Marston's PLC

MARS.L · Consumer Cyclical · Restaurants · Valued as of 2026-11-03 · Statements 2025-09-30

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

719.25M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

771.98M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

994.45M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

828.56M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

385.55M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

2.15×

the ratio the screener ranks by

Margin of Safety

+53.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 719.25M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)2.26B USD
−②Net Debt Today1.62B USD
+③Growth Value76.09M USD
=Value719.25M USD

EPV of the Operations (NOPAT over WACC)

2.26B USD

Net debt today

-1.62B USD

Growth Value

+76.09M USD

Value

719.25M USD

①EPV (earnings power value)

2.26B USD

②Net Debt Today

1.62B USD

③Growth Value

76.09M USD

Market value

Market Cap385.55M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+46.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 771.98M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE335.86M USD
+②Equity at Year 15, Today436.11M USD
=Value771.98M USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment rising to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

335.86M USD

②Equity at Year 15, Today

436.11M USD

Market value

Market Cap385.55M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+50.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 994.45M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF1.33B USD
+②Invested Capital at Year 15, Today1.28B USD
−③Net Debt Today1.62B USD
=Value994.45M USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment rising to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

1.33B USD

②Invested Capital at Year 15, Today

1.28B USD

③Net Debt Today

1.62B USD

Market value

Market Cap385.55M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+61.2%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 6.68%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.91×Market Risk Premium 6.00%= 9.95%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 22.46M USDPretax Income 118.77M USD= 18.91%

The tax the interest saves.

Interest Expense =EBIT 239.83M USD−Pretax Income 118.77M USD= 121.06M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 121.06M USDTotal Debt 1.66B USD×(1 − Tax Rate for WACC 18.91%)= 5.92%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 1.66B USDMarket Cap + Total Debt 385.55M USD + 1.66B USD= 81.13%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 18.87%×Cost of Equity 9.95%+Debt Weight 81.13%×Cost of Debt 5.92%= 6.68%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-03-31.

Total Assets 3.09B USD − Total Liabilities 2.02B USD = Book Value Today 1.07B USD

Total Debt 1.66B USD − Cash and Short-Term Investments 37.84M USD = Net Debt Today 1.62B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-0.2%at most 5%passes632,857,674 / 634,162,194
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets5.6%at least -10.0%passes(267.94M USD − 96.31M USD) ÷ 3.09B USD
Price to bookMarket Cap ÷ Book Value Today0.36×at most 3×passes385.55M USD ÷ 1.07B USD
Operating marginOperating Income ÷ Revenue17.4%above 10.0%passes210.64M USD ÷ 1.21B USD
Revenue growthRevenue ÷ Revenue a Year Before − 10.3%above 10.0%does not pass1.21B USD / 1.20B USD
Net cash(Cash − Total Debt) ÷ Market Cap-420.6%above -30%does not pass(36.39M USD − 1.66B USD) ÷ 385.55M USD
Operating efficiencyOperating Income ÷ Gross Profit30.7%above 25.0%passes210.64M USD ÷ 685.85M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

45.55 GBp

Enterprise value

1.57B GBP

the provider's own figure

EV / EBITDA

8.45×

Price / book

0.35×

the provider's book

Price / earnings

3.79×

Return on equity

10.0%

the provider's figure, not this page's

Profit margin

8.3%

Revenue growth

-1.1%

Analyst target, mean

77.08 GBp

Analysts

5

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

894.00M1.07B1.20B1.21B

Gross profit

424.42M560.52M655.23M685.85M

Operating income

134.39M147.95M195.32M210.64M

EBITDA

operating income before depreciation and amortisation

334.86M140.86M222.65M300.62M

Pretax income

182.69M-37.38M19.29M118.77M

Net income

153.40M-11.36M-24.78M96.31M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

30.98M16.79M49.87M75.04M

R&D

————
Balance sheet, year end

Total assets

2.82B3.00B2.97B3.12B

Total liabilities

2.10B2.22B2.09B2.05B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

724.62M782.01M877.21M1.06B

Total debt

1.82B1.95B1.75B1.67B

Cash and equivalents

30.97M32.38M59.48M46.81M

Net PP&E

fixed assets after depreciation

2.36B2.52B2.77B2.93B

Working capital

current assets less current liabilities

-211.54M-199.63M-206.31M-230.68M
Cash flow

Operating cash flow

149.82M172.50M277.85M267.94M

Capital expenditure

paid out, so below zero

-78.38M-79.78M-61.89M-82.32M

Depreciation and amortisation

49.42M55.59M60.69M60.80M

Free cash flow

operating cash flow plus capital expenditure

71.44M92.73M215.95M185.62M