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Marstons

August 2017

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Pubs and breweries operator Marstons made a rare foray into M&A with the acquisition of Charles Wells Brewing and Beer Business for £55m, financed by a placing of 57.6m new shares (9.9% of its share capital).Charles Wells has a portfolio of over 30 beers including top brands Bombardier, Youngs and McEwan’s and extends Marstons number one position in the premium bottled and cask ale market, while strengthening its presence in London and the South East and providing a platform in Scotland. Importantly, its brewing capacity is just 50% so future capex needs are reduced. The deal equates to 9x EBITDA pre £4m synergies to be derived from head office, marketing and distribution savings. Return on invested capital is ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

All material on this website is protected by copyright. You may use Information retrieved from the www.scsw.co.uk website for your own personal non-commercial use which means that you may not sell or copy this information to any third party without prior written consent. ISSN 1358-183X

Marstons

August 2017

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