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Marston's

LSE:MARS
Snowflake Description

Proven track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MARS
LSE
£691M
Market Cap
  1. Home
  2. GB
  3. Consumer Services
Company description

Marston's PLC operates managed, franchised, tenanted, and leased pubs and bars in the United Kingdom and internationally. The last earnings update was 5 days ago. More info.


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MARS Share Price and Events
7 Day Returns
9.6%
LSE:MARS
3.2%
GB Hospitality
1.3%
GB Market
1 Year Returns
8.3%
LSE:MARS
-7.6%
GB Hospitality
-5%
GB Market
MARS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Marston's (MARS) 9.6% 9.6% 17% 8.3% -28.8% -29.5%
GB Hospitality 3.2% 0.5% -1.3% -7.6% 11% 30.7%
GB Market 1.3% -1.6% 1.9% -5% 15.8% 2.5%
1 Year Return vs Industry and Market
  • MARS outperformed the Hospitality industry which returned -7.6% over the past year.
  • MARS outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -5% over the past year.
Price Volatility
MARS
Industry
5yr Volatility vs Market

MARS Value

 Is Marston's undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Marston's to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Marston's.

LSE:MARS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:MARS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.93
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.932 (1 + (1- 19%) (259.99%))
2.268
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (2 * 6.65%)
14.53%

Discounted Cash Flow Calculation for LSE:MARS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Marston's is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

LSE:MARS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 14.53%)
2019 77.23 Analyst x5 67.43
2020 102.10 Analyst x2 77.84
2021 81.49 Analyst x5 54.25
2022 68.97 Est @ -15.36% 40.09
2023 61.81 Est @ -10.38% 31.37
2024 57.54 Est @ -6.9% 25.50
2025 54.97 Est @ -4.46% 21.27
2026 53.46 Est @ -2.76% 18.06
2027 52.63 Est @ -1.56% 15.52
2028 52.24 Est @ -0.72% 13.46
Present value of next 10 years cash flows £364.80
LSE:MARS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £52.24 × (1 + 1.23%) ÷ (14.53% – 1.23%)
£397.63
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £397.63 ÷ (1 + 14.53%)10
£102.42
LSE:MARS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £364.80 + £102.42
£467.22
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £467.22 / 632.59
£0.74
LSE:MARS Discount to Share Price
Calculation Result
Value per share (GBP) From above. £0.74
Current discount Discount to share price of £1.09
= -1 x (£1.09 - £0.74) / £0.74
-47.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Marston's is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Marston's's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Marston's's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:MARS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-30) in GBP £0.12
LSE:MARS Share Price ** LSE (2019-05-20) in GBP £1.09
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PE Ratio Median Figure of 34 Publicly-Listed Hospitality Companies 17.95x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 788 Publicly-Listed Companies 16.24x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Marston's.

LSE:MARS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:MARS Share Price ÷ EPS (both in GBP)

= 1.09 ÷ 0.12

9.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Marston's is good value based on earnings compared to the GB Hospitality industry average.
  • Marston's is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Marston's's expected growth come at a high price?
Raw Data
LSE:MARS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
6%per year
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PEG Ratio Median Figure of 28 Publicly-Listed Hospitality Companies 2.06x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 574 Publicly-Listed Companies 1.5x

*Line of best fit is calculated by linear regression .

LSE:MARS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.3x ÷ 6%

1.54x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Marston's is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Marston's's assets?
Raw Data
LSE:MARS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-30) in GBP £1.42
LSE:MARS Share Price * LSE (2019-05-20) in GBP £1.09
United Kingdom of Great Britain and Northern Ireland Hospitality Industry PB Ratio Median Figure of 54 Publicly-Listed Hospitality Companies 1.39x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,368 Publicly-Listed Companies 1.51x
LSE:MARS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:MARS Share Price ÷ Book Value per Share (both in GBP)

= 1.09 ÷ 1.42

0.77x

* Primary Listing of Marston's.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Marston's is good value based on assets compared to the GB Hospitality industry average.
X
Value checks
We assess Marston's's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Hospitality industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Hospitality industry average (and greater than 0)? (1 check)
  5. Marston's has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MARS Future Performance

