Updates

Marstons - Fall in net debt / EBITDA

January 2016

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.

The shares spiked after a strong second half saw full year pretax profit rise 10% to £91.5m on sales ahead 7% at £845.5m. Eps also increased 10% to 12.9p while pleasingly its net debt / EBITDA, excluding £202m lease financing, fell from 5.4x to 5.1x.The sparkle came from its destination & premium division (managed pubs) where profit increased 10% to £83.6m with operating margins rising 0.3% to 20.5%. Like-for-like sales rose 1.8% but the main growth was through 25 new pub restaurants taking the total opened since 2009 to 134. These food-led “superpubs” generate c. 15% EBITDA return on capital, high turnover of £25,000 a week and have achieved 40% valuation uplift over cost. With a nod t ...

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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 - Fall in net debt / EBITDA

January 2016

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