Marston's Share Discussion Threads

[spacecake] 12/7/2017 22:01

Marstons annual report is a masterpiece, lots and lots and lots of photographs. The FCA should limit all listed company annual reports to 5 photographs.

[essentialinvestor] 12/7/2017 20:00

I would be cautious adding additional capacity now.
This is a time for aggressive pruning of underperforming units in the estate.

Fine to say we can generate xyz returns on new investment,
how are those metrics going to look over the next 2/3 years.

[chinese investor] 12/7/2017 19:49

Interim Management Statement

[janekane] 12/7/2017 19:40

What's happening on the 26th

[janekane] 12/7/2017 19:15

Any drop below £1.10p and we will be a very tempting target for Heineken
Selling rooms is the best profit margin we have the more we get the more we are gullible

[ed 123] 12/7/2017 16:17

No, I think the news will be to expectations. It might even be slightly better, due to the hot spell.

Imo, the market is unsettled by the size of the debt as the UK moves into a consumer slowdown. Again, imo, management should be reining back capital expenditure.

The interim statement said they would be spending around £75 million on construction of new premises. Half year statement said EBITDA was about £91 million but interest payments were about £38 million and dividends £27 million. They can't afford to continue building new at that rate and the timing is wrong anyway, moving into a consumer slowdown.

Maybe they are just working through committed projects? They do state a wish to reduce debt. I think the market needs to see evidence of that happening.

At 116p they do look good value .... if the consumer slowdown doesn't run long/deep.

[11_percent] 12/7/2017 15:58

What's going on here.
The divi is now 6.3%.
Very little short interest, 1.55%.

I can only think that news has leaked, and it is bad.

[defcon3] 12/7/2017 15:57

95p would be a kick in the teeth to those in the placing at 137p..

[r ball] 12/7/2017 15:47

Banks looking good

[defcon3] 12/7/2017 15:46

Crazy cheap down here. No obvious reason for this sustained weakness

[123trev] 12/7/2017 15:44

Lots of stocks with high debt or small falls in profit are now being heavily discounted the market seems to be pricing in significant turbulence ahead the charts look ominous in some of these stocks.I think this may be heading to 95p.

[lord gnome] 12/7/2017 15:01

And still we go down. Has everyone stopped drinking beer? I guess we'll find out on 26th. Not long to wait. I hope the share price is still visible by then.

[ianood] 12/7/2017 06:46

That wasn't debt it was mispriced contracts!

[happywanderer] 11/7/2017 21:51

It's a Wolverhampton thing Marston's headquarters 300 yards down the road from Carillion (CLLN) headquarters debt has done for them.

[r ball] 11/7/2017 20:59

I'm mystified as to the rate of decline here. The strategy is sound, eps going up and dividend covered. I suppose the issue is the debt level, slow rate of expansion, living wage, consumer slowdown and interest rate rises. I suppose this makes the whole sector pretty unattractive...this has got to be a value try so long as it's not a value trap.

[jeffian] 11/7/2017 15:51

I would put the chances of the dividend being reduced at zero, barring some 2008-style collapse of the whole economy (in which case they won't be the only ones).

[chinese investor] 11/7/2017 15:18

Dividend will probably be reduced (but it is covered two times).

[zcaprd7] 11/7/2017 10:39

Safer than another former yield play, carillion, at the moment...

[r ball] 11/7/2017 07:29

Hmm. Hold for yield. No appetite for the shares.

[philoosh] 10/7/2017 16:53

This seems to be going down quicker than a pedigree !!!

[lord gnome] 05/7/2017 10:18

Liberum seems to have been having a review of the pub sector and given a BUY rating to virtually everything including Marstons. Target price is 140p.

[philanderer] 04/7/2017 00:36

'A Look At Pub Operator Marston's Plc'

[woodsman2004] 03/7/2017 11:03

Each to their own of course - I have to say that I prefer MAR to GNK for fairly base reasons as an ale drinker.

In a nutshell I think MAR, despite being a big pubco/aleco generally run better pubs and have better beer. IMHO opinion they have done a good job of acquiring some good ale brands, but have kept ale fans generally onside despite no doubt generating efficiencies behind the scenes. Their food/restaurant offering seems to pretty good to me - pitched about right - above the kind of Brewers Fayre level but not too expensive with the Marstons ownership kept very low key indeed.

Of course only an anecdote but I visited a very GNK pub in the City recently and got a pint that was clearly off - vinegar taste. This happens of course - asked barmaid who said sorry that is just how the beer comes out. Had to call for the manager who very rudely just said the beer was fine. Persuaded him to have a sniff and only then would he agree to a replacement!

[zcaprd7] 02/7/2017 10:25

Hmm, still falling. What's a natural psychological support? A pound?