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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...
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* why do you think losses are predicted until 2025
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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.
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.
Losses predicted until 2025 ?
mmmm
Looks decent to me, encouraging going foward. Debt management key for me and appears we have that under control.
Something in line with Mitchell & Butlers I expect.