Marston’s is our steady compounder pick. It has outperformed sector LFL’s for 2 consecutive years whilst at the same time fundamentally improving the quality of its earnings through judicious asset churn and recycling cash to growth segments. We argue its roll-out concepts are less exposed to wider supply concerns. We are not unduly worried about leverage given the significant freehold backing, and feel that negative ST net-cashflow should be judged in the context of the group going through a growth phase. Net, we view Marston’s as a solid 8-10% compounder with an attractive and progressive c.5% yield. We are buyers with a 12m TP of 182p.