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FD
Salient comments indeed, it is noticeable how few posts are made when the stock is in the doldrums, like it has been the last few weeks to drop down today by being offered sub 30p.
I note too that we have not heard much about how the property estate will bail us all out, it certainly seems like Mr Market has a different view to many who post here...
Not sure how a Rights could get away given the current SP malaise and Lenders ( Banks) have the company by the B****.
Hospitality generally is suffering from every finacial nightmare, cost of living, staff shortages, increasing wages, younger generation not patronising Pubs as many of us did in their age etc etc.
Maybe Justin is working on some miracle, lets hope so!
The sentiment isnt good for Marstons but personally I cant see them failing if they've survived this far, and if they survive without a Rights Issue then the shares will double before long. The ones who will benefit from a possible Rights Issue will be those who buy their shares after its announced. Taking that into account a big purchase of shares from the new CEO would be a massive buying signal
But how much in property? The discount to NAV is senseless given rates will drop soon.
A £billion in debt.
Perhaps Justin the new CEO can explain. He has been very quiet so far. Maybe realising what a load C@#£p he has taken on..
Brewery stake worth more than mcap...property well in positive equity, profitable...odd
This could be moving up soon, as Lloyd's reports customers deposits increasing, debts reducing, no doubt due to higher wages combating the reducing inflation figs. More people have spare money in their pockets according to the bank. FTSE Appears to be reacting positively to the news which should start filtering down to Uk companies (about time!) GLA, DYOR.
Very belated response....
...one entity sold all its shares, the other bought shares (not quite the same amount as those sold) to increase its existing stake.
Unfortunately, such RNSs are always very hard to read - presumably this is deliberate so people cannot easily follow what's going on.
Sometimes, other obscure financial instruments are acquired / sold along side the disposal / purchase of shares, which muddies the waters eve m ore.
So unless there is some very very clear pattern (e.g. several directors buying a very large number of shares, in a way that is clearly not part of their normal remuneration), it's best not trying to pay attention to those. That will mislead you more often than not.
Last RNS -shows Aberforth buying for Nortrust an increased stake build to a 10% position. Much more and they will have to notify of an interest? Could be interesting sammacleod and worth pointing out. GLA
Have I missed something...
Anyone got a better understanding of the trades earlier this week?
They can restructure when lower rates arrive and have come out of the other side of a World Pandemic where growth and returning customers is building momentum, notwithstanding the fact they own 40% of a joint brewery venture with Carlsberg one of the Worlds largest brewers, and that is signing up larger customers than even Marstons themselves to bring about economies of scale into brewing. In fact the future her is very bright but these things can take time to gain sentiment but it will come. We just need to be patient but I agree at this price they are ripe for a takeover, which again might be coming when cheaper loan rates appear.
What a stunning investment Mars has been over the last four years , a push for expansion on borrowed money and a BOD that is struggling with the results of such a policy ! As a long standing shareholder, I despair that there is nobody who can take hold of the situation and be more inovative with the assets that are languishing in mediocraty . I understand that not everyone wants alchahol 0r ding food all of the time, but there are numerous large rooms that are empty during the day, that could produce a lucrative income from the likes of Womens Institute, Vintage car societies, Bridge clubs, etc,
Alright moan over back to hoping for a take over, or at least a minor miracle.
Looks like the Carlsberg/Marston brewery is launching a new beer 1664 Blanc -with echo's of Champagne for Uk fashion week and it is available later in draft, but also in the Supermarkets. Marking the 360th Anniversary of the 1664 Brand.
Would love to see soon the Brewery sales figs for Christmas however to add onto the Pub figs. Shame we did not get both together!
www.carlsbergmarstons.co.uk/newsroom/carlsberg-marston-s-brewing-company-announces-the-uk-launch-of-1664-blanc/
At just over 31p
Maybe the Carlsberg Marston partnership with new contracts signed up to double in size distribution should take over Fullers then too and amass even greater economies of scale.
Remember Doug that all you have recently seen are the pub figs for Marstons over Christmas and the New year and NOT their brewery figures that will also take into account all of the home sales via, Amazon, and the Supermarkets and the like as well as to the Marstons pubs themselves that we have seen have done very well!
Fuller's results much better than Marston's. As usual.
Https://www.sharesmagazine.co.uk/news/shares/marstons-trades-strongly-over-the-festive-period
Copying Wetherspoon?
As we have not yet heard from the Brewery side for sales for those interested in growth they may want to keep up to date with the Carlsberg Marston Brewery website & its updates. One will see they are expanding fast with recent deals such as Stonegate one for a the logistics agreement for the next 10 years, whilst closing old breweries and creating enlarged ones that are more cost effective/efficient. www.carlsbergmarstons.co.uk/news-media/latest-news/
This gives an advantage over many of their competitors that have not yet signed up!
In my opinion everything hinges on the upcoming RCF refinance. According to the published accounts, the bank loan matures in January 2025. If Marston's can secure a bank extension by say July and proceed with a broader refinance by early next year, it could propel the share price to new heights.
Carlsberg Marston Group have their own web page and the last update recently was they had extended a new deal with Liverpool FC. so it is due for an update. However their retail outlets such as all of the main supermarkets will no doubt work a QTR in area's? We know that MB have done well but it is a shame they could not have been figs to add in for the brewery with the pub sales together to stop those who jump at what they feel is negativity when there is more positivity to come. Never mind!
Analysts at Shore Capital reckon the lack of share price movement, and the consistently low valuation, has been led by the group’s debt pile.
In December, Marston’s revealed that at the end of the 2023 financial year, its net debt sat at over £1.1 billion.
Its market capitalisation sits at £210 million.
Yet, Shore Capital argues the market is failing to account for the “optionality held on the balance sheet”.
The London-listed company’s flexibility arises from both its £2 billion property estate and its 40% stake in the Carlsberg Marston Beer Co, which brews brands like San Miguel and Hobgoblin.
Marston’s also trades on a price-to-earnings ratio of 5x and a 65% discount to its net asset value.
“With current trading resilient, ongoing margin improvement and deleveraging targets, we continue to see the valuation normalising over time,” Shore Capital concluded, before rating the stock a ‘buy’.
Thought they'd include all their income from all of the company's earnings. Any idea when they will share the rest?
Probably why market is selling