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I suspect that if underperforming pubs had been sold above book value that would have been trumpeted.
My expectation would be that underperforming asset would realise less value than a similar asset that was performing well. Thus I would expect disposals to be at a discount to NAV but that would be accretive to cash and reduce net debt.
Removal of underperforming assets will raise the mean performance of the remaining portfolio.
Lejib
I agree re MAB, interestingly one thing the update did not say was whether the sales of the pubs were at, above or below book value, which is obviously very relevant for the net asset value of the company.
Call me a cynic perhaps, but I do become nervous when something I consider important is omitted in favour of telling us how they have fixed food & energy costs.
Also net debt decreased by less than the sale of the pubs, not necessarily ominous as their accounts are complicated (to say the least), but worth looking at when the accounts are released.
Obviously logic does not apply but MAB is horribly overvalued relative to its current performance figures while MARS is somewhat undervalued.
All these figures looked in line with expectations, broadly positive. And yet MAB dropped after posting comparable figures a couple of weeks ago approx. So who TF knows…
(I’m still out, to be 100% clear.)
It is released, sales of £55m pubs have been made with a further £50m targetted.
Net borrowings down £31m on the year, £19m on the half year, standing at £1,185 m currently.
As ever with MARS we wait to see how Mr Market takes these figures but on first read it looks relatively upbeat.
They can beat up weak suppliers ...eventually they will go out of business and Vistry will end up going cap in hand to more expensive stronger suppliers.
Strong suppliers will politely give Vistry supply chain a two word answer.
It doesn't matter how many times you say "partnership" if you act transactionally.
Pretty inept email tbh.
Ralph Findlay is an Executive Director of Vistry, dare they ask ALL hotels for a discount on accomodation?
In full: Vistry's email to suppliers
To whom it may concern,
We wrote to you last week regarding our announcement that going forward Vistry Group will be focusing our operations fully on our Countryside Partnerships model, merging our strong Housebuilding operations with our established Partnerships business.
This enables us to work with our partners and suppliers using our mixed tenure development model to significantly increase our contribution towards addressing the acute shortage of new homes across the UK. Together we can improve the overall rate of delivery on our sites and provide increased visibility of forward workloads to our supply chain partners. We can all help deliver the homes the country needs.
But in doing so we have to be efficient and conscious of wider economic pressures. The current economic environment heightens the need for us all to be as efficient as we can, and we are working hard within our group to ensure we manage our internal resources effectively. We also have to place responsibility on our supply chain partners, to consider their costs and balance the opportunity provided through continuity of work with increased efficiency.
Economic pressures created by inflation have softened over recent months with some commodity and labour costs reducing. We need to ensure that this improvement is used to unlock additional delivery. We will shortly be contacting you to discuss how we can achieve an overall 10 per cent reduction in our existing and future contracts whilst maintaining production and ensuring continued commitment to quality in the homes we build. As the UK’s leading partnerships provider, we have a unique opportunity to deliver more homes and secure our forward workloads and we want to work together with you on achieving this.
We appreciate this requires careful consideration across our diverse range of partners. In the current environment and in common with our competitors making similar requests in the industry, we are seeking to reduce our cost base. Unlike others, our partnerships model means we are ambitious to continue building and increase the volumes of new homes. 65% of the homes we build are pre-sold, helping us build at pace. Sharing this business continuity strengthens our partnership and provides additional resilience to economic cycles for you as a valued supply chain partner.
We will be contacting you in the next few days to discuss the details further. If you have any queries in the meantime, then please do not hesitate to reach out to your regional commercial leads.
Thank you for your continued support and commitment to maintain production. We look forward to continuing to work with you to deliver much needed new homes across our operational area.
Again I went to the pub and it was rammed as well. Not a marstons but definitely still very popular
This is trading lower than the height of the pandemic when pubs were closed...how is that even possible
Interesting article.
I went to a Marstons on the edge of Wolverhampton yesterday, approx 6pm, and it was "rammed".
Car park full, people enjoying the outside garden and nearly all tables full inside. Carvery was doing very well indeed. Hotel guests also booking in. Nice atmosphere.
Pity the SP is so sickening.. but then, blame the board for that one, markets have no confidence in them !
