LIn ''Sharegem247 is correct with his statement. The brewing arm values marstons at approx 88p then you have the rest of the business.
The valuation put on Marstons brewing operations and the Carlsberg UK brewing operation was one that was agreed between Marstons and Carlsberg in order to determine the percentage ownership of CMBC after taking account of the cash consideration given to Marston. The valuations given by the companies (not the market) means that they value Marstons 40% share as being equivalent to about 48p per Marston share
f20 Very rough. I believe the estate has an asset value of about £2,2 Billion, After using the deal money to reduce debt , the level of debt would be about a £1 billion less than the estate value. £1 billion works out t0 about 140p per share, As I say very rough figures, You could look into it, to find the exact estate asset value and debt levels that have been stated by Marstons if you want a most precise figure.
I believe Mars is way undervalued, but there is no need for people to be misled . The 40% stake in the CMBC business has been valued at £312 million which is about 48p per share. On top of this the net estate valuation minus debts adds on another 140p. Then a value on estate profits (bit thin on the ground this year though). So with Marstons being more financially secure following the deal, I cannot see why the share cannot continue to increase quite substantially.
Doing a very quick check I believe the estate has a value of about £1 billion over and above the level of anticipated debt, but the market is only putting a value of £124 million on the assets and business combined.
Need to find the valuation of the pub, restaurant and hotel estate then take off the new debt level anticipated by the third quarter to find the net asset value of the non CMBC business, then compare with £124 million. This of course does not put a value on generated profits of the business but just the assets..
The new CMBC has had a valuation of £780 million placed on it. Marstons 40% share is worth £312 million. At 66p Marstons market cap is about £436 million. This means that currently the pub, restaurant and hotel estate has a market value of just £124 million