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Marstons

March 2014

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.

A strong AGM update from Marstons with like-for-like sales in its managed division rising 4.1% after 15 weeks to 18 January, which implies an acceleration to 5% over the past 8 weeks. Operating margins are ahead of last year while it is on track to open 25-30 new builds this year. The Taverns division enjoyed a 3% rise in underlying sales with managed (c. 130 pubs) and franchised (c. 600 pubs) again outperforming the c. 150 tenanted pubs as well as the 150 pubs awaiting conversion to franchised. Eps is forecast at 11.9p for year end to September, rising to 13.7p and then 15.1p in 2016. The transition towards higher quality managed and franchised pubs should see a further re-rating, with Numis maintaining a 185p price target ...

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Marstons

March 2014

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