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Marston's PLC (MARS) Fair Value & Analysis

Consumer Cyclical · GB · Market cap 352M GBX

MS Marston's PLC MARS · LSE
Price£0.5560
Fair Value£1.09
Upside+96.0%
Quality50/100
Mixed Growth
Thin margins · 8.4% net margin
Moderate debt · generates free cash flow
Ranks above peers (10/14)
Moderate moat 49/100
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Evidence: High Range £1.02 – £1.68 Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 18 days ago

Fair value updated Jul 18, 2026, revised from £1.03 to £1.09 (+5.8%) since Jun 24, 2026. Share price −4.0% over the past month.

A solid business, screening 96% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (£1.02). The market is more pessimistic than our downside scenario.
  • Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

£1.09 £0.2824 Fair Value £1.09 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range £0.2824 – £1.09 · fair‑value band £1.02 – £1.68 · the £0.5560 price screens below the £1.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Marston's PLC (MARS) currently trades at £0.5560, while our model-based Fair Value estimate is £1.09, implying the stock looks roughly 96.0% undervalued today. We read business quality at 50/100 (solid quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Marston's PLC generated revenue of £893M at a net margin of 8.4%. Revenue declined 1.1% year over year. It earns a return on equity of 10.0%. Net debt stands at £1.2B. Fundamentals as of Jul 18, 2026

Our scenario range runs from £1.02 (bear case) to £1.68 (bull case); at £0.5560, the current price sits below that range. For context, the median of 10 Consumer Cyclical peers we cover trades at -47% fair-value upside, at 96%, MARS screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF £0.0600 £0.3200 £0.6300 80
Residual Income £1.01 £1.08 £1.19 76
Rev-Margin DCF £0.8700 £1.92 £3.07 74
All 25 models by family
DCF Models
FCF DCF £0.0500 £0.3400 £0.7100 38
Owner Earnings £0.0700 £0.3800 £0.7700 31
5Y Revenue Exit £0.8700 £1.93 £3.27 39
5Y EBITDA Exit £1.23 £2.58 £4.13 41
5Y P/E Exit £0.4700 £1.21 £1.97 38
10Y Revenue Exit £0.4500 £1.28 £2.36 36
10Y EBITDA Exit £0.7200 £1.69 £2.94 37
10Y P/E Exit £0.2800 £0.8300 £1.47 35
Earnings-Based
Graham-Dodd £0.7700 £2.02 £2.64 54
PEG = 1.0 £0.3900 £0.5500 £0.7200 46
EPV £1.09 £1.34 £1.54 59
Dividend Discount
Gordon GGM £0.3700 £0.6600 £0.9300 70
DDM Multi-Stage £0.3700 £0.5400 £0.7000 61
Multiples
P/E Multiple £1.70 £2.26 £2.83 63
P/S Multiple £1.44 £1.92 £2.40 58
P/B Multiple £1.44 £1.92 £2.40 55
EV/EBIT £2.69 £3.83 £4.96 53
EV/EBITDA £2.44 £3.49 £4.55 54
EV/Revenue £1.58 £2.56 £3.55 43
Asset-Based
NCAV (Graham) £0.6200 £0.8400 £1.25 50
Growth DCF
Growth DCF £0.0600 £0.3200 £0.6300 80
Rev-Margin DCF £0.8700 £1.92 £3.07 74
Economic Profit
Residual Income £1.01 £1.08 £1.19 76
ROIC Compounder £1.09 £1.37 £1.71 72
Growth Earnings
Growth-Adj P/E £1.33 £1.90 £2.48 68

Widest divergence: Multiples (£2.26) versus Growth DCF (£0.3200). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 893M GBX
Revenue growth (YoY) -1.1%
Net margin 8.4%
Return on equity 10.0%
Free cash flow 53.6M GBX FY2025
P/E ratio 3.9
More key figures
Operating margin 15.2%
EPS (TTM) £0.1200
EPS growth (YoY) +28.6%
Net debt 1.2B GBX FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 46 · Market factors (momentum, volatility) 49

Profitability 30
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 25
Balance sheet, leverage, solvency risk
Investment 80
Disciplined investing over empire-building
Low Volatility 57
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 72
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Marston's PLC engages in the hospitality business in the United Kingdom. Its hospitality business consists of estate of pubs comprising managed, franchised, and tenanted and leased pubs. The company is also involved in the property management, telecommunications, and insurance related businesses.

