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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.

Date Source Announcement
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
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Breakfast Today

  • 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.