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Marston's

DB:WVDA
Snowflake Description

Established dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WVDA
DB
£229M
Market Cap
  1. Home
  2. DE
  3. Consumer Services
Company description

Marston's PLC operates managed, franchised, tenanted, and leased pubs, bars, restaurants, and accommodations in the United Kingdom and internationally. The last earnings update was 109 days ago. More info.


Add to Portfolio Compare Print
  • Marston's has significant price volatility in the past 3 months.
WVDA Share Price and Events
7 Day Returns
-16%
DB:WVDA
-6.8%
DE Hospitality
-0.6%
DE Market
1 Year Returns
-67.1%
DB:WVDA
-48.1%
DE Hospitality
-20.9%
DE Market
WVDA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Marston's (WVDA) -16% -59.2% -73.9% -67.1% -75.7% -82.4%
DE Hospitality -6.8% -31.3% -57.6% -48.1% -63.2% -70.6%
DE Market -0.6% -18.6% -26.2% -20.9% -25.8% -31.8%
1 Year Return vs Industry and Market
  • WVDA underperformed the Hospitality industry which returned -48.1% over the past year.
  • WVDA underperformed the Market in Germany which returned -20.9% over the past year.
Price Volatility
WVDA
Industry
5yr Volatility vs Market

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.

DB:WVDA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

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 DB:WVDA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Hospitality Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.782 (1 + (1- 19%) (732.48%))
3.963
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)
= -0.39% + (2 * 6.07%)
11.75%

Discounted Cash Flow Calculation for DB:WVDA 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:WVDA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (GBP, Millions) Source Present Value
Discounted (@ 11.75%)
2020 85.32 Analyst x6 76.35
2021 80.01 Analyst x8 64.07
2022 76.18 Analyst x6 54.59
2023 73.68 Est @ -3.28% 47.25
2024 71.91 Est @ -2.41% 41.26
2025 70.61 Est @ -1.8% 36.26
2026 69.63 Est @ -1.38% 32.00
2027 68.88 Est @ -1.08% 28.32
2028 68.28 Est @ -0.88% 25.12
2029 67.78 Est @ -0.73% 22.32
Present value of next 10 years cash flows £427.00
DB:WVDA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £67.78 × (1 + -0.39%) ÷ (11.75% – -0.39%)
£556.13
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £556.13 ÷ (1 + 11.75%)10
£183.11
DB:WVDA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £427.00 + £183.11
£610.11
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £610.11 / 632.65
£0.96
DB:WVDA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:WVDA represents 1.07641x of LSE:MARS
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
1.07641x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (GBP) x Listing Adjustment Factor
= £ 0.96 x 1.07641
€1.04
Value per share (EUR) From above. €1.04
Current discount Discount to share price of €0.39
= -1 x (€0.39 - €1.04) / €1.04
62.5%

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

Current Discount
Amount off the current price Marston's is available for.
Intrinsic value
>50%
Share price is €0.39 vs Future cash flow value of €1.04
Current Discount Checks
For Marston's to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Marston's's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Marston's's share price is below the future cash flow value, and at a substantial discount (> 40%).
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
DB:WVDA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-28) in GBP £-0.03
LSE:MARS Share Price ** LSE (2020-04-03) in GBP £0.36
Germany Hospitality Industry PE Ratio Median Figure of 9 Publicly-Listed Hospitality Companies 21.1x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.57x

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

** Primary Listing of Marston's.

DB:WVDA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 0.36 ÷ -0.03

-12.69x

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

  • Marston's is loss making, we can't compare its value to the DE Hospitality industry average.
  • Marston's is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Marston's's expected growth come at a high price?
Raw Data
DB:WVDA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -12.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
44.8%per year
Europe Hospitality Industry PEG Ratio Median Figure of 63 Publicly-Listed Hospitality Companies 0.96x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Marston's, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Marston's's assets?
Raw Data
DB:WVDA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-28) in GBP £1.28
LSE:MARS Share Price * LSE (2020-04-03) in GBP £0.36
Germany Hospitality Industry PB Ratio Median Figure of 12 Publicly-Listed Hospitality Companies 1.73x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:WVDA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.36 ÷ 1.28

0.28x

* 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 DE 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.

Future Performance

 How is Marston's expected to perform in the next 1 to 3 years based on estimates from 12 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
44.8%
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 -0.4%.
Growth vs Market Checks
  • Marston's's earnings growth is expected to exceed the Germany market average.
  • Marston's's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:WVDA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:WVDA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 44.8%
DB:WVDA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 1%
Germany Hospitality Industry Earnings Growth Rate Market Cap Weighted Average 28.9%
Germany Hospitality Industry Revenue Growth Rate Market Cap Weighted Average 4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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
DB:WVDA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:WVDA Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-09-30 1,237 1
2023-09-30 1,213 250 80 1
2022-09-30 1,218 220 78 8
2021-09-30 1,194 218 73 12
2020-09-30 1,192 214 76 11
2020-04-05
2019-09-30 1,171 214 77 13
DB:WVDA Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-09-28 1,174 196 -18
2019-06-28 1,169 191 28
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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Marston's's earnings are expected to grow significantly at over 20% yearly.
  • Marston's's revenue is expected to grow by 1% 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
DB:WVDA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Marston's Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:WVDA Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-09-30
2023-09-30
2022-09-30 0.13 0.13 0.12 3.00
2021-09-30 0.13 0.15 0.10 3.00
2020-09-30 0.12 0.13 0.12 2.00
2020-04-05
2019-09-30 0.12 0.14 0.11 4.00
DB:WVDA Past Financials Data
Date (Data in GBP Millions) EPS *
2019-09-28 -0.03
2019-06-28 0.04
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

*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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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 3/6, 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.

