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Marstons

February 2024

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.

Pubs and beer brands owner Marstons’ full year results showed pretax profit rising 28% to £35.5m, which was below Peel Hunt’s expectations of £40.8m due to higher depreciation and interest charges. Pub operating profit increased 8% to £124.8m with like-for-like sales rising 10%. Operating margin fell 0.1% to 14.3% in spite of the inflationary environment. Forecasts are unchanged with eps of 8.2p expected in the year to September, rising to 9.0p in FY’25. Helped by a £21.6m dividend from Carlsberg, Marstons j/v beer company, and £54.5m non-core pub disposals, net debt fell by £31m to £1.2bn (93% of the debt is hedged with the average interest rate 5.1%). Marstons’ target is to reduce net debt below £1bn by FY’26. If i ...

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Marstons (December 2023)

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Marstons - Pub retailer an exciting re-opening trade (August 2021)

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Marstons - Take-overs elsewhere in sector highlight how cheap Marstons i (November 2019)

Marstons - Bid fever lifts shares (October 2019)

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Marstonâ€™s - Prospective PE of 6.4: 8% dividend yield (September 2018)

Marstons (August 2017)

Marstons (February 2017)

Marstons (July 2016)

Marstons (March 2016)

Marstons - Fall in net debt / EBITDA (January 2016)

Marstons (December 2015)

Marstons - Explosion in â€˜superpubsâ€™ transforms prospects (July 2015)

Marstons (May 2015)

Marstons - Good start to the year (March 2015)

Marstons (January 2015)

Marstons (September 2014)

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

Marstons (March 2014)

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)

Marstons - New build expansion helps pubs operator beat forecasts (July 2012)

Marstons - Outperforms pub industry tracker (June 2012)

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

Marston's - Newbuilds ahead of target (February 2012)

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

Marstons - Dirt cheap on yield of 6.7% (September 2011)

Marstons - Shares bounce back (June 2011)

Marstons - Shares heavily over-sold (April 2011)

Marstons (March 2011)

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

Marstons - Gentle recovery continues (November 2010)

Marstons (September 2010)

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

Marston's (July 2010)

Marston's - Shares finally break upwards again (May 2010)

Marston's - Looking forward to World Cup boost (March 2010)

Marstons (January 2010)

Marstons (December 2009)

Marstons (September 2009)

Marstons - Launches 11:10 rights issue (July 2009)

Marstons - Managed pub sales unexpectedly rise (May 2009)

Marstons - Slight improvement in trading (March 2009)

Marstons - Pubs operator attractive on PE of 6 and dividend yield of 10.9% (January 2009)

Marston's - Quality asset-backed pubs operator (April 2007)

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.

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Marstons

February 2024

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