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Marstons - Shares heavily over-sold

April 2011

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:
  • 94p
A very encouraging update, with managed pubs’ like-for-like sales up 2.4% in the 23 weeks to 12 March and which accelerated to 3% in the last seven weeks as the snow cleared. The new build program continues apace with average returns on capital running at 18%, well ahead of the targeted 15% and as chief executive Ralph Findlay told us, that equates to just 5.5 times EBITDA, which is well below the going rate to acquire top sites of 7-8.5 times. Five new builds have opened this year, with a further three to complete in the next 8 weeks, while 20 should be open by the year-end.On another positive note, the tenanted pubs side achieved like-for-like profit growth of 0.1%, compared with a 4% decline in FY10. This partly reflects the ...

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