Full company description

Marston's PLC engages in the hospitality business in the United Kingdom. Its hospitality business consists of estate of pubs comprising managed, franchised, and tenanted and leased pubs. The company is also involved in the property management, telecommunications, and insurance related businesses. Marston's PLC was formerly known as The Wolverhampton & Dudley Breweries PLC and changed its name to Marston's PLC in January 2007. The company was founded in 1834 and is based in Wolverhampton, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Marston's PLC reported revenue of £898M in FY2025 versus £402M in FY2021, a compound +22.3%/yr. Reported net income was £71.6M in FY2025.

Growth Quality 74/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£898M
Latest YoY
−0.1%
Avg. growth/yr (3Y)
+3.9%
Avg. growth/yr (5Y)
+11.7%
Avg. growth/yr (40Y)
+5.5%
Revenue +22.3%/yr
FY21 £402M
FY22 £800M
FY23 £872M
FY24 £899M
FY25 £898M
Net income
FY21 −£128M
FY22 £137M
FY23 −£9.3M
FY24 −£18.5M
FY25 £71.6M

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Cite: Fair Value Calculator (2026). "Marston's PLC Fair Value". https://www.fairvalue-calculator.com/stock/MARS

Peer Group

Restaurants · 235 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 50 · Above median
Fair Value upside +96% · Top 25%
Return on equity (TTM) 10% · Above median
Return on assets 4% · Above median
Net margin (TTM) 8% · Top 25%
Operating margin (TTM) 15% · Top 25%
Revenue growth -1% · Below median
Debt / equity 0.62× · Higher than 75% of peers

Valuation Multiples vs Restaurants median · lower = cheaper

P/E (TTM) 4.6× · Cheaper than 75% of peers
P/B 0.60× · Cheaper than 75% of peers
P/S (TTM) 0.53× · Cheaper than median
P/FCF 8.8× · Pricier than median
EV/EBITDA 5.0× · Cheaper than median
PEG 3.25× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 100 · sector 19
FUTURE 0 · sector 20
PAST 40 · sector 15
HEALTH 69 · sector 97
DIVIDEND 0 · sector 58

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Restaurants stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
McDonald's Corporation MCDS C$24.01 C$10.84 -55%
Starbucks Corporation SBUX $105.49 $35.83 -66%
Chipotle Mexican Grill, Inc CMG $34.63 $18.43 -47%
Yum! Brands, Inc YUM $163.54 $59.66 -64%
Restaurant Brands International Inc QSR C$104.19 C$36.37 -65%
Darden Restaurants, Inc DRI $195.74 $173.68 -11%
Yum China Holdings YUMC $43.90 $55.10 +26%
Texas Roadhouse, Inc TXRH $197.03 $104.89 -47%
Dutch Bros Inc BROS $68.36 $12.80 -81%
Domino's Pizza, Inc DPZ $322.18 $231.96 -28%

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Frequently asked questions

Is Marston's PLC (MARS) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of £1.09 versus a price of £0.5560, about +96% (undervalued).
What is the fair value of MARS?
Our model-based fair value for Marston's PLC is £1.09 (as of Jul 18, 2026), built from audited fundamentals. The current price is £0.5560.
What is the quality score of MARS?
Marston's PLC has a Quality Score of 50/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Marston's PLC (MARS)?
Marston's PLC reported trailing-twelve-month revenue of about £893M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of MARS?
The net profit margin of Marston's PLC is about 8.4%, meaning it keeps roughly 8.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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