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Marstons - Fall in net debt / EBITDA

January 2016

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The shares spiked after a strong second half saw full year pretax profit rise 10% to £91.5m on sales ahead 7% at £845.5m. Eps also increased 10% to 12.9p while pleasingly its net debt / EBITDA, excluding £202m lease financing, fell from 5.4x to 5.1x.The sparkle came from its destination & premium division (managed pubs) where profit increased 10% to £83.6m with operating margins rising 0.3% to 20.5%. Like-for-like sales rose 1.8% but the main growth was through 25 new pub restaurants taking the total opened since 2009 to 134. These food-led “superpubs” generate c. 15% EBITDA return on capital, high turnover of £25,000 a week and have achieved 40% valuation uplift over cost. With a nod t ...

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Marstons - Fall in net debt / EBITDA

January 2016

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