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Marstons

May 2020

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.

Marstons’ trading update for the 24 weeks to 14 March notes like-for-like sales down 1% in its pubs, while beer volumes are in line. But that’s historical and a material reduction is now expected as its pubs have been shuttered due to COVID-19. The company is at an early stage in its debt reduction plans (to reduce borrowings by £200m by 2023) and has significantly reduced capital spending, lowered overheads and other variable costs, and is managing working capital tightly while suspending rents to distressed tenants in certain cases. It has also raised £60m through disposals as part of a plan to raise £85m-£90m this year.Our main concern is that its debt is expensive (over 5% interest charge thr ...

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Marstons - Expansion of large food-led pubs to trigger re-rating (July 2014)

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Marstons - Realignment towards managed pubs accelerating (January 2014)

Marstons - Accelerating new build pub expansion (December 2013)

Marstons - Hot weather boosts demand (September 2013)

Marstons - Poor weather reduces first half profits (July 2013)

Marstons - Shares hit new high of 140p (March 2013)

Marstons - First dividend increase since 2008 (January 2013)

Marstons - Shares hit new high of 122p (November 2012)

Marstons - Shares break through key resistance level (September 2012)

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Marstons - Outperforms pub industry tracker (June 2012)

Marstons - Broker forecasts book value rise to 170p a share by 2015 (March 2012)

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Marstons - "Improvement in all divisions" (December 2011)

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Marstons - Shares bounce back (June 2011)

Marstons - Shares heavily over-sold (April 2011)

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Marstons - New build pubs success triggers share price break-out (January 2011)

Marstons - Gentle recovery continues (November 2010)

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Marstons - Strategic changes to usher in stronger returns (August 2010)

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Marstons

May 2020

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