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.
|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|
|10Jan17 14:26||RNS||Block listing Interim Review|
|03Jan17 14:21||RNS||Total Voting Rights|
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.
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
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.
N+1 Singer - Morning Song 22-02-2017
22 Feb 17
CORETX (COR LN) Contract wins and new Lifestyle facility | Gooch & Housego (GHH LN) Solid Q1 trading plus earnings enhancing acquisition of StingRay Optics | NCC Group (NCC LN) Further issues in Assurance | PCI-PAL (PCIP LN) Strong H1 underpins positive outlook | UBM (UBM LN) Results | Verona Pharma (VRP LN) Phase IIa RPL554 add-on trial to tiotropium commenced
N+1 Singer - Gym Group - Not quite a lean, fit & healthy outlook
15 Feb 17
Gym Group has done an excellent job in successfully rolling out a disruptive business model in the health & fitness market. However, we think growth expectations are too high and the shares look expensive on a FY17 P/E of 27x. We expect initial signs of increased competition / cannibalisation and LFL pressure to increase over the next 2-3 years and the shares to de-rate. We pitch our forecasts 5%-14% below consensus and initiate with a Sell recommendation and a 145p target price.
Panmure Morning Note 24-02-2017
24 Feb 17
Upgrades and increased shareholder returns were needed to justify the recent share price rally: they have been duly delivered and we expect a positive response today. FY16 was largely ‘in-line’ and initial FY17 comments, for operating profit growth YOY, are encouraging. Our initial estimate is for consensus upgrades of 5-10%. IAG has confirmed a €500m share buy-back programme, which was well flagged and we think in line with market expectations. Overall a welcome, slightly more positive read for the sector, particularly those with self-help levers. Presentation 9am GMT.
Cycle pains; structural gains
01 Feb 17
A downgrade is a downgrade, which we put through in this note (FY17 net profit -8%). The fare softness behind it is not worrisome to us, reflecting a tough point in the cycle, with industry supply/demand imbalance driving revenue yields down across the sector. Wizz Air is not immune but its own yield softness is partly self-inflicted, with management taking an aggressive capacity stance to capitalise on structural growth opportunities. This may be dilutive to near-term earnings, but should be accretive to medium-term growth and shareholder value. Experience suggests these are exactly the time to buy airline winners, which we believe Wizz Air is becoming. Limited stock liquidity can move the price up quickly as well as down. Reiterate BUY, TP unchanged at 2,300p.