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.
|19Jan17 12:02||RNS||Holding(s) in Company|
|10Jan17 02:27||RNS||Block listing Interim Review|
|03Jan17 02:22||RNS||Total Voting Rights|
|19Dec16 04:39||RNS||Director/PDMR Shareholding|
|16Dec16 05:00||RNS||Annual Financial Report|
|13Dec16 07:00||RNS||Board Appointment|
|01Dec16 12:11||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.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Retain forecasts for FY17E and FY18E
05 Oct 16
While LFL sales growth of 1.8% for the first 12 weeks of FY17 looked a little light, this was on the back of 2.8% growth in the prior period. H2 comps become easier to lap and Christmas bookings (festive trading comprises 15% of FY sales on average) are up 10% YoY.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
A year of expansion
17 Jan 17
Final results are broadly in line with our revised forecasts on most headline levels in what proved to be a difficult year for the Group. That said, it has significantly increased room capacity, which is now +40% ahead at the time of the IPO (+14.5% yoy), which improves its competitive position and offering. We are maintaining our headline forecasts, and with the dividend expected to be held for the foreseeable future producing an 8.7% yield with a NAV in excess of 180p, we continue to believe there is strong long term value offered at present.
N+1 Singer - Morning Song 12-01-2017
12 Jan 17
As anticipated, the second half has again been stronger than H1 and results will be broadly in line with expectations. In line with this, the order book has continued to grow and is at record levels. This confirms that significant progress has been made in the Group’s shift towards its Technology Products division which, as targeted, contributed c.60% of group revenue in FY16. The small acquisition of Cable Power also gives a complementary boost to the product range. It is also worth noting the significant reduction in net debt, £1.0m ahead of our forecast. We remain supportive of the Group’s strategy and continue to see a bright future as this transition towards a design led technology solutions business continues. We look forward to more detail in March at the final results.