 How is Marston's expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Marston's expected to grow at an attractive rate?
  • Marston's's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Marston's's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Marston's's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:MARS Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:MARS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 6%
LSE:MARS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 3%
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 12.1%
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.8%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:MARS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:MARS Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-09-30 1,299 102 2
2021-09-30 1,242 228 97 8
2020-09-30 1,212 227 94 11
2019-09-30 1,176 217 89 7
LSE:MARS Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-03-30 1,165 186 74
2018-12-30 1,153 184 60
2018-09-29 1,141 182 45
2018-06-29 1,115 200 43
2018-03-31 1,089 217 42
2017-12-31 1,050 215 63
2017-09-30 1,011 214 85
2017-06-30 978 188 82
2017-04-01 945 162 79
2017-01-01 941 172 76
2016-10-01 937 183 73
2016-07-01 930 184 72
2016-04-02 922 185 71

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Marston's's earnings are expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
  • Marston's's revenue is expected to grow by 3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:MARS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Marston's Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:MARS Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-09-30 0.16 0.16 0.16 1.00
2021-09-30 0.15 0.16 0.15 4.00
2020-09-30 0.15 0.15 0.14 4.00
2019-09-30 0.14 0.14 0.14 4.00
LSE:MARS Past Financials Data
Date (Data in GBP Millions) EPS *
2019-03-30 0.12
2018-12-30 0.09
2018-09-29 0.07
2018-06-29 0.07
2018-03-31 0.07
2017-12-31 0.10
2017-09-30 0.14
2017-06-30 0.14
2017-04-01 0.14
2017-01-01 0.13
2016-10-01 0.13
2016-07-01 0.13
2016-04-02 0.12

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Marston's is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Marston's's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Marston's has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MARS Past Performance

  How has Marston's performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Marston's's growth in the last year to its industry (Hospitality).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Marston's has delivered over 20% year on year earnings growth in the past 5 years.
  • Marston's's 1-year earnings growth exceeds its 5-year average (76.7% vs 40.9%)
  • Marston's's earnings growth has exceeded the GB Hospitality industry average in the past year (76.7% vs 12.8%).
Earnings and Revenue History
Marston's's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Marston's Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:MARS Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-30 1,165.40 74.30
2018-12-30 1,153.35 59.65
2018-09-29 1,141.30 45.00
2018-06-29 1,115.05 43.40 -0.20
2018-03-31 1,088.80 41.80 -0.30
2017-12-31 1,050.05 63.25 -0.15
2017-09-30 1,011.30 84.70
2017-06-30 977.90 81.95 0.30
2017-04-01 944.50 79.20 0.60
2017-01-01 940.90 76.10 0.30
2016-10-01 937.30 73.00
2016-07-01 929.85 72.00 -0.15
2016-04-02 922.40 71.00 -0.30
2016-01-02 900.50 47.15 -0.15
2015-10-03 878.60 23.30
2015-07-03 854.95 -1.85 -0.10
2015-04-04 831.30 -27.00 -0.20
2015-01-04 823.30 -38.85 -0.10
2014-10-04 815.30 -50.70
2014-07-04 812.30 -29.75 -0.30
2014-04-05 809.30 -8.80 -0.60
2014-01-05 796.10 24.05 -0.30
2013-10-05 782.90 56.90
2013-07-05 759.30 -29.15 0.50
2013-03-30 735.70 -115.20 1.00
2012-12-30 727.70 -112.75 0.50
2012-09-29 719.70 -110.30
2012-06-29 713.05 -24.35 -0.10

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Marston's has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Marston's used its assets less efficiently than the GB Hospitality industry average last year based on Return on Assets.
  • Marston's has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Marston's's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Hospitality industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Marston's has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MARS Health

 How is Marston's's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Marston's's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Marston's's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Marston's's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Marston's's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Marston's Company Filings, last reported 1 month ago.

