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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.
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.
Have a feeling they are hardly going to disappoint.
The Company share price is down on what they would have liked and certainly the last statement was positive.
If anything untoward had occurred then the Company would already have been under a duty to have notified the market of any negativity.
I hope we have something like the
Uncertainty is really the biggest problem here, but truly inevitable. The results are likely to be irrelevant, given the Covid resurgance. Time to hold on and enjoy the ride.
Providing they match M&B's performance, they will be satisfactory.
Apart from accounts, the market is likely to mark down ALL hospitality stocks this coming week. The impositon of mask wearing in shops and Public transport, is very likely to be extended to Restruants, Pubs etc as there is a growing belief of inequality within Retail businesses. You can go into a food store for 30 minutes and must wear a mask. Go into a Pub for 2 hours and not required.
I do not agree with the whole phylosophy in handling this disease. Sooner or later it will be fully realised the disease must run it's natural course, can we really keep returning to the same control mechanisms, which imo create as many problems, healtth and otherwise as allowing Covid to run it's course.
Markets do not like this constant uncertainty.
...due Tuesday. Though these are inauspicious times!
No sweat Barchid. Anyone that's had a holiday cancelled within the last 12 months or so knows the score. Hopefully you'll be able to get out there at some point in the new year. If SA is somewhere you've been before and liked, then it's a pain in the @rse when you can't get there.
North Africa is as about as deep as I have been on that continent myself. We went to Tunisia on our honeymoon some 20 years ago. My first time ever outside the EU. It all adds to the experience, that's for sure.
As you may well know, I'm quite an advocate of Zakynthos. I always swore that I'd never ever go to the same place more than twice, as I'd always wanted to see as much of the world as I could afford, but an old workmates badgered the s_ _ t out of me to "go to Zante, to to Zante"so I relened in 2006.not been anywhere else since. there's something about the place that keeps drawing me in. Maybe you will try Kalamaki for a week for yourself to see what you think
Trent
Thanks for your sympathy, it is a kick in the goolies but onwards & upwards, hopefully it will be reopened down there soon, so it looks like Pedigree not Castle for me in January eh ?
Appreciated your thoughts
That's rough mate. I'm sure most of us know what a cancelled trip feels like.it's no fun at all.
When we went to Zakynthos last month after last year's trip was cancelled, it felt like a really huge thing.
Fingers crossed you won't have to wait too long for your trip mate.
Apart from Whitbread we have suffered the biggest fall today in the sector. Have whispers disclosed next week's figures?
barchid, did think of you and wondered if you were already there(SA). NZ announced this week they are opening borders from February, initially for Kiwi Passport holders and for Foreign visitors from April. I was hoping to make a trip even though April is getting into their Autumn. That possibilty looks to be getting doubtful.
Back to Marstons, am keeping my powder dry waiting to see how good the figures are next week. Am not expecting a miracle but there may be green shoots. Although it gets talked about a lot here many forget the brewery is only 40% ours, knowing how cagey Carlsberg is, it will be interesting to see the results from that quarter. It is no secret input and distribution costs have risen considerably.
If we match M&B's performance that will be an achievement.
You are right the Welsh Government have a totllay different approach in dealing with Covid. Restrictions are expected.
FD/Trent
Gents, it might make you chuckle on a down day like this to know that I bought 3 tickets to go to SA end December yesterday after leaving it a while to let the "off the red list" settle down and transfers through the airport became quicker. Seats were starting to sell fast so I thought better book now...
3 hours after buying them I heard the first whispers of going back on the red list, not exactly precision timing eh ?
Back to MARS, I really don't see a second lockdown coming in England (Wales is a possibility though) so I guess this is not a bad time to average, although there are probably better sectors to be investing in now than hospitality. Meanwhile my dream of cans of Castle beer on the beach is a long way away, sadly !
Might show if during the pandemic off sales have increased from home deliveries. We will determine more next week if the reaction to the Marston's share price has been an overreaction. In the meantime good time to buy the dips lots of money to be made in the market at the moment for the longer term.
The fear factor is probably the main reason. Make no mistake this "New" variant will spread to other countries. It is all very well halting flights from the named countries, however, and do not be under any doubt, there are and will be travellers who find a way to get to the UK and then bingo, we have the variant here. NZ regarded as introducing the most effective means of keeping the disease out, have failed, so what chance has Europe.
Not a good scenario. Let's hope Christmas is not abandoned again. God that would be devastating.
morning Trent
Yes I remember it gave me a decent 'chuckle of the day' moment :)
Anyway
Yes geninue concern about the news coming out of SA
Kind Regards
Jimster
Apologies folks.
I was just flicking through LSE without my IG Terminal switched on.
I see it's Armageddon out there this morning - School Boy error.
Yes, the whole Sector has been walloped.
I wonder if the Private Equity Guys still have it lined up in their sights? Though any other lockdown situation could tip many of these company's over the edge.
Just looking myself.
Whitbread have been smashed as well so I think it's a read-through on the new Covid variant.
@ Fairdealer. I'm not sure mate.It could well equally be all above board, and he something as straightforward as a clerical error. I really don't know. I'll ignore the dark side of my mind and immediately think something is afoot.
I'm not trying to scare anyone either, My intention was to put a note up here on the subject in case anyone else here was in there and was not aware of it for any reason that was all.
Trent not a company that I am familar with, but have just done an overview. It does appear odd for a Transport co when haulage services are at a premium.
Maybe they have lost drivers and consequently contracts, who knows. I guess the SP came off it's bottom when the CEO purchased over half a million shares. He either has complete confidence or is building a position
The problem for LOgistics co's they have vehicles and trailers on Leasing agreements, to retain drivers wages have
gone through the roof to say nothing of increased fuel costs.
Would be good to know a few drivers??? Otherwise wait and see
I meant that it was during the hgv shortage that somehow converted to oil shortages. And how we should start a beer shortage rumour Jimster. :-)