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Marston I feel have improved -with World Class Beers and extra Lager sales from the JV where Carlsberg and extended range. I feel quite relaxed. Sales are improving year on year, debt is reducing and free cash is being created. Summer sales will help further too, even Bloomberg tonight are saying stocks on the FTSE looks cheap! GLA.
Superdischarger
Yawn Yawn & Yawn again...
You forever puff when we all know you have a different agenda, are you paid by the word or the column inches ?
Not being nosey but intrigued to know...
This is an improving sector and Marston will benefit like a number of other Companies in the travel/entertainment and retail. Sometimes this may take time, many on here feel in should happen over night well we have to be patient. There will be further opportunities if the war in Ukraine can come to an end, (with energy prices reducing) lower inflation and rates. Many feel the Fed is now in a very difficult position and rates may have peaked. If anyone is interested in debt have a look at the USA Economy. Most World Economies borrow, and most expanding Companies do too. Sentiment is the key and we need to wait for this to return which it will do in time with warmer weather for families to enjoy a trip out to the local! GLA. Keep positive the last statement from the Company said business is now returning (post pandemic) to normal.
Debt, Debt, Debt, the overpowering factor that will not go away - £ 12 million repaid yet still owe £1.2 Billion and some commentators on here think that a management buyout is on the cards !!! The same management that screwed it up in the first place ? Bricks and mortar are assets its true, but assets are supposed to produce profits and not be liabilities to business opperations ! In March I was buying 8 bottles of Pedigree for £ 6.50 via Morrisons - purely a cash flow operation by a company desperatly short of cash and I dont mean Morrisons , so to all you dreamers out there £0.45 a share seems a long way off let alone £1,00. As I have stated before I hold a large tranche of shares but am so far underwater £0.05 here or there makes no difference - Oh for the days of a take - over at £1.02 a share !!!!!!!!!!
Agree and suspect a MBO could be a possibility or quiet intention by the board, as most will be profit making pubs/ restaurants in the estate which are worth far more post pandemic, than when they had values downgraded during the same! However the Board may need to think about their options soon, as with the warmer weather Pub chain sales and the sentiment attaching to the group will grow in the summer months. Home beer sales from the partnership will too.
This is a bit like listening to my neighbours dogs barking at each other through the hedge. Not sure which one is the yappy spaniel or the dopey brown lab that eats everything.
On a more substantive point, I do wonder if an MBO is a developing scenario here. Although, having had recent experience of the parlous state of the UK Venture Debt market that may be an unlikely play.
Marston debt is far less than M&B and they actually make more money per share. The debt when I last looked for M&B was £1.6B for Marston £1.2B. The NPV for Marston has increased to 98p and it has been said the the share is only discounted at the moment by the fact they have not re-introduced divis, and by worries about interest rates increasing (although Mars are already locked). If Bartrender and unfairtrader wish to go to M&B then go! Anyone can see how you enjoy pulling down this share for a cheaper entry point working as a pair - but I am happy to give an alternative longer term more positive view. Perhaps have a look at Morning star who will give you a comparison of earnings per share. The BOD will signal something soon I am sure and they will be buying some shares here soon at this price. GLA -DYOR.
Superdischarger
Very strange in your opinion ?
Hardly unusual for the man (?) who constantly displays the reverse Midas touch ?
We all know you have an agenda....
SC, have you seen an Optician recently?
MAB redued debt by over £50m, MARS by £ 10m.
in the last 7 days MAB's SP has appreciated by 10%. In the same period MARS have declined by 8%
The market have reacted very favourably too MAB's figures, whereas the market is disappointed with MARS.
The Market is rarely wrong.
Last figs released show a contribution to profits of £2m from associates but did not see any breakdown relating to home beer sales, which many predict have increased significantly but perhaps the quarterly sales numbers from the major supermarkets work in areas and so as "A Andrea" said the figs are expected to improve for the group during the year? Can see a management buyout coming here TBH if no's are being played down, but still significantly better than M&B if one looks at profits for the Company in comparison 9their loan book compared to ours) and share growth potential where they have increased sentiment on us today? Very strange IMHO.
Don't personally want takeover fever until next October as thats when my share save from work matures.
F15jcm :"How is M&B any better? "
So M&B results much better received and Jefferies raises Mitchells & Butlers to 'buy' (hold) - price target 270 (170) pence
Anyway, as I said before, read through all results carefully.
Just wondering as it was reported yesterday of the increasing NPV share value of say 98p compared to that listed today on the LSE of 35p? When will we see the BOD suddenly increasing their own holdings -perhaps after 30 days? Looks like an under played set of results to me, although colder weather for this yr compared to last, maybe partly the reason for just a 10% plus increase, and of 17% on the yr before that. If we do suddenly get takeover fever here then we will see the BOD jumping on their share options that is for sure! Worth a watch to see what happens!
