Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MARSTON'S PLC. We currently have 46 research reports from 4 professional analysts.
|20Mar17 07:00||RNS||New Bank Facility|
|01Mar17 11:56||RNS||Total Voting Rights|
|22Feb17 14:30||RNS||Holding(s) in Company|
|01Feb17 11:41||RNS||Total Voting Rights|
|25Jan17 11:49||RNS||Result of AGM|
|24Jan17 07:00||RNS||AGM Trading Update|
|19Jan17 12:02||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
N+1 Singer - Morning Song 24-01-2017
24 Jan 17
Harwood Wealth (HW LN) FY16 EBITDA 11% ahead, positive strategic progress | Horizon Discovery Group (HZD LN) Positive trading update, 2017e EBITDA guidance maintained | Kalibrate Technologies (KLBT LN) Trading update – contract delays | Marston’s (MARS LN) Decent start to the year | Murgitroyd Group (MUR LN) H1 trading behind budget | NCC Group (NCC LN) Rebuilding credibility from a sound base | Restore (RST LN) Positive conclusion to FY16 confirmed | Servelec Group (SERV LN) In line FY16 trading update | Xaar (XAR LN) Announcement of new FD
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.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Abzena (ABZA LN) Solid interims; integrated offering gaining traction | BCA Marketplace (BCA LN) Strategic enhancements drive strong momentum | Brewin Dolphin Holdings (BRW LN) FY16 PBT 6% ahead of our estimate, FuM +6% in Q4 | Findel (FDL LN) Strategic investment drives momentum in EGL | Greene King (GNK LN) Interims flag cautious consumer outlook | Marston's (MARS LN) Delivering growth and standing out from the pack | Restaurant Group (RTN LN) Our recovery expectations pushed out to 2018 | Sanderson Group (SND LN) Strong finish to the year supports positive outlook
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
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.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.
Strong set of full-year results, comforting guidance
23 Mar 17
GVC released a solid set of full-year results. Key highlights Pro forma Net Gaming Revenue (NGR) was up 12% at constant currency, or 9% on a reported basis at €895m, in line with the February trading update. Pro forma clean EBITDA was up 26%, at €205.7m, bang in line with AV’s €206m forecasts, translating a three percentage points increase in margin added to the growth in revenue. c.69% of NGR was derived from markets either regulated (including those in the process of regulating) and/or locally taxed (68% in 2015), while 95% of the revenues were derived from GVC’s proprietary platform. Net debt stood at €131.5m or 0.6x clean EBITDA. The board proposed a second special dividend of €0.15, giving a total dividend of €0.30 per share for the year, beating market expectations. Guidance The start of 2017 seems promising as management said that daily NGR had increased by 15% (+16% cc), translating into an 18% (+19% cc) growth in sports labels’ daily NGR and a 6% (+8% cc) increase in games labels’ daily NGR. The gross win margin reached 9.5% while it should move towards the 10% mark on the long term. Regarding dividends, the group confirmed a progressive distribution policy and expects to distribute at least 50% of the group’s free cash flow, starting from 2017. Debt refinancing In the first quarter of 2017, the group issued a €320m Senior Secured Term and Revolving Facility, composed of a €250m term loan (maturity 6 years) and a €70m revolving credit facility (maturity 5 years) used to pay down the Nomura Loan in full.
N+1 Singer - Morning Song 23-03-2017
23 Mar 17
eg solutions (EGS LN) Re-focusing on sales is delivering rewards | Futura Medical (FUM LN) FY results: continued clinical, regulatory and commercial progress | Halfords Group (HFD LN) Confidence in FX mitigation grows; stay at BUY | IFG Group (IFP LN) Top line growth but earnings pressures remain | Realm Therapeutics (RLM LN) FY results in line; on track for Phase II start in 2017 | Safestyle UK (SFE LN) Another good full year performance but valuation up with events | WYG (WYG LN) Mixed conclusion to FY17, reassuring FY18 outlook
Driven by distribution
24 Mar 17
Following results earlier this month, we publish our new forecasts following the segmental consolidation of divisions, and remain cautious relative to consensus (c.2% below at the PBT level in FY18E) mainly due to our UK assumptions. We believe the valuation is relatively attractive, and Inchcape is well placed for further growth given the strength of its balance sheet as it seeks to further utilise its unique global market position.