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Wait til tomorrow/Monday you may get more at sub 25p at this rate of decline... GLA
Some at about 26.8p
..... and yet the share price is heading swiftly to all time lows of sub 26p with ALL PUBS OPEN and many doing decent business.
We all know the SP was higher in COVID with no trading. So they are doing something wrong, as clearly the markets have no confidence !!
Disgraceful performance by Marstons management and BODs, more need to go/be sacked.
Issued before the Christmas and Year sales rises. Statement said in precis :-
Total sales for the 52 weeks were up 11.30%. Up another 10.10% on 2022. Food and Drink sales have been strong!
They successfully trialled a Franchise model in 19 of food led managed pubs to compliment the 714 wet-led pubs with sales growth significantly exceeding that of the broader food business. They were on track to target 50 food led franchised pubs in 2024.
They have fixed energy costs with a significant proportion of their food and drink costs for the year. Net borrowings (excluding IFRS 16 commitments) were £1.185m, £31 below last yr and £19m lower than H1. £55M from disposals had been generated together with another £50 expected in 2024. They said they continue to make good progress to reduce group borrowings to below £1b, and as I have said they intend to work on exceeding this on Sales. GLA.
This recently voted Pub Chain of the year has increased its retained Equity from £200m in 2020yr to over £600m in 2023.
For the same period in question Turnover has increased from £515m in 2020yr to over £872m in 2023.
The Company are now using profits to bring down debt. On 23rd Jan this year 2024 Justin Platt said :-
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.”
Carlsberg have Marstons in a headlock. The JV requires Marstons to retain a minimum of 50% of the pubs held at the date of the JV. The tranche of Brains estate, around 100 Pubs, are managed on a 25 year agreement. Brains sold the Freehold of those pubs a year later, to Song Capital a European VC group.
Check the balance sheet total Liabilties (debt) exceeds £1.8billion.
Started to comment yesterday but got distracted by grandchildren.
A lot of vitriol about recently - not very becoming.
I am an eternal optimist and believe this will turn - to be honest I think the business already has. My local was rammed over Easter and seems busy even mid week. End of year sort out time - took my profit on SHEL and added more MARS (20K more this week). Probably over exposed now......mmmm.
I am ever hopeful - but then I was last year, at 35p.
Ho hum.
I think when one owns 1400 plus outlets and they have taken on another 1500 outlets from Stonegate where the total number of outlets have doubled since the Brewery partnership was formed there are no worries about maintaining supply outlets!
Also remember Marston have filled most of the managerial positions with their own staff and the headquarters are based in the old Marston Brewery.
They will agree to selling those where value is added to the balance sheet, as both have a mutual interest in each other. The decisions will be discussed before any such sale. However it has already been reported how well the movement to franchise agreements has been very profitable for both the Company and Managers of the Establishments, and how well the Brewery partnership is doing. The new beers being introduced look like they appeal to the younger clientele too, whilst the traditional beers are being produced through more modern processes. Worth a read of the Carlsberg Marston brewery web if one has time. GLA
Another user raised on this board that Marston’s had made a commitment to Carlsberg not to sell too many of its properties - so that there would be a guaranteed outlet for the sale of the JV’s beers.
A quick look at the recorded buys/sells shows a ratio of 4/1 yet the SP is down on the day. Since Spoons and MandB are both up there's no sector specific reason for it not going up so why isn't it?
If a horse is lame then it wouldn't pass the fitness test to race. If it did the owners would be sued.
If a pub chain makes £1 billion a year it is hardly a dead horse. The properties that are not producing are being sold, and franchise arrangements are also coming in where Landlords can purchase a part ownership. However bare in mind the Good idea Phippsy as the last time the property values were valued was at the start of the pandemic, and as business premises they would have been rated on income which was down. The parting Chairman has already said the property values were to be revalued soon and most sold were over book. Now why would he want that to happen when he is leaving and moving to a property development company? He will already know those ready for development?
Sales are still growing and a quick read of the business updates from has run post pandemic would be useful.
If the owned property is undervalued on the books why not sell it and lease it back? Marston's owns a significantly higher proportion of its pubs compared to competitors so I don't see a problem, use the sale proceeds to pay down debt. Got a funny feeling this is way too simplistic or surely they would have joined the companies doing this already.
