Member Info for Cacher

Been happily collecting these over the last week or so, sub 1.9p. Targeting first pour this time next year, with start up costs very little vs opening a new mine. At sub £4m market cap, there's a lot to like here.
GLA

Bought AV. and LGEN at these suppressed prices. Safe yield, and clear room for capital appreciation from here

They don't have $100m in the bank. Much of it is contingent on the Omani's support of the project. What happens if they pull the funding deal? That'll be BKY up the Creek without a paddle.
This, imo, is too risky. If the permits are refused then it's at least 3-4x overvalued at this present time.

Yeah I've used mine a fair few times in recent years too. Very handy. Would swap it for some decent, sustained share price appreciation though..!
Didn't get a new one today. You must be a privileged one Wigglyline ;)

https://www.thetimes.co.uk/article/grounds-for-optimism-from-costa-sale-27338bk3w

"Put simply, Marston’s share price is confusing. The debt, at about £1.3 billion, is high, but most of it is long term with a fixed rate of interest. The dividend is twice covered by cashflows and the net value of Marston’s assets is 150p a share. Buy the shares, hold them, and wait for the City to change its mind.
ADVICE Buy
WHY Next year’s trading shouldn’t be as tough and the dividend feels safe"

Marston’s, one of the country’s biggest brewers and pub operators, has shrugged off Brexit as “not a big issue”.

The boss of the Wolverhampton-based company said it had identified "supply chain alternatives" to mitigate potential import blockages caused by Britain's exit from the EU.

Speaking as Marston’s posted a “strong year” of trading, chief executive Ralph Findlay was optimistic of successfully navigating any fall-out.

“The majority of our concerns will come down to imports and how they are handled,” he told The Daily Telegraph. “For most categories we have got pretty good supply chain alternatives. If you take wine… there are new world wines that are just as good [as EU wines] and in many cases provide cheaper options.

“We import food and drink from Europe. But the key point is that there are identified alternative suppliers that we can use.”

He continued: “There is also a potential Brexit impact on labour in the pub and restaurant sectors. [But] for Marston’s it is not a big issue. Most of our pubs are not in city centres. The percentage of our workforce that is non-EU is quite small. It is about five or six per cent.”

Marston’s employs around 14,500 people, operates more than 1,500 pubs and brews a broad range of beers including Hobgoblin, Young’s and Bombardier. It Britain’s pubs.

Annual turnover rose 15pc to £1.1bn with underlying profit before tax of £104m. Pub sales increased by 3.2pc with sales from its beer company up 47pc - boosted by the acquisition of Charles Wells Brewing and Beer Business, good summer weather and the World Cup.

Shares slipped 2pc, however, as annual profits missed expectations - analysts from Liberum had projected £107m.

Marston’s has confirmed that trading at the operating profit line is broadly in line with expectations but PBT estimates will be pulled back a little.

• The World Cup and the warm weather have been, overall, helpful. But margins have fallen a shade and interest costs have risen. Drink has performed well but food sales were impacted earlier in the year by hot weather and by the World Cup (and earlier still by the Beast from the East).

• What remains clear is clear that the balanced model has smoothed trading for Marston’s given the swing in trading performance (food has been tough and wet sales have been strong.)

• Marston’s shares trade on a PER of little more than 7x with a yield of around 7.5% and rising. The shares appear cheap as the group, which has an attractive, well-managed and well-maintained estate of largely freehold properties, is selling product that the consumer would like to buy at a price they are prepared to pay.

• Lodges, craft brewing and food (in the longer term) remain growth areas. Marston’s is a major brewer and has a large wet-led element to its estate and is well-placed to grow and to create further value for its shareholders.

Yes, and doubtful enough was raised to achieve a meaningful drilling campaign. Doubt the nickel credits will be enough to offset the current platinum slump, though as you say, that may change in future. Platinum is the key at the moment.
BM will need to be on the ball here to stop the sp drifting

Need the platinum price to start picking up before real interest returns here. The PEA assumes a platinum price over $1200/Oz. Reality is the platinum price is looking like it's going to break below $800/Oz in the near term.

https://www.telegraph.co.uk/investing/shares/join-questors-pub-crawl-go-search-sectors-attractive-stocks/

Conclusion & Outlook:

• Marston’s has reassured that trading is in line.

• Comps are somewhat softer in Q4 (to September) and the warm weather has continued for at least the first 3wks of the group’s final quarter

• Many observers will conclude from this that the final dividend will be increased with CEO Ralph Findlay commenting ‘we are encouraged by our stronger trading performance in the second half-year, including the benefit of recent good weather and the impact of the World Cup in our Taverns estate and in Marston's Beer Company.’

• Mr Findlay reports ‘we have a strong pipeline of sites which will contribute to continued growth in pubs, and see further opportunity in brewing following the acquisition and successful integration of Charles Wells Brewing and Beer business in 2017.’

• The group’s CEO concludes ‘our strategic objectives and progressive dividend policy remain appropriate for current market conditions and we remain confident of delivering underlying earnings in line with expectations for the full year.’

Langton Comment:

• Marston’s has confirmed that trading is in line with expectations.

• The World Cup and the warm weather have been, overall, helpful.

• But it is clear that the balanced model has smoothed trading for Marston’s as food has been tough and wet sales have been strong.

• Food led operators could be gnashing their teeth and it will be interesting to see what Restaurant Group tells investors in a month’s time. The latter will be impacted by the hot weather, reduced retail footfall, delayed holiday departures at its travel hubs because of the World Cup and the World Cup itself.

