Marston's Share Discussion Threads

[chinese investor] 15/5/2019 09:47

End of June 2019 !

[luderitz] 15/5/2019 09:32

How soon exactly ? -):

[chinese investor] 15/5/2019 08:38

120p Soon Then !

[skinny] 15/5/2019 08:36

JP Morgan Cazenove Overweight 105.70 123.00 Reiterates

[skinny] 15/5/2019 08:10

Peel Hunt Add 101.20 115.00 Reiterates

[chinese investor] 15/5/2019 08:09

GO GO HORSEY !

[fenners66] 15/5/2019 07:19

What about that swing from surplus to deficit in the pension scheme - £38m ?

[chinese investor] 15/5/2019 07:10

As expected !

[skinny] 15/5/2019 07:07

.

· Underlying revenue and earnings growth in all trading segments
· Like-for-like operating margins in line with last year
· Managed and franchised like-for-like sales +2.2%, up 3.2% in last 10 weeks of period

- Destination and Premium like-for-like sales +1.2%, Taverns +3.9%

- Managed and franchised like-for-like operating margins in line with last year

- Average profit per pub +1%

· Continued organic growth in Brewing

- Revenue +8%, own-brewed and licensed volumes +4%

- Stable margins, operating profit +8%

- Positive benefits from new distribution contracts

- Leading market shares: on-trade premium ale 22%, premium packaged ale 28%

- No.1 UK exporter of ale

· Good progress on debt reduction plan

- Earnings growth achieved, H1 operating cash flow +6% at £66.8 million

- At least £5 million annual interest savings for next 5 years following swap reprofiling

- Target to reduce net capex by £30 million in 2019 and further £25-30 million in 2020

- Targeting £120 million disposal proceeds 2020-2023

· Outlook and dividend

- Interim dividend maintained at 2.7 pence per share, as previously guided

- Momentum maintained into the second half of the year, strong Easter trading

- Confident of meeting our earnings expectations for the full year

Commenting, Ralph Findlay, CEO said:

"I am pleased to report continued growth across all segments of the business. Our Taverns wet-led community pubs have built on the strong trading performance last year and it is particularly encouraging to see our food-led pubs once again achieving increasing momentum in profitable like-for-like sales growth. Our leading Brewing business goes from strength to strength, winning new distribution contracts and continuing to grow market share.

"We remain focussed on our strategic objectives and good progress has been made with our stated aim to improve cash generation and reduce the Group's leverage. Whilst the backdrop of ongoing uncertainty around Brexit continues to be challenging, opportunities for growth remain and we are confident of delivering another year of profitable growth for our shareholders."

[spacecake] 01/5/2019 11:58

Directors spread ever thinner ...

Matthew Roberts, a Non-executive Director of Marston's PLC, and Chairman of the Audit Committee, has been appointed Chief Executive of intu properties plc, with effect from 29 April 2019.

[skinny] 26/4/2019 10:45

It's also a good day for pubcos generally.

Indicators ticking up.


free stock charts from uk.advfn.com

[cc2014] 26/4/2019 10:44

At 103.2 at the moment and as we can see from the chart above resistance is at 104. It looks to me like someone is collecting stock as cheap as possible and trying not to move the price. Bit by bit they keep having to nudge it up a tad.

Maybe maybe this time we can sustain an attack on 104 without falling back to 100 first.

[cc2014] 25/4/2019 13:06

rofl. Every time it gets it's head a couple of three points away from 100p we start to get enthusiastic looking for the breakout and the move to 120p.

Interim results due on 15th May. Will that help or will the likely dividend of 2.7p payable near the end of May push it back down to 100 again.

I have no idea but it is nice to see it moving up these last few days.

[chinese investor] 25/4/2019 12:17

Looking Good !

[spacecake] 23/4/2019 20:53

Floating rate financial liabilities £679.5m
Fixed rate financial liabilities £901.2m
Total £1580.7

The weighted average interest rate of the fixed rate borrowings was 5.5% (2017: 5.2%) and the weighted average period for which the rate is fixed
was 12 years (2017: 12 years).

[deanowls] 23/4/2019 10:20

That’s 40 minutes you were not drinking. Buying back shares at this yield is better short term.

[casino444] 23/4/2019 10:18

Pubs were packed out over bank holiday took me 40 minutes to get served at one of them ,if we keep getting this mild weather more people drink and eat out , also buying beer and spirit for drinking at home , I have some green King shares which are doing really well , now thinking about investing in marstons as well , the share price seems at a good entry level and pays a good dividend

[redartbmud] 19/4/2019 08:30

Read Notes 19 and 20 in the Report & Accounts.

Securitised debt £781.1m, broken down in tranches, the last of which expires in 2035.
Each tranche has a step up, based on 3 month LIBOR plus a fixed percentage, and each step up is triggered, at a fixed date, written into the agreement when the debt was taken out.
The debt is secured on the pub estate, with restrictive covenants.

Other borrowings amount to £799.6m

Total debt £1580.7m (£1532.7m 2017)

Interest paid on the securitised debt was £46.2m = 5.892% pa

[cc2014] 19/4/2019 07:34

Spacecake. I've read the accounts. Much of the debt isn't fixed rate/long dated swaps.

I'm not sure what point you are trying to make. Are you suggesting low interest rates is a bad thing for MARS?

[ianood] 19/4/2019 00:54

Space - V.significant, long dated interest rate swaps

[spacecake] 18/4/2019 18:10

CC2014
How much of the "debt pile" has a fixed interest/ coupon rate, have you checked ?

[cc2014] 18/4/2019 06:49

I am puzzled. It is clear from the bond markets that interest rates are going to stay lower for longer than anyone expected. This, will be good for MARS given their debt pile as means the interest bill isn't going up and a longer timeframe to get the debt pile in order.

Yet, the share price is still stuck. Falling again albeit slowly if anything.

Answers on a postcard please?

[quady] 17/4/2019 19:21

redartbmud - im glad youre pleased with the new chairman. I didn't take to him too much at the AGM. He made great play of being new, listening to institutional analysist/shareholders and directing a new course due to the poor share performance of late. However, I've not forgotten the shares fell sharply on the day and haven't yet recovered. I can only conclude his medicine hasn't been taken well by the patient. Coupled with not taking ownership of the AGM timing/lunch debacle which was changed 'following feedback' according to HIS AGM invite, I'm none too impressed.