Share Name Share Symbol Market Type Share ISIN Share Description
Marstons LSE:MARS London Ordinary Share GB00B1JQDM80 ORD 7.375P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.10p +0.10% 99.10p 590,125 16:35:08
Bid Price Offer Price High Price Low Price Open Price
99.00p 99.25p 99.50p 98.40p 99.45p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 992.20 100.30 14.20 7.0 628.1

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Date Time Title Posts
25/9/201810:49Marstons - Needs Shaking Up !948
17/9/201812:57Marstons...time to buy???2,906
21/7/201811:24Is there Life on MARS?91
16/8/201715:56Is the brewery purchase toxic. Was always a good plodder before?1
24/5/200816:48MARS - The Iceman Cometh3

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Marstons Daily Update: Marstons is listed in the Travel & Leisure sector of the London Stock Exchange with ticker MARS. The last closing price for Marstons was 99p.
Marstons has a 4 week average price of 89.20p and a 12 week average price of 89.20p.
The 1 year high share price is 121.30p while the 1 year low share price is currently 89.20p.
There are currently 633,854,287 shares in issue and the average daily traded volume is 1,374,378 shares. The market capitalisation of Marstons is £628,149,598.42.
quepassa: ianood is a hopeless investor and an inveterate daydreaming ramper. for example this is a post of his two years ago on Marston's number 1799 dated November 2016 when the Marston's share price was 150p: "Hope that's true libertine, its what we have been looking to for some time now and could result in a re-rating of MARS." a re-rating indeed. Price today 92p. Since 2016 alone he has lost 40% of his money on Marston's and still ramping away. As with EasyJet, looks like he is uncannily accurate in picking and losing money on another share which has performed dismally.
quady: QuePassa - my point as a shareholder in both companies is that I think Mars is likely to generate a better long term return from the current share prices. Can you explain how Brewdog's share price has been determined by the market please?
quady: Jeffian - you've been on this share since the dawn of time, but I disagree so please enlighten me. The five year chart has Marstons hovering around the 140p up to the equity placing at just over 130p after costs. In the four years to the placing EPS rose sluggishly but reasonably. I doubt Mars was seen as a growth share in that time. In that period debt:eps remained roughly flat no? So far I can't see reason for a share price slump. Charles Wells has been EPS flat but improved debt:profit. I just can't see anything Marstons has done in the last 18 months which should've knocked off a third of the share price. I agree with Janekane that the franchise model makes the books more difficult to follow, but Mars is (IMHO) not cooking the books. The only thing I've noticed over the last year is Mars falls with GNK but either doesn't or only slightly rises with it. From where I'm sitting GNK has had a bad aquistition and Marstons a probably slightly helpful one. That is said drinking a bottle of McEwans Champion. I disagree that Marstons can't compete on price. Hobgoblin at £1.25, Banks is sold for under a quid. This Champion gets hit my minimum pricing in Scotland. One of the positives I see is Mars being able to raise margin in supermarkets over time a bit. I think the brand portfolio can be better used. Try the American Pale Mars does for Sainsbury's Taste the Difference on contract. They can do the quality for craft, just needs sticking in a can. The main fail of the CW acquisition, the failed canning line.... yet the market didn't react when that was made public. Odd.
jeffian: The divi bears no relation to the share price other than signalling that the market thinks it may be cut or the market doesn't care because it thinks the share price will go down anyway. The only criterion for setting the divi is whether it is affordable and sustainable. Cutting the divi because the share price is low is a nonsense. Many years ago, when Aviva was known as Norwich Union, it put out a statement saying that it thought that its divi yield (6%) was out of line with its peer group whose shares generally yielded around 3% and, therefore it was going to "rebase" (Ahem! cut) the divi by half. The market promptly halved its share price, so it still yielded 6%!
illiswilgig: I am far from convinced that there is any quick fix or financial engineering that city whizz kids can apply to get Marstons share price motoring upwards. More likely to end up with it tanking downwards. Even faster. Though it might provide a quick spike for shareholders to exit - if they are quick enough - and others want to buy. Greene King is doing a great job of showing just how difficult it is right now to extract the benefits of mergers in a declining market with an oversupply of outlets and a fairly difficult economic outlook. That's not to say that Marston's won't succeed and the share price recover dramatically, just that it doesn't seem the most likely outcome to me at the moment. cheers
chrisdgb: A reminder of the Telegraph in June: Pub chain Marston’s could solve its “Gordian knot” by striking a merger deal with Magners owner C&C, City analysts have speculated. An all-share merger between the pair would solve Marston’s problem of “balancing debt, dividend and capital investment”, Shore Cap argued in recent research notes. With an equity raise “out of the equation” at its current value, Marston’s should explore merger and acquisition options to address decade-old concerns over its balance sheet and cash flow, analyst Greg Johnson explained. Marston’s has shed a fifth of its value in the last year – its share price recently slipping back to levels around 2012 – and management have pinned hopes on World Cup fever driving drinkers to pubs after trading in the first half of the year was hit by poor weather. City analysts believe that the pressure on the pub should begin to ease if cost pressures from the weakened pound begin to fade and the squeeze on consumers continues to lift.