LSE:MARS Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-30 899.00 1,796.00 159.50
2018-12-30 899.00 1,796.00 159.50
2018-09-29 957.60 1,724.90 41.40
2018-06-29 957.60 1,724.90 41.40
2018-03-31 898.10 1,746.00 42.80
2017-12-31 898.10 1,746.00 42.80
2017-09-30 931.40 1,691.60 54.60
2017-06-30 931.40 1,691.60 54.60
2017-04-01 793.10 1,693.70 165.80
2017-01-01 793.10 1,693.70 165.80
2016-10-01 752.10 1,695.70 185.60
2016-07-01 752.10 1,695.70 185.60
2016-04-02 759.90 1,720.60 231.90
2016-01-02 759.90 1,720.60 231.90
2015-10-03 782.90 1,630.80 193.10
2015-07-03 782.90 1,630.80 193.10
2015-04-04 727.60 1,633.20 189.10
2015-01-04 727.60 1,633.20 189.10
2014-10-04 759.00 1,519.30 180.90
2014-07-04 759.00 1,519.30 180.90
2014-04-05 787.70 1,486.10 183.40
2014-01-05 787.70 1,486.10 183.40
2013-10-05 841.90 1,426.50 100.90
2013-07-05 841.90 1,426.50 100.90
2013-03-30 758.20 1,492.70 103.80
2012-12-30 758.20 1,492.70 103.80
2012-09-29 762.00 1,383.30 74.50
2012-06-29 762.00 1,383.30 74.50
  • Marston's's level of debt (199.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (188.7% vs 199.8% today).
  • Debt is not well covered by operating cash flow (10.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Marston's's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Marston's has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MARS Dividends

 What is Marston's's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.87%
Current annual income from Marston's dividends. Estimated to be 6.89% next year.
If you bought £2,000 of Marston's shares you are expected to receive £137 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Marston's's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.99%).
  • Marston's's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.21%).
Upcoming dividend payment

Purchase Marston's before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:MARS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 32 Stocks 3.2%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:MARS Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2022-09-30 0.08 2.00
2021-09-30 0.08 12.00
2020-09-30 0.08 13.00
2019-09-30 0.08 12.00
LSE:MARS Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2018-12-18 0.075 7.577
2018-11-21 0.075 7.549
2018-05-16 0.075 7.676
2017-12-18 0.075 6.998
2017-11-30 0.075 6.425
2017-05-18 0.074 6.466
2016-12-16 0.073 5.372
2016-11-24 0.073 5.417
2015-12-02 0.070 4.744
2015-11-26 0.070 4.081
2014-12-17 0.067 4.323
2014-11-27 0.067 4.616
2013-11-29 0.064 4.367
2013-05-16 0.062 4.110
2012-12-19 0.061 4.482
2012-11-29 0.061 4.945
2011-12-16 0.058 5.562
2011-11-30 0.058 6.219
2010-12-02 0.058 5.817
2009-12-03 0.071 7.541

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Marston's has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Marston's only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Marston's's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.1x coverage).
X
Income/ dividend checks
We assess Marston's's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Marston's afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Marston's has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MARS Management

 What is the CEO of Marston's's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ralph Findlay
COMPENSATION £807,665
AGE 57
TENURE AS CEO 18.3 years
CEO Bio

