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FD & Peaky
I agree, 3 months is far from ideal & the post December outlook is not great
FD as you say in your post the news elsewhere re divis is good, witness a particular rns this morning.
As you say, 3 months not actually good news, think they will need some cash... Pubs will be dead after 25th of December.
barchid just seen. The loan note holders are being very caustious only allowing 3 months extension when the previous waivers were granted for 12 months. Am trying to find details of the agreement, guess it will be delayed a few days. The way the economy is tanking, strikes hindering travel etc, it is highly likely Lenders are becoming very nervious. It will not be surprising if the BOD conducts a fire sale of properties.
Am yet to study the accounts, warts and all.
At least we are getting dividends elsewhere, a good time to top up. You may have noticed the "Boardmaster" dismisses factual company statements. I could have responded but have held back. I'll ley others disrupt that board, for the moment!!
FD
Covenant updates rns out now, any thoughts ?
Also the full, unexpurgated accounts too...
Will be outcome of negotiations with Loan Note Holders regarding further Waivers as existing conditions have been Breached. Unlikely the Company will recieve a nice Christmas Present especially with the latest Bank Rate hike.
Pharma D - well it could set them up for a Management "buy out" which happens quite often when a share price is below its paper worth, or when the Management might have caught wind of an offer coming in for the Company.
I can see the "in towns" hospitality and retail sector is starting to suffer but "Marston stand by their local community pubs" and the Joint venture brewery home sales and therefore their own business might pick up with more being at home? Who knows - but the next statement will be very interesting I am sure whatever way one looks at it.
Today's grant of awards under the Long Term Incentive Plan in the form of nil-cost options, should give the Director's an incentive to get the SP moving in the right direction. But I guess a lot is out of their control given the current negative factors affecting the economy. Certainly one to stick with until the good times return - ever the optimist!
Wolf - good point re. the name. Not so sure re. the ratings as my own bank have upgrades re. the share regarding its recent report. Suppose based on Christmas bookings sale higher than expected. More likelihood for people to now stay in the Uk and spend their money (due to strikes at a/ports, borders, etc. and most English Football supporters will have spent some more money on drowning their sorrows, whilst others being the true supporters will still attend until the Tournament has finished. Its strange how it happens some times. I never forget Wetherspoon saying his Sales went up when the bankers had their redundancy season. Those staying on went down one pub and those leaving went down to another. He said sometimes when the news is bad more alcohol is consumed not less? Interesting human behaviour is never as it first seems?
Gents, it could be they were using Maroc, the french for Morroco.
Yes, it was a good game, enjoyed with a nice bottle of 61Deep. Can't understand why we don't see it more in Marstons pubs. Not seen it on tap for a while now..
Yet another downgrade I see, guess it's due to us being dumped out of the world cup and poor economy reports today. Yet, I see the pubs regularly doing good business..
Same here Dinoken. I have a feeling the MAR tag may give Morocco additional interest and certainly they look like they could make the final they play very well as a team. They have only conceded on goal in the tournament and that was an own goal. Not sure why Gareth continued with Harry taking the penalties as it was after all against his home club goal keeper, it may have been better to have put someone else on. Still its done now, but the World Cup is still interesting!
Funny someone else noticed MAR for Morocco. I watched that match with Marstons Hobgob Gold and thought at one stage that the beer was stronger than usual because I was seeing the 180million pound man Ronaldo on bench, Morocco winning and Morocco tagged as MAR ! Even checked dictionary to see whether country was spelled Marocco rather than Morocco...
I especially enjoyed the Moroccan game and they are playing really well and could become the first African Team to be in a World Cup final. It was interesting that ITV had their 3 letter signifier as MAR and so perhaps we should now adopt them as the nation to progress as our MARS sponsor. GLA.
Not long to go for the England game. We know from this weeks Management release Beer sales increase by 50% and as the pubs are local community based there is no problem like the other market competitors have who are faced with Rail strikes restricting trade. No wonder the likes of Mitchell and Butlers earnings are less per share than Marston's now since the turnaround mentioned in the report.
Regret the so called long term moaners on here got it wrong again yesterday where they say their preference was to go with them and what happened to them they fell over 10%. I can now see why they are stuck in rut on this board. We can look forward to further increases in trade from increased Christmas bookings and increased sales in beer from the World Cup both in the Community based establishments and with home sales from the JV. GLA.
Superman
Does someone pay you by the word for the verbiage you write ?
Just wondering...
Market is responding to the very encouraging Marston's report readily available to all in the public domain. Nothing more needs to be said. Wonder what we will be at Christmas? Especially if they have Turkey on the Menu, and snails are off - and if we win the World Cup! Could see a new beer coming? Maybe we could call it "its coming home" to a Marston's pub near you! With or without free vouchers! Good luck FT with your Mitchells and Butlers if you can get to one by train?
SC do you really read company reports? I suggest you do so. MARS report states plans are in place to counter the effects of the cost of living crisis. It is there in black and white.
Do you understand comparitors at all? The comparison between a relatively well off family and one struggling is to demonstrate how DEBT can affect people and businesses. Do you get it?
It is curious, months ago you boasted having a Tesla, now it seems the cost of living has caught up with you, or is it pure invention to suit your strategy?