• Wet led operators such as Stonegate will be performing strongly. Stonegate has been rumoured to be considering an IPO but next year it will find 2018 comps hard to beat.

• Marston’s shares trade on a PER of little more than 7x with a yield of nearly 8%. The shares appear cheap as the group, which has an attractive, well-managed and well-maintained estate of largely freehold properties, is selling product that the consumer would like to buy at a price they are prepared to pay.

• Lodges, craft brewing and food (at least in the longer term) remain growth areas and Marston’s is well-placed to grow and to create further value for its shareholders.

Current trading For the 10 weeks to 8 July 2018 like-for-like sales increased by 5.2% and total sales by 5.6%. In the year to date (49 weeks to 8 July 2018) like-for-like sales increased by 5.2% and total sales by 4.2%.

http://www.thisismoney.co.uk/money/markets/article-5888683/Marstons-enjoys-soaring-sales-spending-55m-bringing-American-craft-beers-British-pubs.html

Someone has posted it on the ADVFN board

Rumours of a government led suspension of ops at BKY

Deutsche Bank taking a decent position yesterday. I note they trimmed their position slightly in GNK too, so presumably expecting more of a move here soon.

I'm not bothered about short term movements here. Just happy to be able to add at what I consider a very cheap price.

To coincide with my divi reinvestment would be nice... ;)

Cont... Ebbsfleet (land, lodge, pub) cost some £12m. The site is generating £75k per week or so and rising and should contribute £1.5m in EBITDA per annum. Where units are sold and leased back, rent should be covered 2.5x or more by EBITDAR. • Short term, the group is charging for breakfast and getting savvier with regard to pricing. Longer term, it will rely less on OTAs (online travel agents). These currently take c70% of business and charge 15% to 18%. The group may add rooms to existing sites. • Longer Term Prospects: Land costs are rising less rapidly than they were 3-4yrs ago but construction costs are in double-digit growth. Build time is around 2yrs. Smooth planning could shorten the timetable but this is an aspiration rather than an expectation. Housing is the main alternative use but developers know that they need to maintain balance. • The lodge business could be separated from the core, pubs & brewing organisation. Marston’s is unlikely to be tempted to sell in the short or medium term. Turnover on a large site could be £50k per week from the pub and £30k from a busy lodge. Lodge margins are obviously higher as there is no product actually being ‘consumed’. Langton View: Running pubs well takes a great deal of effort. • Units need to be located, built, staffed and serviced. Their product needs to be produced (or brewed), marketed, prepared, sold and served. • And behind the scenes, everything (staffing, admin, finance, property function etc.) must run smoothly and invisibly and this is simply not something that can be done from a distance and with a spreadsheet. • And when it comes to the nitty-gritty of running a pub and brewing business, Marston’s is second to none. • The market is challenging but eating and drinking out remains an affordable aspiration for most consumers. Lodges are a growth industry and Marston’s is the largest producer of premium cask ale in the country. • The group’s shares are trading at less than 7x this year’s (and next year’s) earnings & they offer a yield of more than 7%. Despite issues such as oversupply and rising costs, this looks to be an attractive entry point.

Cont... • Smart retailing includes upselling and stacking fridges by margin (craft beers at eye-level, standard lager on the floor) etc. but this can lead to bill shock which, in turn, leads to a reduction in the frequency of visits. • Marston’s believes that there is a role for the bar even in a food-led pub. Bars should be interesting and, in busy times, they will be a profit centre as patrons wait for their table or linger in the bar after they have eaten. • Repeat visits (maximising lifetime spend) is critical. Customers should not be gouged. • Delivery is more of an issue in town centres but it does have a role to play in the suburbs. Marston’s maintains that it should be marginal and not threaten to dominate one’s business. There is a clear negative impact on margins if this happens. Not only is margin paid to the delivery company but the newly built pub or restaurant is underutilised in terms of covers. • Re costs, the chef market is tough. Competition for staff is more intense in the south than the north. Staff retention is more important than ever. Only 5% of Marston’s staff are from the EU. This is a feature of its units being often suburban rather than city centre. Lodges: • The Market: The branded budget lodging market remains in growth. The country’s no1 and no2 operators, Premier Inn and Travelodge, maintain that, in addition to underlying growth, the independent market will continue to lose ground to branded operators. • Marston’s has 1,500 rooms at present. This remains a modest number vs Premier Inn but MARS has a medium term target of 4,000 rooms at which it should be able to bring more distribution in-house and offer travellers follow on lodgings if they are undertaking a leisure or business trip around the country. Marston’s has current visibility on projects that will take it to 3,000 rooms. • MARS used to work with Premier Inn and Travelodge but now aspires to open lodges itself. It offers free WIFI but has recently begun to charge for breakfast (in line with its peers). Its 19 metre rooms cost around £70k per room to construct. They are on a par with the best that Premier Inn has to offer and generate £41 REVPAR against the high £40s generated by Whitbread. • Growth Plans: Were there is an opportunity to build less than 40 rooms, these will be constructed above pubs on a ‘stack’ system. • Lodges of 60-80 rooms plus will be free-standing but they should be next to a c200 cover pub. The group’s 104 room Ebbsfleet Lodge is adjacent to the group’s newly built Spring River carvery pub. The area comprises a new town with a planned 15k houses. Other pubs will be built in time & Marston’s may be in the bidding for sites, the opportunity to expand Spring River, or both. • Ebbsfleet (land, lodge, pub) cost some £12m. The site is genera