Primary Recommendations

Marston’s - New comeback kid with debt halved and soon-to-be prospective PE of 6.4

February 2026

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.

When the Pandemic rolled in and shuttered the hospitality sector, heavily indebted pubs operator Marston’s appeared doomed, but the picture has since brightened in remarkable fashion. Following a “trading ahead of” update last October, Marstons’ final results confirmed a third consecutive year of growth and between FY22-25, pretax profit has increased from £27.7m to £72.1m and EPS from 4.3p to 8.3p. All key financial metrics are showing tremendous progress with net debt, which stood at £1.4bn in FY19 and £1.2bn in FY22, having fallen to just £838m in FY25, reducing leverage to a more comfortable 4.6x. Latest forecasts from Panmure Liberum are for EPS of 9p and then 10.1p in FY27, dropping the forward PE to 6.4 and then just 5.7. ...

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Marston's (March 2026)

Marstons (February 2024)

Marstons (December 2023)

Marston's (July 2023)

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

Marstons (May 2020)

Marstons (February 2020)

Marstons (December 2019)

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

Marstons - Bid fever lifts shares (October 2019)

Marstons (July 2019)

Marstons (March 2019)

Marstons (January 2019)

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.

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

Marston’s - New comeback kid with debt halved and soon-to-be prospective PE of 6.4

February 2026

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