /securitisation vehicle. Those are facile to locate.

i am after the Banking Covenants of Marston's PLC- the listed Company and main operating Group, not their off balance-sheet securitisation vehicle.



Thank you nonetheless for your efforts.

ALL IMO. DYOR.
QP

quepassa
06/10/2018
10:02
Wednesday 10th Oct 2018 trading statement - will double or triple pants be required and should I wear wellies ?
spacecake
06/10/2018
09:10
Hi QP,

Its a little lazy on your part :) given securitisation is a main heading on the website, but here you go:

hxxp://www.marstons.co.uk/docs/securitisation_debt/2018/covering-note-q2-2018.pdf

hxxp://www.marstons.co.uk/investors/securitisation/

The original offering circulars are at the bottom of the second link and the Q2 covering note sets out the numerical covenants. The financial covenant looks pretty comfortable. The restricted payment covenants are probably cash trap covenants rather than breaches and look a little closer, but the ratios do not appear to have moved in years (I believe they have various substitution rights enabling them to control the ratio to a certain extent).

scburbs
06/10/2018
06:58
I thought this thread had lost its way at one point but nice to see the return of informative debate
septimus quaid
06/10/2018
06:19
The debt figures are very confusing

1. depending on how you skin the cat- and
2. what you include or not - or
3 net off against the other items.


Either way, it is a great amount of debt against a weakening industry backdrop where Marston's remains heavily indebted at a time when wages, business rates and raw ingredients are all significantly increasing.

No-one has been able to spell out what exactly the debt/banking covenants are.
No-one has been able to offer a link to an official document giving the precise banking/debt covenant package.


In my opinion, this is not comfortable.


ALL IMO. DYOR.
QP

quepassa
06/10/2018
05:51
1019 and 1020
Both good posts Thanks p

janekane
06/10/2018
00:36
JK (and others),

From a different part of the interim results (§8 "Net Debt"):

"Net debt 1,393.4[m]"

The numbers JK quotes are from §9 "Financial Instruments", where various items are adjusted for "fair value" (AIUI essentially the estimated value if the company had to "settle up" everything today).

As for ADVFN, for FY2017, they have picked up the statutory profit and EPS, but the underlying turnover. And on the net debt, instead of quoting from the published results, ADVFN's help page says they define their "net debt" figure as "all liabilities - cash & equivalents" - which for MARS is derived as (£440.4m + £1623.6m) - (£120m + £54.6m). This explains the difference between their figure and those actually reported.

Oh, and ADVFN still list the MARS website as wdb.co.uk (it does redirect to marstons.co.uk) - which has been wrong for probably a decade (the change of name was back in 2007!).

stevefoster
05/10/2018
19:24
JK
Nice load of figures.
They may be right or they may be wrong. If they are wrong, it is buyer beware.
As for debt, they had the same debt when the share price was 50% higher. The experts thought that price was right at the time.
There is no way of knowing what the share price will be tomorrow, let alone in a year. When the update is out on Wednesday, it may hit 1.10 or sink to 90p. There is only one certainty and that is we will have no say in it and whatever you think, you could be surprised. My guess is 1.06 based on tea leaves. Let me see how that fares against the experts.

ianian4
05/10/2018
18:45
Figures from march 2018
314.0 280.0 314.0 280.0
Securitised debt 796.4 811.1 782.4 808.4
Finance leases 27.7 27.8 27.7 27.8
Other lease related borrowings 329.5 293.7 329.5 293.7
Other borrowings 120.0 120.0 120.0 120.0
Preference shares 0.1 0.1 0.1 0.1
1,587.7 1,532.7 1,573.7 1,530.0
-------------------------------- --------- ------
£1.587 billion
Advfn gives updated figure at £1.889 billion
£302 million difference
Advfn are a well respected financial institution why should they be wrong with up to date figures against figures posted 7 months ago

janekane
05/10/2018
16:32
JK's been told before but insist on peddling garbage - filter works well!
ianood
05/10/2018
16:24
No it isn't. You must learn to stop relying on website financials which are often wrong and go to the only reliable source which is the company's audited report and accounts. If, rather than blindly copying and pasting dubious stats you can show us the calculation of £1.889bn net debt, I will happily send £100 to your favourite charity.
jeffian
05/10/2018
05:41
O yes it is

Marstons Key Figures
(at previous day's close)
Market Cap. 627.30 m
Shares In Issue 633.96 m
Prev. Close 100.10
PE Ratio 6.97
Dividend Yield 7.58 %
EPS - basic 14.20 p
Dividend PS 7.50 p
Dividend Cover 1.89
Cash Flow PS 33.69 p
Return On Equity (ROE) 9.09 %
Operating Margin 10.11 %
PEG Factor 0.59
EPS Growth Rate 11.81 %
Dividends PS Growth Rate 2.74 %
Net Debt 1,889.40 m
Gross Gearing 68.91 %
Quick Assets 286.30 m
Net Working Capital -113.90 m
Intangibles / Fixed Assets 11.16 %
Turnover PS 156.51 p
Pre-Tax Profit PS 15.82 p
Retained Profit PS 6.40 p
Cash PS 27.54 p
Net Cash PS -41.93 p
Net Tangible Asset Value PS * 99.93 p
Net Asset Value PS 146.92 p
Spread 0.20 (0.20%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.
Marstons Balance Sheet
LSE:MARS:Liabilities+EQLSE:MARS:Assets
For Sector Balance Sheet comparisons Click here

Share Price Performance
Sample Period † High Low
1 week 101.00 98.25
4 weeks 102.60 90.10
12 weeks 102.60 89.20
1 year 121.30 89.20

Share Price Chart (5 years)

Marstons Historic Returns
Period † Open Change % Open Avg.

janekane
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