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Marstons - Broker forecasts book value rise to 170p a share by 2015

March 2012

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.

  • Epic Code:
  • MARS
  • Price:
  • 99p
Against weak comparatives following last Christmas' snow, Marstons was always expected to produce something decent this time and so it proved with like-for-like sales rising 7% (food: 8%, wet: 6.5%) in the eight weeks to 21 January, bringing year to date (i.e. 16 week) growth to 5%. Operating margins are in line with last year, while the plan to open 25 new build restaurants this year remains on track.Also pleasing was that tenanted pubs achieved 3% like-for-like profit growth in the 16 weeks, accelerating to 4% in the past eight. Broker Numis believes the core 1,000 pubs achieved 1%, with the rest being uplifts from the 360 turnaround sites converted to retail agreements. This bodes well as Marstons plans to have 500 converted by ...

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