Primary Recommendation

Marstons - Pubs operator attractive on PE of 6 and dividend yield of 10.9%

January 2009

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.

Against the backdrop of 36 pubs being forced to close every week, Marstons, the owner and operator of more than 2,250 pubs in England and Wales, might not seem an obvious share to buy. However, Marstons is a long established business with a high quality freehold estate and given that it has survived two world wars and several nasty recessions, it wasn't surprising that its final results on 5 December sent the doom-mongers scurrying. Not only did earnings coming within a whisker of last year's record but it was also confident enough to hold its final dividend, which in this low interest rate climate makes the shares, which trade on a PE of 6.0, dividend yield of 10.9% and free cash flow yield of 23%, a compelling opportunity. ...

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Marstonâ€™s - Prospective PE of 6.4: 8% dividend yield (September 2018)

Marstons (August 2017)

Marstons (February 2017)

Marstons (July 2016)

Marstons (March 2016)

Marstons - Fall in net debt / EBITDA (January 2016)

Marstons (December 2015)

Marstons - Explosion in â€˜superpubsâ€™ transforms prospects (July 2015)

Marstons (May 2015)

Marstons - Good start to the year (March 2015)

Marstons (January 2015)

Marstons (September 2014)

Marstons - Expansion of large food-led pubs to trigger re-rating (July 2014)

Marstons (March 2014)

Marstons - Realignment towards managed pubs accelerating (January 2014)

Marstons - Accelerating new build pub expansion (December 2013)

Marstons - Hot weather boosts demand (September 2013)

Marstons - Poor weather reduces first half profits (July 2013)

Marstons - Shares hit new high of 140p (March 2013)

Marstons - First dividend increase since 2008 (January 2013)

Marstons - Shares hit new high of 122p (November 2012)

Marstons - Shares break through key resistance level (September 2012)

Marstons - New build expansion helps pubs operator beat forecasts (July 2012)

Marstons - Outperforms pub industry tracker (June 2012)

Marstons - Broker forecasts book value rise to 170p a share by 2015 (March 2012)

Marston's - Newbuilds ahead of target (February 2012)

Marstons - "Improvement in all divisions" (December 2011)

Marstons - Dirt cheap on yield of 6.7% (September 2011)

Marstons - Shares bounce back (June 2011)

Marstons - Shares heavily over-sold (April 2011)

Marstons (March 2011)

Marstons - New build pubs success triggers share price break-out (January 2011)

Marstons - Gentle recovery continues (November 2010)

Marstons (September 2010)

Marstons - Strategic changes to usher in stronger returns (August 2010)

Marston's (July 2010)

Marston's - Shares finally break upwards again (May 2010)

Marston's - Looking forward to World Cup boost (March 2010)

Marstons (January 2010)

Marstons (December 2009)

Marstons (September 2009)

Marstons - Launches 11:10 rights issue (July 2009)

Marstons - Managed pub sales unexpectedly rise (May 2009)

Marstons - Slight improvement in trading (March 2009)

Marston's - Quality asset-backed pubs operator (April 2007)

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 - Pubs operator attractive on PE of 6 and dividend yield of 10.9%

January 2009

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