Wrong thread, I`ll go and have a lie down.
Better sound out the billionaires behind Odyzean who own 56% of MAB to see if they want a bit of pocket money first. So a hostile bid would be out of the question.
More likely they will offer us a few pennies for our shares.
Interesting, write it on the back of a beer mat (for BODs and CEO to understand) and slip it under the door at St Johns Square. Hope for the best .. GL
Takeover strategy, hostile takeover Marstons at 600m, pay off borrowings of 1.6b = upfront cost of 2.2b. Sell interest in associate at discount for 200m and use to pay off trade and payables 200m. End up with 1.68b of freehold land and buildings asset, 290m lease hold land and building and 135m in fixtures fitting and equipment = 2.1b. The business now makes around 125m profit pa as no finance cost, run business for 4 years, bank 500m profit ,then break up the business, sell off the assets at 25% premium, recover 2.6b plus 500m = 3.1 b on initial investment of 2.2b netting good profit in a 4 year period. We can consider assets sold at current book value or at a premium but this strategy appears viable and profitable. Opinions
After seeing their results today Glad I am in here! Less debt here and instead of profits reducing we have profits increasing. I really do not understand why with our Net Present Value at 98p we are still here, but we will come back soon I am sure. Just need some warmer sustained weather.
However if those on here disagree they are free to sell up and go to M&B (oh I forgot they don't actually own any shares anyway -as they are just looking for a cheaper entry point). ha.ha.
What price would they need to pay for Mab today though compared to this lot.. guess hell of alot more ? The SP of MAB says it all, recovered this morning with not the best results. Yet this lot got hammered yesterday and are down again today.
Who ever is thinking of taking over a brewery/pub co looks spoilt for choice at the moment,flip a coin,mars or mab ? both have ample building land for the new "house building program" being pushed by the goverment,
"You appear to try throwing at me inaccurate or vague info to divert people from the fact you cannot substantiate your claims."
NO sir it is you who are trying to airbrush history.
Your knowledge of Corporate responsiblity is completely incorrect. It is a Company Secretary's role to respond to and provide information to Shareholders. Is that clear enough for you?
Correct the Charge record is 3rd May. Did you see the previous Charge (2nd May), both linked to Barclays the New Funders ( HSBC/BNP Paribas were not prepared to increase their exposure).
Have you read the Charge documents fully? Yes it is usual for a funder to record charges on Companies House. I have seen 100's of Charge Notices over time and rarely seen ones that are so clearly set out regarding Interest Arrears, possible Liquidation etc. These are powerful statements that reflect the previous performance on failed Loan repayments.
Rather than attempting to delete the history others remind new investors about, you would be better to THOROUGHLY examine and research past events, financial and organisational.
There are many who pick up shares that are at an almost all time low and then pump to make a quick profit. Those investors need to ask why is the stock so low? It can be a variety of factors, sector out of favour, economic issues, company miss management, over-borrowed and unable to grow as planned. Marstons have over-borrowed, missed an opportunity to reduce debt 3 years ago, when the likes of MAB and Whitbread raised equity. In the case of MAB their debt was significantly reduced, Whitbread did not need the raise, but did so to create a War-chest.
Lejjb, I could go on but you clearly dispise those with knowledge.
Best of luck with your investments
F15jcm
Precisely so !
But the so called supercharger forgets to mention that, a hidden agenda or what ?
Interestingly, M&B shares are up 35% ytd. Seems to be a lot of optimism already in the price.
Mitchells and Butler need to perform a lot better to match Marston figs so far this yr. I see until the end of Sept2022 Mitchells and Butlers made a mere £13m profit but Marston previously reported before this sales upgrade more than 10 times better at £137m.
M&B should release some more indication tomorrow of their figs to compare and if anyone is unhappy here they can go over there if they want, rather than pulling everything down all the time which is reactive and not proactive (unless they gain from failure) I don't and do not expect to either. GLA and DYOR.
I confess I would love to see 86p. I am now at about 3X what I would consider to be my core holding - I have fluctuated up and down - in the last year as share price has wombled around. Generally managed to be +ve in trading in and out which has helped . I had got back to core holding a few weeks ago and then starting adding a few, but this latest drop frustrated me to the point where I doubled down today bringing my overall carry price to mid 40s.
I see a lot of erudite comment about debt levels etc, but I tend to feel that if the P&L is covering the coupon going forward and the estate value does not collapse from here then the downside risk of "real debt" level is low. Yep, more cost push to come but with growing volumes I hope manageable.
I trust what I see outside, busy pubs, busy restaurants and a real economy where I live that looks flat out. Try and get a roofer ....good luck!!