Mr. Ralph Graham Findlay, FCA, serves as Chief Executive Officer at Marston's Plc since 2001. Mr. Findlay serves as the Managing Director at Marston's Pub Company. He served as a Finance Director at Marston's plc since 1996 until 2001 and Group Financial Controller from 1994 to 1996, where he joined in 1994. Mr. Findlay served as a Financial Controller at Geest Plc and Treasury Manager at Bass Plc. He serves as the Chairman of the British Beer and Pub Association. Mr. Findlay has been a Director of Jennings Brothers PLC since May 20, 2005. He has been an Executive Director of Marston's plc since 1996 and Independent Non-Executive Director of Bovis Homes Group plc since April 7, 2015. He has been Senior Independent Director of Bovis Homes Group PLC since May 23, 2018. He previously held roles with Geest plc as Group Chief Accountant, and worked with Price Waterhouse as a specialist in financial services Skills: Commercial, financial and general management experience in a consumer facing industry. Land acquisition and business. Mr. Findlay serves as a Director of Border Breweries (Wrexham) Limited, Brasserie Restaurants Limited, British Beer & Pub Association, Burtonwood Group Limited, Chesterfield Brewery Company Limited (The), Jackgrade Limited, John Marston's Landlords Limited, John Marston's Taverners Limited, Lambert Parker & Gaines Limited, Life Cafe Limited, Living Concepts Limited, M.T.E. (Services) Limited, Mansfield Brewery Exports Limited, Mansfield Brewery Limited, Mansfield Brewery Properties Limited, Mansfield Brewery Sales Limited, Mansfield Brewery Trading Limited, Mansfield Family Restaurants Limited, Mansfield Inns Limited, Marston, Thompson & Evershed Limited, Marston's Limited, MDP Hotel & Leisure Limited, Mercury Taverns (Holdings) Limited, Mercury Taverns (London) Limited, Multisports (Grantham) Limited, North Country Breweries Limited, Osprey Inns Limited, People 1st, Pitcher and Piano Limited, Planet Pubs Limited, Pub Operations (Northamptonshire) Limited, Pub Operations Limited, S.K. Williams Limited, Sherwood Forest Properties Limited, Sherwood Forest Trading Limited, Spinclass Limited, Via Vita Cafe Bar and Restaurant Limited, W&DB (Finance) PLC, W. & D. PLC, William G. Boaler & Son Limited, Wizard Inns Limited, Breweries (Trading) Limited, W&DB, W&DB Pubs Limited and W&DB Pubs Parent Limited. He served as a Director of Burtonwood PLC since January 2005. Mr. Findlay serves as Chair of Council and Pro Chancellor at Keele University. He is a Qualified Chartered Accountant and Treasurer.

CEO Compensation
  • Ralph's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ralph's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Marston's management team in years:

10.5
Average Tenure
56
Average Age
  • The average tenure for the Marston's management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Ralph Findlay

TITLE
CEO & Executive Director
COMPENSATION
£808K
AGE
57
TENURE
18.3 yrs

Andrew Andrea

TITLE
Chief Financial & Corporate Development Officer and Executive Director
COMPENSATION
£525K
AGE
48
TENURE
2.6 yrs

Anne-Marie Brennan

TITLE
Group Secretary
AGE
56
TENURE
15.3 yrs

Richard Westwood

TITLE
Managing Director of Beer & Pub Company
TENURE
5.7 yrs

Andrew Carlill

TITLE
Operations Director - Taverns & Leased Partners
Board of Directors Tenure

Average tenure and age of the Marston's board of directors in years:

4.4
Average Tenure
55
Average Age
  • The tenure for the Marston's board of directors is about average.
Board of Directors

William Rucker

TITLE
Chairman
AGE
55
TENURE
0.6 yrs

Ralph Findlay

TITLE
CEO & Executive Director
COMPENSATION
£808K
AGE
57
TENURE
23 yrs

Andrew Andrea

TITLE
Chief Financial & Corporate Development Officer and Executive Director
COMPENSATION
£525K
AGE
48
TENURE
10.2 yrs

Catherine Glickman

TITLE
Independent Non-Executive Director
COMPENSATION
£56K
AGE
60
TENURE
4.4 yrs

E. Matthew Roberts

TITLE
Non-Executive Director
COMPENSATION
£55K
AGE
54
TENURE
2.2 yrs

Carolyn Bradley

TITLE
Senior Independent Director
COMPENSATION
£100K
TENURE
2.3 yrs

Robin Rowland

TITLE
Independent Non-Executive Director
COMPENSATION
£50K
TENURE
8.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
07. Aug 18 Buy Marstons Plc, EBT Company 06. Aug 18 06. Aug 18 214,407 £0.92 £198,112
03. Jul 18 Buy Marstons Plc, EBT Company 02. Jul 18 02. Jul 18 198,409 £1.00 £198,111
02. Jul 18 Buy Robin Rowland Individual 28. Jun 18 28. Jun 18 100,136 £0.99 £99,485
23. May 18 Buy Andrew Andrea Individual 23. May 18 23. May 18 40,000 £1.01 £40,560
X
Management checks
We assess Marston's's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Marston's has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MARS News

Simply Wall St News

Who Has Been Buying Marston's PLC (LON:MARS) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Marston's PLC (LON:MARS). … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for Marston's The Last 12 Months Of Insider Transactions At Marston's Over the last year, we can see that the biggest insider purchase was by Independent Non-Executive Director Robin Rowland for UK£99k worth of shares, at about UK£0.99 per share. … In the last twelve months Marston's insiders were buying shares, but not selling.

