Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MARSTON'S PLC. We currently have 47 research reports from 4 professional analysts.
|01Dec16 12:11||RNS||Total Voting Rights|
|28Nov16 03:04||RNS||Director/PDMR Shareholding|
|28Nov16 03:02||RNS||Director/PDMR Shareholding|
|24Nov16 07:00||RNS||Preliminary Results|
|01Nov16 02:46||RNS||Total Voting Rights|
|12Oct16 07:00||RNS||Year-End Trading Update|
|03Oct16 02:54||RNS||Total Voting Rights|
Frequency of research reports
Research reports on
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
N+1 Singer - Marston's - Delivering growth and standing out from the pack
30 Nov 16
Marston’s is our solitary positive stock pick in the sub-sector. Recent finals reflected a year of further strategic, LFL and earnings progress. We believe it is operationally in a strong shape to make further solid progress in FY17, not least as it does not have the acquisition integration or turnaround issues confronting GNK, MAB and RTN. Moreover, it is relatively better positioned to manage the cost headwinds. We forecast 11% TSR returns in FY17 and feel the shares with a 5.5% historical yield and 12% FCF yield (FY17e) are oversold. We are buyers with a revised 12m TP of 150p.
25 Nov 16
"With US markets closed yesterday for Thanksgiving and in the absence of significant overnight news, Europe is expected to have a quiet opening this morning with the FTSE-100 seen just 5 points either side of unchanged in early trading. Markets across Asia ended fractionally higher with even the Shanghai Composite moving positive after falling sharply in opening trade, as conflicting views of regarding the potential impact of tariffs on Chinese imports proposed during Trump's electoral campaign and optimistic scenarios that China now finds itself ideally placed pick up the TTP baton that will be dropped on his first day in office, circulated. Elsewhere in the region, the Nikkei set the early pace with the Yen hitting an eight-month high against the US$, along with similar weakness against the basket of other major Asian currencies, boosting competitivity for this export-led economy. Japanese consumer prices fell by 0.4% in October, although this eight-consecutive decline was in line with consensus and smaller than the 0.5% reported for September. Given also that the ECB is now thought likely to not only continue its EUR80bn monthly asset purchase but also to extend the program out to September 2017, the continuing ascent of the US$ ahead of the Italian Referendum and run-up to the French presidential election, now has forex traders are suggesting parity could between the two currencies could be achieved early in the New Year. Oil meanwhile remained subdued ahead of the OPEC meeting scheduled for 30th November, while Gold fell back again on dollar strength and reduced Indian buying. UK macro releases due today include the second GDP estimate, the CBI Quarterly Distributive Trades Survey and the Hometrack UK Cities House Price Index. Just a few, mostly smaller UK corporates are also due to report earnings or provide trading updates this morning, including Fastjet (FJET.L), Triad Group (TRD.L), Pennon (PNN.L) and Zambeef Products (ZAM.L). Traders will also remain sensitive to further reports from the Western allies who have been pressing Iran for several months for a firm commitment to proceed with proposed cuts to its enriched uranium stockpiles, for fear that otherwise these sensitive negotiations could be scuppered upon Trump's move to the White House in January." - Barry Gibb, Research Analyst
N+1 Singer - Marston's - Solid finals and reassuring tenor
24 Nov 16
Having updated the market last month there are no surprises in today's finals. PBT at £98m is a smidgen shy of our £99.3m but EPS at 14p is ahead of our 13.7p, implying solid 9% y-o-y growth. In a year where sector newsflow has been mixed to muted, this is to be lauded. Income investors will also be pleased by the 4.3% growth in the DPS (1.9x cover). The other main message this morning is around balance sheet progress with underlying leverage 30bps lower to 4.8x and fixed charge cover has nudged up further to 2.6x. Commentary on current trading is reassuring with a "solid start" to the year cited (the company does not provide LFLs at this stage of the year). We interpret this as LFL >1% vs a c3% comp, but would stress that Dec is more significant than Oct/Nov combined. There also appears to be no change to cost guidance with the group pretty well covered for FY17 on input costs and relatively less exposed to business rate hikes due to provincial bias. Moreover, it has a strong recent track record of mitigating cost headwinds. A higher IAS19 pension interest cost means we are likely to nudge back our FY17 PBT by a modest 1% but don't envisage much change to underlying forecasts. The shares currently trade on a cal'17 PE of 9x with a c5.5% historical yield. The strength and tenor of today's results shows the direction of travel remains positive. We stay at Buy on valuation, growth and yield considerations.
Panmure Morning Note 22-11-2016
24 Nov 16
Marston’s released a solid set of preliminary results with Destination & Premium LFL sales growth of 2.3%, Brewing volumes up 13% which along with 22 new pubs and six lodges helped to lift Operating profit by 4% to £172.7m (PGe £172.1m), Underlying PBT up 7% to £98m (PGe £98m) to give adj EPS up 9% to 14.0p (PGe 13.8p) and final DPS up 4.4% to 4.7p (PGe 4.7p). Current trading remains encouraging and expectations for next year unchanged. The company comments that its exposure to the increase in business rate was low and as planned and that product cost lines are fixed and contracted well into 2018. We expect to trim our numbers by about 2% to reflect general inflation caution however. Trading on 2017E PE of 9.3x and EV/EBITDA of 9.5x with an expected dividend yield of 5.6%, we retain our Buy recommendation and 175p price target.
05 Dec 16
These interims show LPEs by is ahead of its plan to recruit 360 LPEs by April 2017 and is making impressive progress in Australia. The statement (and we expect the results presentation) provide considerable evidence of Purplebricks’ progress in building its brand, increasing its LPE footprint, developing its technology, creating engaging marketing and selling properties. We leave our forecasts unchanged. Investor confidence in Purplebricks’ ability to deliver sustainable profitable growth should result in share price appreciation towards a valuation based on its results for the year ended April 2019.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
Successfully engaging players
06 Dec 16
Stride has a clear focus on online bingo and soft gaming and is growing rapidly, with FY16 l-f-l revenue up 22%. The acquisitions of Tarco and 8Ball at the end of FY16 doubled its share of the UK bingo-led market from 5% to 10% and should deliver material synergies from FY17. Our unchanged FY17 estimates are for 11% EPS growth and strong cash generation. We expect organic growth to be augmented by further accretive acquisitions in due course. Stride’s FY17 P/E is 10.3x and the calendarised EV/EBITDA is only 7.1x, implying considerable share price upside potential.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
Upping its game
21 Sep 16
32Red’s brand punches above its weight in the UK online casino market. Management has adopted a more aggressive stance since mid-2015, both in terms of marketing and with the highly accretive £8.4m Roxy Palace acquisition. Interims show H116 EBITDA rising to £4.5m (H115: £1.2m) and we initiate with forecast EPS more than doubling in 2016 and growing by over 65% between 2016 and 2018. Yet the 2016e P/E is only 13.5x and our peer group comparison and DCF suggest a value of 193-247p per share, 46-86% above the current share price.