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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Marston's PLC    MARS   GB00B1JQDM80

MARSTON'S PLC

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Marston : Carlsberg Marston's Brewing Company Formed in New Joint Venture Worth GBP780 Million

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05/22/2020 | 09:26am EDT

By Adriano Marchese

 

Marston's PLC said Friday that it has formed a joint venture with Carlsberg UK Holdings Ltd. to create the Carlsberg Marston's Brewing Company, a new U.K. brewer and distribution company.

The British pub operator said its stake in the newly formed joint venture is 40%, and it will receive a cash equalization payment of up to 273 million pounds ($333.5 million). It said it will focus on its pub and accommodation business, while retaining its 40% interest in a "larger, more attractive" brewing business. Meanwhile, Carlsberg UK, a division of Danish brewer Carlsberg A/S, has the remaining 60% stake in the newly formed company.

Marston's said the cash equalization payment will materially reduce debt outside the securitization and provide additional financial flexibility.

The joint venture is expected to achieve reported annual cost synergies of around GBP24 million by the end of the third year following completion. It expects the joint venture will generate material additional revenue synergies as well, it said.

The transaction is set for completion in the third quarter of 2020. The company said the joint venture values Marston's brewing business at up to GBP580 million and the Carlsberg U.K. brewing business at GBP200 million.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
CARLSBERG A/S 2.68% 889.8 Delayed Quote.-12.80%
MARSTON'S PLC -5.59% 60.75 Delayed Quote.-49.41%
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Financials
Sales 2020 765 M 959 M 959 M
Net income 2020 -40,9 M -51,3 M -51,3 M
Net Debt 2020 1 326 M 1 663 M 1 663 M
P/E ratio 2020 -12,6x
Yield 2020 3,89%
Capitalization 384 M 482 M 482 M
EV / Sales 2019
EV / Sales 2020 2,24x
Nbr of Employees 14 038
Free-Float 93,7%
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 70,10 GBp
Last Close Price 64,35 GBp
Spread / Highest target 60,1%
Spread / Average Target 8,94%
Spread / Lowest Target -51,8%
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Managers
NameTitle
Ralph Graham Findlay Chief Executive Officer & Executive Director
William John Rucker Chairman
Andrew Andonis Andrea Chief Financial Officer & Executive Director
Carolyn Jane Bradley Senior Independent Director
Bridget Lea Independent Non-Executive Director
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