Shares digital

Marston’s (MARS) 272.3p

Pub operator Marston’s has warned that it remains cautious about 2008 as a result of the smoking ban, weaker consumer confidence and pressures on costs and margins.

(Read the full story: www.sharesmagazine.com/node/3037)

Shares says: The shares have halved in six months and are currently trading on a PE of 10-times. analysts’ estimates are conservative making this company a HOLD

The Times says: Marston’s yesterday became the latest pub operator to give a downbeat prognosis on trading prospects after reporting a tough Christmas.

FT says: Its policy is to retain the breweries of acquired businesses, such as Jennings, exploiting their ales more broadly across its pubs estate. However, 2007 was a poor year for beer businesses. The wet summer restrained drinkers’ thirsts and some Marston’s pubs were flooded.

The City says: Our earnings estimates already include a negative outlook and margin pressure but, given the continued uncertainty in the sector, we are retaining our hold rating. HOLD