Marston’s has had a solid Q3, outperforming peers on LFL’s while lifting margins and making good strategic progress. Overall an inline update vs. our expectations. The impact of the NLW is cited as modest and this should go some way to soothe concerns as far as the group is concerned. We make no underlying changes to our forecasts but trim FY16/17 EPS by a marginal 1.5% to reflect the NLW. We reinforce our Buy stance and 170p TP on growth (3 year EPS CAGR 9%) and yield ground (4.5% FY15e).
22 Jul 2015
Reassuring Q3 and NLW commentary
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Reassuring Q3 and NLW commentary
Marston's PLC (MARS:LON) | 26.6 0 0.0% | Mkt Cap: 168.4m
- Published:
22 Jul 2015 -
Author:
Sahill Shan -
Pages:
4
Marston’s has had a solid Q3, outperforming peers on LFL’s while lifting margins and making good strategic progress. Overall an inline update vs. our expectations. The impact of the NLW is cited as modest and this should go some way to soothe concerns as far as the group is concerned. We make no underlying changes to our forecasts but trim FY16/17 EPS by a marginal 1.5% to reflect the NLW. We reinforce our Buy stance and 170p TP on growth (3 year EPS CAGR 9%) and yield ground (4.5% FY15e).