Simply Wall St -

What Are Analysts Saying About Marston's PLC's (LON:MARS) Future?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … Marston's PLC's (LON:MARS) latest earnings update in September 2018

Simply Wall St -

Investors Who Bought Marston's (LON:MARS) Shares Three Years Ago Are Now Down 35%

Unfortunately, that's been the case for longer term Marston's PLC (LON:MARS) shareholders, since the share price is down 35% in the last three years, falling well short of the market return of around 30%. … During the unfortunate three years of share price decline, Marston's actually saw its earnings per share (EPS) improve by 20% per year. … Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.

Simply Wall St -

Our Take On Marston's PLC's (LON:MARS) CEO Salary

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Ralph Findlay's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Marston's PLC has a market cap of UK£651m, and is paying total annual CEO compensation of UK£808k.

Simply Wall St -

How Do Analysts See Marston's PLC (LON:MARS) Performing Over The Next Year?

Looking at Marston's PLC's (LON:MARS) earnings update in September 2018, … with earnings expected to grow by a high double-digit of 98% in the upcoming year,

Simply Wall St -

Is Marston's PLC's (LON:MARS) P/E Ratio Really That Good?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … Marston's has a price to earnings ratio of 13.79, based on the last twelve months. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

How Do Marston's PLC’s (LON:MARS) Returns Compare To Its Industry?

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … Understanding Return On Capital Employed (ROCE). … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Intrinsic Calculation For Marston's PLC (LON:MARS) Shows Investors Are Overpaying

by taking the expected future cash flows and discounting them to their present value. … discounted cash flows (DCF). … If you want to learn more about discounted cash flow, the basis for my calcs can be read in detail in the Simply Wall St analysis model

Simply Wall St -

Will Marston's PLC's (LON:MARS) Earnings Grow In The Next Couple Of Years?

In September 2018, Marston's PLC (LON:MARS) announced its most recent earnings update, whicha … suggested … business

Simply Wall St -

Read This Before Selling Marston's PLC (LON:MARS) Shares

So before you buy or sell Marston's PLC (LON:MARS), you may well want to know whether insiders have been buying or selling. … In the last twelve months, the biggest single purchase by an insider was when Independent Non-Executive Director Robin Rowland bought UK£99k worth of shares at a price of UK£0.99 per share. … In the last twelve months there was more buying than selling by Marston's insiders

Simply Wall St -

MARS Company Info

Description

Marston's PLC operates managed, franchised, tenanted, and leased pubs and bars in the United Kingdom and internationally. The company operates through Destination and Premium, Taverns, Leased, and Brewing segments. It provides premium cask and bottled beers through its five breweries. The company is also involved in the property management and development, telecommunications, and insurance businesses. The company was formerly known as The Wolverhampton & Dudley Breweries PLC and changed its name to Marston's PLC in January 2007. Marston's PLC was founded in 1834 and is headquartered in Wolverhampton, the United Kingdom.

Details
Name: Marston's PLC
MARS
Exchange: LSE
Founded: 1834
£690,790,387
632,591,930
Website: http://www.marstons.co.uk
Address: Marston's PLC
Marston's House,
Brewery Road,
Wolverhampton,
West Midlands, WV1 4JT,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE MARS Ordinary Shares London Stock Exchange GB GBP 02. Jan 1992
OTCPK MARZ.F Ordinary Shares Pink Sheets LLC US USD 02. Jan 1992
DB WVDA Ordinary Shares Deutsche Boerse AG DE EUR 02. Jan 1992
BATS-CHIXE MARSL Ordinary Shares BATS 'Chi-X Europe' GB GBP 02. Jan 1992
OTCPK MRTP.Y UNSPONSORED ADR Pink Sheets LLC US USD 31. Dec 2008
Number of employees
Current staff
Staff numbers
14,500
Marston's employees.
Industry
Restaurants
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 21:07
End of day share price update: 2019/05/20 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/05/15
Last earnings reported: 2019/03/30
Last annual earnings reported: 2018/09/29


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.