MARS have had locked in interest rates, but now they have breached the waivers agreed 2 years ago when rates were rock bottom. The rate market has changed significantly, MARS are negotiating new waivers. Does it occur to you as interest rate have changed and Funders now hold the whip hand as breaches have occured, higher rates are a strong possiblity in return for waiver agreements.
You really need to read the annual report available on Marston's Website under Shareholder Information.
Read it and increase your fiscal knowledge of the company.
He is wrong again isn't he. FT you need to study the charts- or are you saying the Board of Directors are now issuing illegal statements to mislead shareholder? Marston's also have lower interest rate deals on any debt -unlike your mortgage. They also have hedged their fuel costs. You really do not see what is in front of you do you. For the record if I did have an Electric car they also provide Charging points (should you have one but I doubt it). I do not have a mortgage either so a bad example. For my cars actually my best car for winter is an old petrol one but the best Snow car I have ever had! not sure where Clacton came from -but keep trying -why would I live in Clacton they sound like a place that suffers from power cuts? Best to keep warm down a Marston's Pub in the warm by the fire thinking up stupid replies on your bar mat whilst having your porky scratchings. I do like the fact Marston's are now using cost saving electric lorries on trial however, ha, ha! They really are ahead of the game. (Although I also own Whitbread shares and you will next be insulting their Shire Horses) more reliable than Trains! Better luck with your Mitchells and Butlers currently down 3.70%. against Marstons up 2.21% what was that you said yesterday about the market knowing the difference between the two?
"Long term sustained growth", really? Why do you think provision is being made for the effects of the cost of living crisis? A crisis no one knows it's longevity. It is widely projected the transport stike over the Holiday period will have a devastating impact on Hospitality Businesses.
Any business that has huge debts are at a disadvantage to competitors. It is like you having a mortgage of say £100K and your neighbour has one of £250K. The effect of interest rate changes is proportionately greater on your neighbour's residual disposable income than you. You can afford a holiday to the Bahamas he, if lucky will be more likely to afford a holiday to Clacton ( with apologies to Clacton). You can afford your all singing all dancing Tesla and your neighbour makes do with a clapped out banger which does not comply with ULEV regs.
The point should be eminently clear....debt is a mill stone around the neck of a borrower.
Long term sustained growth over a longer period of time for me here mate! Looks like the day traders have had their cake today with your recommendation of Mitchells and Butlers at the moment?
I thought the most recent Marston's business financial report out was very clear from Management (Even I could read it, ha, ha) and credit where its due someone has put a considerable amount of time into it, and was certainly an improvement on past years -so well done to the B.O.D. Lets hope England can also give the ****erel a good roasting! GLA
SC guess you have shares in Shepherd and Neame by promoting one of their beers!! Jolly good beer too. Well done
Must be good news with 2 shorts on the bounce. Think I should have a sticker on my Pc with a G&T glass with a cross through it, just like the old Spitfires used to have when an enemy was shot down! Happy days are here again for Marston's -some on England and extra time sells more pints!
FD
Superman puffed them at 80, sold them at under 50 then went in again higher up (by his own postings), (they are now 39), thought RF was wonderful and if anyone posts an alternative viewpoint he can never be bothered to review it & consider points made but acts as if he is the headmaster of the BB and is never wrong.
By his own admission he does appear to have the reverse Midas touch...
SC how do you know I am not into M&B. For all the rhetoric and to balance your positive stance it was worth pointing out MAB's debt is far lower than MARS and therefore the margin for profits are better with MAB, You can disagree all you like but MAB did decide to raise funds during the pandemic MARS, led then by RS, resisted the opportunity. Wonder if Andreas regrets that opportunity, now they have to go back to funders and agree further waivers. Remember this is the 2nd time 2 years the company have needed to go cap in hand. As I recall HSBC passed the Loan notes to BNP Parabas whose lending protocols are a little different to HSBC. We will have to see what happens on the 31st December.
IMO there is one man to blame for the predicament MARS is in.
You appear to forget the BOD are making provisions for the effects of the cost of living crisis. Reading that only the low income earners will be affected is sheer nonsense. Many middle income earners are facing large increases in Mortgages as well as energy cost etc, so proportionately the majority of the population are being hit
The best chance here is for a predator to come in at a fair price and strip out assets of value. The Brewery once our Crown Jewels is controlled by Carlsberg and as I have predicted they will wait for an opportunity to gain total control.
The Brain;s estate is worthless as an asset as Brain's retain the freeholds
Fairtrader then go and buy some Mitchells and Butlers then if you prefer them and stop with your so positive comments regarding Marston's. The market has not yet made comparisons whereas figures released today have taken into account all aspects of the Company including their low rated hedged debt which is reducing every day. In fact whilst inflation is high debt in real terms is reduced. Perhaps Marston's should start a share buy back with the extra money from earnings over Mitchells and Butlers then? Many on here that were doomsters were quoting how great Mitchells were in the pandemic - well in my opinion they do not look so great now with reduced earnings over Marston's and with this years earnings picking up quicker too. Lets hope England can stay in the World Cup too as sales have risen by another 50%! We should get broker upgrades any time soon!
Don't forget a very important comparitor.
M&B overall debt is 40% of the pile Marston, support.
Judging by todays moves, investors and the Market prefer Mitchells and Butler.