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Bought around 10k each , Markets don't seem impressed at 32p at the start of summer..
So that's 2 sofar, do they know good news is coming down the line soon.?
One think for sure this is good drinking weather, beer gardens and bars should be well in demand.
UK government has made a fatal error with the importing of certain populations that are economic burdens with their higher than average benefit claims and social service usage.
And to boot these migrants dont drink alcohol or spend money on tax goods, as they spend using cash in their mates cafes that dont declare tax and are mostly money laundering outfits (alongside all these barbers, vape stores, and mini marts).
So overall damaging to the UK Economy and with an increased level of crime, well done landlord class!
When some more positive business news gets released, we will be there for sure
Next stop mid to low 20s
NAV per share according to HL is as follows
Wetherspoons 249p
Mitchells 358p
Marstons 98p
Fullers 737p
As the old saying goes - its not what assets you've got , its what you do with them! Marstons haven't been run particularly well over the last 10-15 years but if they can survive without a further rights issue ( last one was 11 for 10 at 59p in June 2009). Since the Rights issue of 2009 was announced dividends of 71.3p have been paid
Just looked at the prices of 4 pub companies share prices over the past year
A year ago Marstons price was 60p, Mitchells & Butlers 201, JD Wetherspoons 714 and Fullers 562 - a year later Marstons are down 44%, Mitchells up 4%, JDW up 4% and Fullers down 19%
Interestingly from their lows of mid October 2022 - Mitchells are up 99% , JDW up 73%, Fullers up 18% and Marstons down 1%.
Because we are on here we should all have a vested interest in Marston's shares - We know the economic environment may not be great for a year or so but were the recent results that bad that a mild rerating on the shares wasnt warranted . Ive topped up today at 34p, especially in view of the rises over the past 7 months from the others mentioned.
Comments?
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