Marston's Share Discussion Threads

[janekane] 10/10/2018 09:11

down again

[skinny] 10/10/2018 08:40

FWIW :-

Peel Hunt Buy 98.33 140.00 125.00 Reiterates

Shore Capital Buy 98.25 - - Reiterates

Liberum Capital Buy 98.25 130.00 - Reiterates

[careful] 10/10/2018 08:29

current pe 6.9; yield 7.7%.
profits will be slightly up.

we can see the potential for bit of downside in trade, but these are cheap already.

[quepassa] 10/10/2018 08:20

not very encouraging in my view.

and perhaps several signs of weakness - especially if you strip out the one-off boost from the World-Cup.

"offset by higher interest charges". At a time when interest rates are on the increase, this is something to be aware of for a company with a big debt burden.

T/O up 15% but anticipated pbt up 4%.

not much room for slippage.


ALL IMO. DYOR.
QP

[jeffian] 10/10/2018 08:09

Double post. (struggling with a 'foreign' pc!)

[jeffian] 10/10/2018 08:09

By whom? MARS and GNK have now built themselves into the 2 main 'national' integrated brewery/pubco's so any takeover would likely run into competition concerns.

[ianood] 10/10/2018 08:05

Jeffian - agree, also think that they are extremely vulnerable to a take out.

[jeffian] 10/10/2018 07:59

As ever, growth is pedestrian. Where would they have been without the Charles Wells acquisition? I'm happy to hold for the div and I think they are secure enough, but growth is a concept that seems alien to MARS management.

[the deacon] 10/10/2018 07:45

Lol, I should have refreshed the page before posting...doh!

[the deacon] 10/10/2018 07:44

LANGTON REVIEW (this AM)Marston's has confirmed that trading at the operating profit line is broadly in line with expectations but PBT estimates will be pulled back a little.• The World Cup and the warm weather have been, overall, helpful. But margins have fallen a shade and interest costs have risen. Drink has performed well but food sales were impacted earlier in the year by hot weather and by the World Cup (and earlier still by the Beast from the East).• What remains clear is clear that the balanced model has smoothed trading for Marston's given the swing in trading performance (food has been tough and wet sales have been strong.)• Marston's shares trade on a PER of little more than 7x with a yield of around 7.5% and rising. The shares appear cheap as the group, which has an attractive, well-managed and well-maintained estate of largely freehold properties, is selling product that the consumer would like to buy at a price they are prepared to pay.• Lodges, craft brewing and food (in the longer term) remain growth areas. Marston's is a major brewer and has a large wet-led element to its estate and is well-placed to grow and to create further value for its shareholders.

[mr_spock] 10/10/2018 07:38

Comment from Langton Capital this morning:

Langton Comment:
• Marston’s has confirmed that trading at the operating profit line is broadly in line with expectations but PBT estimates will be pulled back a little.
• The World Cup and the warm weather have been, overall, helpful. But margins have fallen a shade and interest costs have risen. Drink has performed well but food sales were impacted earlier in the year by hot weather and by the World Cup (and earlier still by the Beast from the East).
• What remains clear is clear that the balanced model has smoothed trading for Marston’s given the swing in trading performance (food has been tough and wet sales have been strong.)
• Marston’s shares trade on a PER of little more than 7x with a yield of around 7.5% and rising. The shares appear cheap as the group, which has an attractive, well-managed and well-maintained estate of largely freehold properties, is selling product that the consumer would like to buy at a price they are prepared to pay.
• Lodges, craft brewing and food (in the longer term) remain growth areas. Marston’s is a major brewer and has a large wet-led element to its estate and is well-placed to grow and to create further value for its shareholders.

[the deacon] 10/10/2018 07:26

Decent enough trading update. Going in the right direction, at least..

[spacecake] 10/10/2018 07:23

Banana skin... "offset by higher interest charges."

[baticle] 10/10/2018 07:19

Trading Update is good, I would like to see the numbers when released next month though. I was expecting record revenue and underlying profit but they could do with paying some debt down as interest payments have risen as pointed out in the update.

[skinny] 10/10/2018 07:15

Trading

Strong trading during the World Cup and warm summer weather contributed to our achieving record revenue and underlying profit before tax for the financial year. Group turnover was up 15% to over £1.1bn and we anticipate reporting underlying profit before tax of around £104 million (2017: £100.1 million) with higher operating profits in each of our trading segments offset by higher interest charges.

Total pub sales increased 3.2%, including like-for-like sales growth of 0.6% and the contribution from our pub expansion programme. In the most recent 10 weeks, like-for-like sales were up 1.6%.

Taverns: our wet-led Taverns pubs performed strongly with managed and franchised like-for-like sales growth of 3.8% including growth of 3.8% in the last 10 weeks. This good performance from our community pub estate was boosted by the World Cup and warm summer weather, although trading has been consistently strong throughout the year. Like-for-like profit in our leased estate is around 2% up.

Destination and Premium: as previously reported, our food-led Destination pubs were impacted by poor weather in the first half-year, and weaker trading during the World Cup as expected. In Premium pubs and bars, Pitcher & Piano and Revere Country traded well. Like-for-like sales were 1.2% behind last year, with growth in both drink and accommodation offset by weaker food sales. In the last 10 weeks momentum has improved with like-for-like sales up 0.1% on last year. We have maintained a keen focus on cost control and continue to remain disciplined in terms of pricing, discounting and promotion, with operating margin expected to be around 0.5% below last year.

Marston's Beer Company: we achieved strong growth with total volumes up around 47% in the year benefitting from the acquisition of Charles Wells Brewing and Beer Business in 2017, good summer weather and the World Cup. We have made significant distribution gains in the last year and our portfolio, which includes an outstanding range of premium ales, World Lagers and Craft Beers, further increased market share. Marston's now distributes to one in four of the UK's 46,000 pubs nationwide. Sales of own and licensed brand volumes exceeded one million barrels for the first time this year, and we distributed around 2.5 million composite barrels of drinks to the on and off trade sectors. Around 90% of 'own brand' volume is now sold outside Marston's own pubs.


more.....

[ny boy] 09/10/2018 15:24

Tick tock, results tomorrow GLA holders!

[ny boy] 09/10/2018 09:11

We need publicity, were Katja and Seann caught snogging outside a Marstons?

[cc2014] 08/10/2018 16:36

158k left unfilled in closing auction at 101.0 Hmm...

[ianian4] 08/10/2018 16:29

I hope so, however I would very much doubt that those in the know in the city would have access to this insider information. We are all in the same boat.
This must be the case as there are no prosecutions to speak of. Unless...

[skinny] 08/10/2018 16:26

Here's hoping - cheers!

[septimus quaid] 08/10/2018 16:24

leaky leaky?

...ahead of Wednesday’s results

[skinny] 08/10/2018 15:50

A largish trade (183K) causaed that spike @14:51.

[janekane] 08/10/2018 15:38

It's better than mine

[knowing] 08/10/2018 15:01

Thank goodness this is up 3% with my QLT down 3% it's what you call a balanced portfolio