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FD
I fear you are correct, the 44,742 number of options at 67.05 is designed to fall into the £30,000 HMRC allowable amount and are apparently at nil cost but subject to windfall gains.
Nice work if you can get it indeed !
barchid, I think the RNS and the award details which will be published in the annual report, need reading carefully. I read it that although the "performance" awards are based on 67p/share they are without cost. In others words a gift.
That is how I read it, but please correct me if wrong.
Whoever contrived this scheme is only thinking of the execs.
AIMO
Up 7% yesterday and some profit takers today - it will be interesting if the dips are bought up? Or if we have a resurface of the offer for the Company such as last year before the new year divis are paid by the JV. If it is true anyone is stalking Marstons
Not a bad little back hander
I noticed that two directors have been awarded options at about 67p a piece, they know how to pick it eh ???
Today's RNS tells all
Enough said!
schwee
Given that BA, now IAG, has often been declared to be a pension fund with an airline attached to it I think you are not far off the truth.
Lordy, even the brewery failed to turn a profit this year according to their numbers.
TBH I wish I'd thought your one liner up myself, it did make me chuckle....
Thanks
schwee whereas there is some merit in your analysis, shareholders have one man to blame for the in debtedness further added too by the enhanced property values last year and the year before. There must have been reasons for the enhanced values and one does wonder how Bondholders are reacting now?
Curiously the culprit is now an Exec with a Property Company, but then I guess he has incredible skills, which unfortuneately PI's here are having to live with!!!!
schwee
Thank you for your in-depth and forensic appraisal
Helpful
Kind Regards
The Original Jimster
Mars is an over indebted property company that sells beer as a side line. One to avoid.
Oddly I hve seen no comments in the press today re MARS numbers of yesterday, which is unusual as they normally have a fair bit of coverage, perhaps the city scribblers are finding it difficult to evaluate as they are not comparing like to like.
Fairdealer's comparison of the property values going in different directions at MARS & M&B was interesting as we have often commented here as to whether Findlay had them valued to perfection or beyond, I am happier seeing the mark down as I guess this is more realistic especially bearing in mind RF's failure to sell Pitcher & Piano's portfolio at book cost well before covid days. The fact RF valued property internally is not usually a good sign either. Happily the new team valued them externally so we now have a much better idea of where we really are financially.
Hargreaves Lansdown -refer to actually a quite good set of results but the Company statement saying that the worst of the pandemic is over has been taken the wrong way by the market.
Debts down. Equity up is what I look at. We also now have free cash flow.
DarkArches
You say it was a bad day for MARS to be reporting on, in fact seasoned holders could assure you that every day they have announced results since 2016/17 has been a bad day, that was when they were 140p and higher with a very nice yield.
Sadly after Findlays "shrewd" management we are now less than half that level & with no yield at all, I would like to see the stock code change from MARS to MAS, indicating it is for masochists only...
Results could have been shown better and take a lot of reading. A simpler summary would have been clearer.
I looked at the group balance sheet. There is shown an an u/lying loss but free cash realized after the pubs have re-opened. However with the JVC profits of sale added in an overall profit.
The Financial statement also shows a rise in the overall equity value of this Company over last year, and a statement of fact that no dividends have bene added in from the JVC income since the pub -re-openings that will be added in 2022 - so in my mind it is a shame the full picture here was not shown with future expected dividends? even if a guestimate all things considered. Debts and borrowing down Equity increased now Total equity Gbp406.4m up from Gbp248m.
So overall actually quite good considering the pandemic hit. A lot of other business are far worse off than Marstons!
/***
* why do you think losses are predicted until 2025
***/
Amatureinvestor
Correct there is in fact no mention of profit forcasts
Not wanting to run point on this I give way to others with more technical ability
For me though its all about common sense, debt and the ability to service it
Kind Regards
The Jimster
Kind Regards
The Jimster
Trent
The old maxim "never as good as it looks, never as bad as it looks" holds true here, imho.
Findlay got us into this mess but thankfully we have someone else to hopefully get us out of it.
This is the perfect storm isn't it? results that could be better, a "new" covid variant, possibly affecting Christmas trade blah blah blah.
Proper squeaky bum time.
777jimster - why do you think losses are predicted until 2025? I can't see anything regarding future profit forecasts with the announcement.
This is also a bad day/period for Marstons to be reporting on, with hospitality venues reporting Christmas bookings being cancelled due to Omicron concerns.
mmmm...thanks for the comments so far...apreciated
I'm looking at a massive loss if I sell at this point
I'm not inclined to do so
Not convinced there are 'safer' plays anywhere else either for that matter :)
The way I'm looking at it is Marstons have a 'credible' route to clear debt and that will have to do for now
Potential gains are huge...but they must stay solvent in the meantime...I think they can do it...on paper...eheeem :)
Kind Regards
The Jimster
FD
Thanks for your update, when I read through the numbers RNS earlier I felt that it posed more questions than answers & you have highlighted those questions, much appreciated.
Normally last 5mins, not sure it’s good news.
The headlines paint a fair picture, however on initial analysis these are points that strike me.
Even after the capital reciept from Carlsberg (>£225m) the company recorded loss B 4 tax of £100m.
M&B recorded loss B4 tax of £42m
MARS still owe >£150m of the facilty to see them through the pandemic.
M&B have repayed, in full the facilty to see them through the pandemic.
MARS have had external revaluation of estate (previously undertaken internally). That revaluation is £1.9Billion, £102m lower than previous and resulting in an Impairment.
M&B estate Re-valued externaly. Value amounts to an increase of £150m above previous yrs valuation.
Contribution from CMBC is interesting. MARS share (40%) amounted to a loss even after reopening.
Barchid, the contribution from Brain's interests me and am endeavouring to dig the numbers out.
What is clear sales increased overall by 102%, which will include the contribution from 107 Welsh Pubs.
Using the number of Pubs under Marston control (+- 1500), the numbers do not seem so good.
102/1500 x (1500-107)= 95%
Unless the Brains Pubs performed badly (probable) the figures are not so good.
The statement " Plan to reposition 290 food led Pubs", does this mean we are going up market???
The offer/approach from Platinum earlier this year could well have given Shareholders fair value had the offer been better explored.
The Dividend is passed ( no surprise there).
Analysis of the accounts continue
jimster
Sales lower than debt until 2025 doesn't look promising either.
Why on earth the old CEO, RF, did not pursue the offer above 100p one can only guess at, but talk about looking a gift horse in the mouth ?
The other thing that bothers me is the Welsh, (Brains) estate we are now managing are described as high quality, which by various accounts of them could be akin to thinking a pig with lipstick looks attractive.