careful: hard to see why this is not higher. compare fundamentals to Wetherspoon. gearing ex tangibles lower at 70% vs 82% higher pre tax profit. an historic pe of 24 vs 7 for mars. yield 1% vs 7.75 for mars. A share price of 150p is more likely that 80p on the evidence we have. share price trends bring out the clowns. Just looking for a steady total return of around 5%pa here.
quady: QP - I have checked and Marstons peaked at about 330p in Feb 2007 on a rebated basic given the share split and rights issue, but that's not so material to your point. In short, I don't know why the slump, I wasn't invested then. But I can give some clues which others may pick up on to save me going into the accounts. By Nov 2008 the share price was at 60p. Between those two dates Marstons put in place their long term debt financing. Turnover is now about 40% higher than it was at peak share price, but profit flat between now and then. The dividend at the share price peak was about 2.7%, but payments in pence per share terms a bit higher than today. From the looks of it, it was misspriced in 2007. I think it's misspriced today, which is why I hold it. Beer might be in decline as a category, doesn't mean there isn't profit to be had. I also invest in BrewDog who's share valuation tragectory looks more like Amazon than Marstons. I doubt that in my lifetime beer will stop being sold, people stop going to restaunts and hotels. What I do doubt are FANG valuations being realistic. Anyway, Marstons is more of a bet on real estate and finance as it is beer. I'd be interested in others on here wisedom on why the share price fell so hard and hasn't bounced back.
illiswilgig: Hello QP, you make some very valid points. I've not checked that far back - but I assume you are correct and MARS share price in 2007 was 470p! Sad for anyone who has held since then. So to answer your question I expect that MARS is making a lot less profit today than it was 10 years ago. Hence the shareprice is a lot lower. It is also possible, indeed probable, that MARS is rated much lower today than a decade ago, perhaps in the expectation that profits will continue to fall. Probably a bit of both, less profit and lower rating = 100p shareprice today. The question is not what happened in the last decade - it's what will happen in the next decade. At least that is the basis upon which I invest. You are certainly correct about the macrotrends of online versus highstreet retailing and about the rate of closures of pubs. Though the next decade leading to all pubs being closed is about as likely as MARS shareprice falling by another 370p? But everything has a value - even if its a very low one? So after Amazon's meteoric shareprice rise and Marston's shareprice plummet which shareprice is closer the companies intrinsic value? It's interesting to note that Amazons profitability is actually quite low. It makes a 3% margin, 51bn sales and 1.6bn profit (Q1 2018) whereas Marston's has a 10% margin, 1080M sales 107M profit. Expectations of future profitability at Amazon are incredibly high the shareprice is 250 times current earnings - whereas Marstons is only 7. So Marstons is certainly valued very low - is it low enough? You are right about the rate of pub closures. But I think its very healthy, if only the restaurant sector had been shutting as many restaurants they might not be going bust quite so often! Over the last 6 years or so 60800 pubs in the UK have reduced by 10000, about an 18% decline? If Marstons is an average estate I'd expect to see a similar rate of decline of a few percent annually? So I've had a look and the answer is not simple. It appears that Marstons had an estate of around 2000 pubs a few years ago and now its 1568. But they sold 388 pubs for £144million and another 'portfolio' of 202 pubs. So as well as selling pubs they've also been opening pubs to end up with 1568 today. Of course selling pubs is about as good as closing them down if you don't get much cash for them. But I notice in the results to October 2014 they actually booked a surplus against the disposals of £37.5m ie they disposed of the pubs for more than their asset value on the books. That's a really key point. As well as a lowly rating on its profits and a reasonable margin it appears that Marstons pubs might actually be worth more disposed of than they are held on the balance sheet. So although pubs are shutting down - it appears that it might be because the pubs are worth more closed and sold on than operating as pubs? Not that I am promoting Marstons should sell off all its pubs and return the profits to shareholders, although others might do - but if they did so in an orderly fashion the likelihood is that I'd get back more than my shares are currently worth. (IMHO) The net asset value of the estate and the dividend cover make it likely that Martsons shareprice will not fall significantly in the future, so its a low risk investment for me - with a 7% return and the possibility of capital appreciation. I will leave my take on the new build pubs, lodges the 4000 room target and the breweries for another day. I think I will be reaching for the buy button again tomorrow, If you were hoping to convince me not to buy MARS then I am afraid you've been counterproductive QP - but thanks all the same, Cheers indeed, Illis
jeffian: Ref: #2624/5, whilst an exceptionally high dividend yield can indicate that the market thinks the div is unsustainably high and will be cut, it's a mistake to think the div is a function of the share price. It's a function of earnings. As Septimus Quaid says, as long as the div is well-covered, it doesn't make sense to cut the div just because the share price is being hammered. Many years ago, when Aviva were still called Norwich Union, the company announced that because the dividend yield was so high in comparison to their peer group, they were going to "re-base" (i.e. cut!) it to bring the yield into line with their competitors. They halved the divi.....and the market promptly halved their share price so the yield remained the same! Managements should focus on the things they can directly control - growing revenues, controlling costs, making profits and paying dividends - and let the share price look after itself.
Marstons share price data is direct from the London Stock Exchange
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