Marston’s recent finals highlighted a number of positives from the three year transformation programme to reposition the estate and improve the quality of earnings. Growth capex is proving to be accretive and being channelled into less competitive locations. We make no fundamental changes to our forecasts but lift our 12m TP from 170p to 182p. Going forward, we view Marston’s as a solid 8-10% compounder, with an attractive and progressive 4.5% yield and an undemanding valuation to play the improving consumer disposable income theme for 2016 – Buy.