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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
The share price is not increasing as the profits are just covering the debt payments...
Only chance here is to sell lots of pups, or raise equity.. Gla
Just to concern the plus 8% sales figs are in the statement "just for the pubs" we still have the brewery figs for Marstons 40% share to be added on. I wish they would include all group figs to give us a clearer indication over competitors. Afterall If M&B had greater beer sales then who is supplying them with their beer! Marstons group will also have benefitted via the Brewery. This is what they said " Total retail sales in the Group’s managed and franchised pubs for the 16-week period were +8.8% on last year. Both drink sales and food sales have been strong...." I would like to also see what the brewery sales figs were to take in "home sales" too. Suspect this will raise us above competitors.
Suspect the Brewery sales figs to the Supermarkets and off licenses have not yet been fully received or included as they will take some time to come in from the 000's of establishments across the Uk. We are seeing Pub figs and so I suspect overall we will be far more than an 8% gain overall and this will move us up above our competitors. Good to see year on year increases as we are gaining towards the £1Billion of sales that was the objective. GLA.
Very pleased that the B.O.D. have released the Xmas trading figures prior to the A.G.M, , Because on the surface an 8 o/o uplift upon this time last year is reasonably impressive , but when all the gloss is wiped away any fool can show such results when being able to increase selling prices and at the same time reduce the availability of the goods on offer so that you can sell what is convenient to you rather than what the customer desires !!! I comment from being a reasonably frequent visitor to my local establishments who constantly do not have various items available that are clearly shown on the menu - AND WHY NO PEDIGREE - mARSTONS PREMIUM ALE ???? I hungrily await the Profit figures which of course were abscent from the trading statement - should have increased by 10 o/o minimum which will cover the 10 o/o rise in the coming minimum wage !! Still well under water and angry.
I sure it's called 'Sod's Law' because I have Marstons and I don't have M&B
As usual,Marstons release some good news and a good set of trading figures,then the share price goes down,can someone explain it to a layman like myself why this always happens to Marstons,For example,Mitchells and butlers released similar results and their share price rose dramatically and kept going up all day to nearly yearly record peaks,,,confusing !
I love the way people take the time to copy the rns... Lol.
Good news RNS,which was expected,but now confirmed. Rerate should happen,as this is far to low an s.p. and market cap,especially with lower interest rate expectations going forward.
Great revenue report.. now for the profitability.
AGM at 10.00 am today.
We need this great update to translate to a steadily rising share price now.
Strong Christmas trading has driven LFL sales growth in the year to date of +8.1%
Marston's PLC issues the following update for the 16-week period to 20 January 2024 ahead of the Annual General Meeting to be held at 10am today.
All sales comparisons are compared to the same period in FY2023.
Total retail sales in the Group's managed and franchised pubs for the 16-week period were +8.8% on last year. Both drink sales and food sales have been strong, demonstrating the resilience and appeal of our predominantly suburban pubs.
Like-for-like sales for the 16-week period to 20 January 2024 were +8.1%, reflecting strong trading over the festive period. Like-for-like sales in the first nine weeks of the 16-week period to 2 December 2023 were +7.4% as previously reported, with positive trading momentum continuing into the festive period. In the following seven weeks, like-for-like sales were +8.4%.
For the key festive days (Christmas Eve, Christmas Day, Boxing Day, New Year's Eve), like-for-like sales were up +9.6%.
Justin Platt, CEO of Marston's, commented:
"I am pleased to report a strong trading performance with like-for-likes up 8.4% over the festive period. It has been an encouraging start to the year. This, together with an improving outlook in which inflationary headwinds are broadly abating, and the actions we are taking to operate more efficiently and rebuild margins, position Marston's well for the year ahead."
"I am delighted to have joined Marston's and am excited about the opportunity ahead. This is a great business and, whilst still early days, I've been impressed by the dedication, talent and expertise of the team. I look forward to getting to know both the team, and the business, better over the weeks and months ahead and working together to build on the trading momentum to maximise the Group's future potential."