When i worked at mansfield brewery a mate of mine used to back horses,and i remember a saying he had,"it doesnt matter how much money you throw on a lame horse,it wont make it run any better"
At this price this is a strong buy. My Godfather used to be the Company secretary and always said and we could see what a well run family type Company this was. The property values are worth far more than the £2billion on the books, and with lower interest rates the £1 Billion of debt will come down on future provisions very quickly alone. Notwithstanding the fact the company is making enough profits on sales to reduce the debt which surprises me so soon after the pandemic. The idea is to increase sales to be in excess of debt and that mans over £1billion per year. They cannot be far away from that now, and do not therefore need a rights issue, but I am happy to take up shares if they want one. We now need a new Chairman and should expect an announcement soon, and that person should be very qualified. Marston have a very good reputation in the trade, enough for Stonegate to partner them with their own 1500 odd pubs/bars now being supplied by the Brewery that Marston own with Carlsberg. I have still not yet seen the Brewery Christmas sales figures either which should also be very good. Give it time and ignore like I do the likes of Unfairtrader and his dad, who have never said anything positive or balanced and true in 3 years on this board, as they do not own shares in this Company, or if they do it is only for a very short time so they can then get their small allowance given for cheap meals out, etc where one only needs to hold a 100 or so shares, and partly because they try to drive down the share price to buy in at a low level, and then make a couple of quid before selling again...which I say is small Beer.... Enough said!
To cut debt?
Many investors will be long gone by then
Better options with less risks
Sandyman, people in glasshouses should not throw stones!
If you disagree with my posts, put forward some rational facts and try to avoid monosyllabic posts that tend to display a lack of intelect. We can then have a reasoned debate without stupidity. I do'nt post on Holy Days and can only assume you consumed to much Communion Spirit on Easter Sunday. God Forgive you!
Vespaman ( no longer Tesla... note) indicates your archaic thinking. Even today, like a never ending record, beleive a decrease in BOE rates will help Marstons. Not it's loans which majority are fixed. It may help Joe Public who has many cost of living issues to control. One glimmer of hope, this morning it was announced Guinness sales have increased 30%.
Do you know Vespaman, what Stouts CMB brew?
What is the Upper Quartile to which you refer? Is it a basket of Hospitality Co's, Breweries or just basket cases??
Back to the thread title. Many here including me, had/have great hopes of Justin Platt. It may still happen, however to be awarded "Free shares" within 3 months of taking up the role of CEO hardly sets a trend and experienced investor wants to see when the SP is sinking. Nil Cost Options should be awarded when targets are met, usually the SP achieving an approved level.
Wolfwatch,iv got to agree its struggling to survive,we used to have nice weather to rely on to boost the sp,but look back at last year with a good summer (highs of 38-40 degrees) this share achieved 30/33,with a billion in debt and everyones bills increasing pluss £5-8 per pint,its not looking good,im looking for 45p just to break even,
Sp at 27.5p (JUNK STATUS), sorry can't see anything to be positive about at the moment.
In fact, starting to wonder what the new CEO is doing ? Was nice to see he bought some shares.. SP is suffering even worse since he's come in (no new broom sensation..). Markets not impressed so far ... ??
He needs to sack more dead wood/wasters on that "idol" BODs, or else they'll manage bring him down with them. Then SELL the lot !
Looks like we may have interest rate cuts in the Uk sooner from adjusted figs released today.
This will help Companies such as Marston.
Competition between retailers drove prices on some goods down in March, but Easter treats were more expensive, the British Retail Consortium (BRC) said.
It said the overall rate at which prices rose had almost halved to 1.3% - down from 2.5% in February.
Sandyman has a point. Barchild I have always said you are looked upon as Fair traders father and related. Everything you say is the same, and always appears negative whether the intention or not which is why I am over positive to balance the books!
As such the Weighting allowance for the Directors options is high and therefore gives Shareholders hope in expectancy of achievements that the firm have set out are achievable. The weighting actually therefore is positive news!
Measure
Weighting
Threshold (25% vest)
Maximum (100% vest)
Underlying PBT in 20261
20%
£75m
£95m
Net cash flow2 (2024, 2025 and 2026 aggregate)
40%
£150m
£180m
Operating Margin in 2026
20%
16.3%
18.3%
Relative Total Shareholder Return (TSR) (measured over FY2023/24 to FY2025/2026)
20%
Median
Upper quartile
He does peoples heads in i would say to him " get a life".
Sandyman
A rather aggressive response to FD's measured comments, whose posts are always factual & it must be said that even those in this board with a much more optimistic view on MARS than some of us, nobody has ever attacked him personally for no reason.
However looking through your posts recently on other boards you could perhaps consider changing your posting name from Sandyman to "Mr Angry".
Calm down dear boy, calm down...
Fairdealer20: my goodness you don't half talk a load of the " brown sticky stuff", you bore the "pants off" so many on this BB.
Is the Remuneration Committee having a laugh? It seems from today's RNS the Nil cost options awarded on 4th March was wrong. They (RC) intended for the awards to be more.
All this while long suffering PI's are seeing the SP sink. The awards are supposed to be part of the Long Term Incentive Scheme. What incentive have the Execs got when given shares free gratis and NO tangible increase in Shareholder Value.?