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 does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Marston's's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Marston's's 1-year growth to the DE Hospitality industry average as it is not currently profitable.
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 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:WVDA Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-28 1,173.50 -18.00
2019-06-28 1,169.45 28.15
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 -0.15
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

*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.
  • It is difficult to establish if Marston's has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Marston's used its assets less efficiently than the DE Hospitality industry average last year based on Return on Assets.
  • It is difficult to establish if Marston's improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
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 0/6, 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.

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 0.1x 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 6 months ago.

DB:WVDA Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-28 811.10 1,315.50 39.60
2019-06-28 811.10 1,315.50 39.60
2019-03-30 899.00 1,439.30 159.50
2018-12-30 899.00 1,439.30 159.50
2018-09-29 957.60 1,361.20 41.40
2018-06-29 957.60 1,361.20 41.40
2018-03-31 898.10 1,718.30 42.80
2017-12-31 898.10 1,718.30 42.80
2017-09-30 931.40 1,663.80 54.60
2017-06-30 931.40 1,663.80 54.60
2017-04-01 793.10 1,673.20 165.80
2017-01-01 793.10 1,673.20 165.80
2016-10-01 752.10 1,675.10 185.60
2016-07-01 752.10 1,675.10 185.60
2016-04-02 759.90 1,699.90 231.90
2016-01-02 759.90 1,699.90 231.90
2015-10-03 782.90 1,610.10 193.10
2015-07-03 782.90 1,610.10 193.10
2015-04-04 727.60 1,612.40 189.10
2015-01-04 727.60 1,612.40 189.10
2014-10-04 759.00 1,498.50 180.90
2014-07-04 759.00 1,498.50 180.90
2014-04-05 787.70 1,465.20 183.40
2014-01-05 787.70 1,465.20 183.40
2013-10-05 841.90 1,405.60 100.90
2013-07-05 841.90 1,405.60 100.90
  • Marston's's level of debt (162.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (197.4% vs 162.2% today).
  • Debt is not well covered by operating cash flow (14.9%, less than 20% of total debt).
  • Marston's is making a loss, therefore interest payments are not well covered by earnings.
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 1/6, 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.

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
20.76%
Current annual income from Marston's dividends. Estimated to be 19.64% next year.
If you bought €2,000 of Marston's shares you are expected to receive €415 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 Germany (1.7%).
  • Marston's's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
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
DB:WVDA 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 12 Analyst Estimates (S&P Global) See Below
Germany Hospitality Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 11.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 316 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

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

DB:WVDA Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-09-30
2023-09-30 0.07 3.00
2022-09-30 0.08 11.00
2021-09-30 0.07 13.00
2020-09-30 0.07 13.00
2020-04-05
2019-09-30 0.08 13.00
DB:WVDA Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-12-18 0.075 10.386
2019-11-27 0.075 5.828
2018-12-18 0.075 6.886
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 >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Marston's's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x 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 0.9%) - 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 5/6, see the detailed checks below.


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

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 £722,432
AGE 58
TENURE AS CEO 19.3 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 Germany.
Management Team Tenure

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

6
Average Tenure
57
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
£722K
AGE
58
TENURE
19.3 yrs

Andrew Andrea

TITLE
Chief Financial & Corporate Development Officer and Executive Director
COMPENSATION
£468K
AGE
49
TENURE
3.5 yrs

Anne-Marie Brennan

TITLE
Group Secretary
AGE
57
TENURE
5.5 yrs

Richard Westwood

TITLE
Managing Director of Beer & Pub Company
TENURE
6.6 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:

3.1
Average Tenure
55
Average Age
  • The tenure for the Marston's board of directors is about average.
Board of Directors

William Rucker

TITLE
Independent Chairman
COMPENSATION
£200K
AGE
56
TENURE
1.5 yrs

Ralph Findlay

TITLE
CEO & Executive Director
COMPENSATION
£722K
AGE
58
TENURE
23.9 yrs

Andrew Andrea

TITLE
Chief Financial & Corporate Development Officer and Executive Director
COMPENSATION
£468K
AGE
49
TENURE
11.1 yrs

E. Matthew Roberts

TITLE
Independent Non-Executive Director
COMPENSATION
£62K
AGE
55
TENURE
3.1 yrs

Octavia Morley

TITLE
Independent Non-Executive Director
AGE
51
TENURE
0.3 yrs

Carolyn Bradley

TITLE
Senior Independent Director
COMPENSATION
£62K
TENURE
3.3 yrs

Bridget Lea

TITLE
Independent Non-Executive Director
COMPENSATION
£5K
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
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.

News

Simply Wall St News

Company Info

Description

Marston's PLC operates managed, franchised, tenanted, and leased pubs, bars, restaurants, and accommodations in the United Kingdom and internationally. The company operates through three segments: Destination and Premium, Taverns, and Brewing. It provides premium cask, kegs, and bottled and canned beers through its six breweries under the Pedigree, Hobgoblin, Wainwright, and Shipyard brands, as well as under the licensed brands, including Estrella Damm. The company distributes its beers through 12 depots and distribution centers to estates, supermarkets, other pubs, and leisure businesses. It operates through approximately 1,400 bars, pubs and lodges, breweries, depots, and offices; approximately 1,700 rooms; and 30 stand-alone lodges. The company also exports its beers to approximately 61 countries. It is also involved in the property management; 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
WVDA
Exchange: DB
Founded: 1834
£259,340,562
632,649,276
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
14,038
Marston's employees.
Industry
Restaurants
Consumer Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 21:03
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2019/12/18
Last earnings reported: 2019/09/28
Last annual earnings reported: 2019/09/28


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.