Https://www.msn.com/en-gb/money/other/it-s-soul-destroying-to-have-one-customer-on-a-saturday-is-the-party-over-for-the-uk-s-pubs-and-clubs/ar-AA1hSldO?ocid=entnewsntp&cvid=39ec9818bba54c7aa79944646b19dcb6&ei=29
Even my visit to a (usually decent) garden pub yesterday in suburban London (but not a Marston's) was not impressive. In spite of it being the only pub (and even restaurant) in a 15 min walk radius in an affluent residential neighbourhood on a sunny Sunday, the place was only about 55-60% full between 1-3.30pm, and yet still understaffed with a collection of missed orders, 45min wait for incomplete food etc.
Sure, this is only anecdotal evidence but that support the contents of the above article. I'm staying from all hospitality shares for the foreseeable future unfortunately. Best wishes to all, whatever you end up doing.
Offer of £1.02 Turned down as it materially undervalued the company, O.K. that was two and a half years ago , and was strictly true at the time, but then the Board charged - on and took on Brains and all their problems with debt and poorly run properties expecting to show large improvement in sales and profits. The board, were gung - ho with a low interest enviroment and overstated their own ability to reach very ambitious targets. Today, we languish at just over £0.275 an awful indictment of a board lacking in ideas and reserves ! Personally, I am stuck with an average of £0.87, slowly watching the decline of a business that should be pro-active in an industry that pleases so many with their products. I would vote for a change in board personel at the A.G.M. to promote sales of more Public Houses than they have so far,
unfortunatly the enviroment economically is poor. Good luck all who sail in this ship, we will need it !!!
I also bought more this afternoon....although I think I am done now as I have about 3 times what I think of as my core holding.
I am at a loss as to the mechanics of this...buy trade volume is double sell trade (not sure how that works) but share price still drifts lower.
Mmmmm
For a little over 27p
Usual Martin rant.
It is curious though when comparing the relative valuations of Spoons versus Marstons. I get the soothsayer thrice woe bit about the debt position but I think it is overdone. The multiples between the two companies don't compare, revenue to mkt cap, PE etc. I think when this turns it is going to rerate pretty quickly.
There is a very good interview with Spoons Martin in todays City AM online, well worth a read.
I do think Marstons on paper is a solid business and hope it does well. Just needs to reassure the market it can continue to pay its debt repayments with interest
Interesting though how the market has responded. Seems to be more bothered about the slight decrease in 1st quarter of new year and no dividend payout..
Just skim read the Spoons figures. If this is a good indicator of the sectoral trading picture then the only way for this share is up.
Very sad short trousers still posting unreliable posts where they now feel Lloyds is just a Marine market but just think in ten years time they might actually come up with something reliable? Certainly the ignorance of the LLoyd's Market shows a complete limited knowledge of the whole,of the London Market.
I will report back on their own holdings in 3 months time and compare with Mars. However they made me laugh with good entertainment whilst they still do not disclose their formal qualifications before they get home, change, and come off their play-stations to walk the dog! Warren is amused too. GLA.
FD
Thanks for raising the specsavers aspect, I was wondering why he was confusing Lime Street & Chatham with 25 Gresham Street, but there again nothing surprises with the posts he makes.
Being a generous person, I've wished he could be likened to a broken clock, which at least is right twice a day, way better than his record. Still at some point he will have his broken clock moment & when that happens he will possibly liken himself to Warren Buffet, or maybe even the man who taught Warren all he knows ?
Meanwhile he struggles to see that one can buy 57% more shares at 28p than at 44p.
Sad really.
SC seems you need an optician
. Please tell us where Shipping Insurer is mentioned?
Still no correct answers from the shortest of shorts! Totally unqualified/ unproven and unreliable reply now he thinks Lloyds of London is a bank? Shows he is not out of his short trousers - yet. I doubt he has the 11plus? never mind we have not long to go for the results update next week. -Keep shorting shorty to help my purchases.
Is that the best you can do? As any Retired Banker will say, "never catch a falling knife".
Remember the Qualified Professionals you refer, are using historic data now more than a year Old. The market is clearly sceptical about the NAV. Unless you know the consideration Christie's have achieved, the probable value of those PUbs are less than Book value.
i enjoy this short game tbh. i just refer to how good a share is, the short trousers **** off any comments and i simply buy some more if the price is cheaper-they don't seem to get it? or they could just concentrate on the releases from the company itself which are at complete odds with their expertise and rather than waste time writing comments that have no relation to the company updates at all they laughably want me to disclose my position -perhaps they should disclose their so called expertise, their own position, what hedge they hide behind, and why they are qualified to make such statements over and above the qualified accountants , and lawyers the company uses? or seek clarification to their doubt from the company itself - never mind. atb.