Marston's Share Discussion Threads

[rmillaree] 03/10/2012 09:15

The nasty bit is the £200 million w/off in the accounts, bit bizarre the a decrease in value is adjusted but an increase is not - thats accountants for you - silly lot. So although a nasty nice to know it doesn't really exist sigh.

I am happy to hold this share as a nice little plodder for the long term - each new superpub contributes to pub and also the beer brand. The more the grow the intangible beer brand will also grow in value and someone else might say we will have that please - as happened with Bellhaven in the good old days.

[m.t.glass] 03/10/2012 08:47

Share price has climbed 22% in 20 weeks since the May results. Nothing much in this statement to excite a further immediate rise I guess.

[skinny] 03/10/2012 07:07

Our performance for the year has been resilient against the challenging economic backdrop and the very wet weather during the summer months. Earnings before tax and exceptional items are in line with our expectations.

In managed pubs, like-for-like sales were 2.2% ahead of last year including like-for-like food sales growth of 2.4% and like-for-like wet sales growth of 2.1%. Operating margins were slightly ahead of the previous year.

We completed 25 new pub-restaurants with investment returns remaining strong and above target. The impact of our new-build programme over the past three years has been significant, substantially increasing our exposure to the informal dining market and contributing to continuous improvement in the quality of our pub estate. We aim to continue to develop our managed pub estate at a similar rate of growth for the foreseeable future, and have a clear development pipeline including 20-25 sites planned for completion in the 2013 financial year subject to planning.

In our leased, tenanted and franchised pubs, operating profits are estimated to be around 3% ahead of last year. This improvement is principally due to the growth of our franchised estate, which now constitutes around 500 pubs. Pubs operated under the traditional leased and tenanted model contributed profits in line with last year.

In brewing, our own-brewed beer volumes are 2% higher than last year with growth in both premium cask and bottled ales.

[redartbmud] 10/9/2012 11:15

VeryM

My get out is 1.20p
Might have to revise thinking.

red

[verymaryhinge] 10/9/2012 09:55

Have sold mine this am at 114. Will keep an eye on them though.

[skinny] 10/9/2012 09:51

A downgrade this morning from Citigroup - TP £1, they also downgrade Greenking.

There are also a couple of upgrades for MAB.

[redartbmud] 10/9/2012 09:39

Oops, we appear to have lost one of the team to M&B, who were in total disarray not so long ago.
Interesting....

[jeff h] 13/8/2012 15:49

I'm not surprised beer sales are on the up - the company seems to have the most beers on sale in the bitter section of the supermarkets I go in such as Sainsburys.

In the last year or so though I've noted their products also being very prominent in Aldi and Lidl as well.

Add on the fact that real ale is becoming more and more popular and prevalent in pubs as keg and standard lager popularity wanes and you can see that Marstons Brewing operations are in a great position in the UK market.

[spacecake] 26/7/2012 10:11

I think the share price may have had its week in the sun.... back to the European black clouds.

[fangorn2] 25/7/2012 16:05

Indeed as will I be Redart.

[redartbmud] 25/7/2012 16:00

I'm out if it hits 120p

red

[skinny] 25/7/2012 15:41

12 month high hit earlier @111p

[jeffian] 25/7/2012 15:11

8-)

Not uncommon in UK plc, unfortunately.

[redartbmud] 25/7/2012 14:26

jeff

Not as spectacularly as executive pay!

red

[jeffian] 25/7/2012 13:31

I wouldn't have thought that was unusual. It's a tough old world out there and it's well known that tenancies are struggling most, but that doesn't mean that MARS, GNK etc. can't continue to progress as a company. They are both "vertically integrated" brewery companies which means that they brew, distribute, wholesale, retail and run both managed and tenanted estates so the trick is to focus on the bits which are doing well - Managed pub/restaurants, niche ale products etc. - and manage those which aren't (tenancies). The tenanted pubco's (ETI, PUB etc) which are one-trick ponies - they only have a tenanted estate - are suffering disproportionately at the moment and the Managed pub retailers (JDW) are doing OK. MARS spreads the risk and as a result continues to move forward steadily, if not spectacularly.

[spacecake] 25/7/2012 13:04

jeffian,

Marston's Pub Company are quoting 428 business opportunities - pubs up for rent, lease or franchise out of a total 2150 or around 20%... that seams a big number.

https://www.apointplus.com/marstons/jobs/Pub-Search.aspx

I suppose many reasons for landlords to want to move on, but whats the 5 year average I wonder ?

[jeffian] 25/7/2012 12:26

Indeed (so something isn't right with the official statistics!). Of course some businesses will struggle but others are flourishing. Spacecake may call it "adjusting to the "new economy"" but it is just evolving to meet changing market demands.

[gorse] 25/7/2012 12:08

But unemployment is falling.

[spacecake] 25/7/2012 12:06

Not recession proof enough for the landlords who are put their leases up for sale.

Lengthening lists of freehold country pubs up for sale... recession proof - not enough for them.

However, Marston's do seem to be adjusting to the "new economy" of rising unemployment, wage freezes, pay cuts by aiming for the 3 F's ... Fat, Female & Forty something.

[jeffian] 25/7/2012 11:12

If you read the comment you have posted, he is actually saying that the one-off events helped to offset the effect of the abysmal weather we've had this summer (itself a one-off - or at least unusual - event).

The long-term drivers are actually the new-build pub programme, the growth of food in the managed estate, the new 'franchise' agreement in the tenanted estate plus stabilisation of traditional tenancies and continued market share gains in the brewing side.

The brewery/pubco's are never going to set the world alight but these figures do show how resilient they are even in recession. In every recession I've lived through (a lot!) it's always the same story with analysts first announcing the end of the pub trade and then being surprised when it doesn't happen.

[fangorn2] 25/7/2012 07:13

IMS - not too shabby at all.



Profitability in line with expectations.

Managed Pubs - LFL sales +2.2%. Operating margin slightly ahead.
Tenanted Pubs- Operating profit up 3.2% on last year,reflecting strong performance.

[brownie69] 17/7/2012 16:43

Love this stock. Good company operationally. Great yield and now a breakout confirmed!

Hope value of minimum pricing for alcohol in supermarkets which would really cause this to take off.

My TP 125p, without min pricing alcohol in supermarkets.

[skinny] 06/7/2012 09:08

Bank of America reiterates its buy stance - TP upped from 110p to 120p.