Marshalls Group Discussion Board http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion http://www.iii.co.uk/icons/logos/uk_logo.gif http://www.iii.co.uk tag:iii.co.uk,2003:tst.9412704
Landscaping products firm Marshalls is looking to re-balance production to meet stronger demand in the south east of the UK, after posting revenue and profit gains that topped market expectations.

Continuing revenue for the year ended 31st December 2011 was £334.1m (2010: £308.8m), which represented a year-on-year increase of 8.2% from one less trading day. The market had been expecting turnover to be around £332m.

Sales to the public sector and commercial end market, which represent approximately 64% of Marshalls' sales, were up 9% for the full year.

Sales to the domestic end market were up 7% compared to the prior year. International sales now represent 3% of group revenues.

Operating profit, excluding net gains on asset and property disposals, was up 22.1 per cent at £15.3 million (2010: £12.6 million).

Profit before tax jumped 32% to £13.7m from £10.4m in 2010, comfortably ahead of market expectations of £12.1m.

Earnings per share (EPS) had been tipped by analysts following the firm to rise to 5.15p but Marshalls once again surprised to the upside, with EPS of 6.30p, up 50% from 2010's 4.21p.

Marshalls says it needs to alter production patterns to take account of the higher demand in the south-east and minimise distribution distance.

The firm's Chief Executive Graham Holden, said the group had benefited from a wide customer base and the strength of the Marshalls brand.

"Marshalls continues to be well placed to outperform the market in the short term and to benefit more strongly from operational gearing, once market conditions improve," Holden declared.

The shares had risen 1.2% by 11:57. Over the past year the stock has fallen 10.2%.

Broker Northland Capital Partners said that despite the projected slow recovery in earnings, partly caused by the return to a more normal tax rate over the next three years, the group has clear attractions, and notes that it is one of the few building material stocks left on the UK stock market.

"It has aggregate reserves and downstream product integration that ensures considerable value added on top of the intrinsic value (understated in our view) of the hard rock and sand and gravel the group owns and controls," suggested Northland analyst Simon Brown.

"The balance sheet forward net debt of c. £88m and the strong cash flow characteristics of the group should enable new products to come through to the market to shore up the performance of the group relative to the underlying market. We retain an ADD rating and a TP [target price] of 110p," Brown said in a note released in the wake of the results announcement.

Peel Hunt, which rates the shares a "hold", believes that "Marshalls will deliver the hoped-for, high operationally geared recovery, but just not yet."

In the view of Peel Hunt's Robin Hardy, the group is treading water at the moment, waiting for the market to pick-up, although it is busying itself with "strong self-help initiatives".

"Strong asset backing and yield backstop the share price but a PE [price/earnings ratio] of c.20x limits the upside," in Hardy's view.
By forwardloop ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=9412704&action=detail Sat, 10 Mar 2012 12:12:00 GMT forwardloop tag:iii.co.uk,2003:tst.9127743 Broker Roundup
11:41 am by Giles Gwinnett
http://bit.ly/ylbKcL By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=9127743&action=detail Fri, 06 Jan 2012 12:02:00 GMT SpikeyDT tag:iii.co.uk,2003:tst.9126292
Good to see the International sales are up to 3% By Sidevalve ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=9126292&action=detail Fri, 06 Jan 2012 07:52:00 GMT Sidevalve tag:iii.co.uk,2003:tst.9099707
http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11071047 By Sidevalve ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=9099707&action=detail Fri, 23 Dec 2011 05:22:00 GMT Sidevalve tag:iii.co.uk,2003:tst.9003598 I said it when Mandy was minister and i say it again now, this reccesion needs to be worked out, not by more drastic cuts which have proved, if not proving to be systemic failure.Stimulation should have happened,2 years ago via a similar route to vct's with incentives which would have allowed for investment in new technology and infrastructure at a potential nil cost to the government. Development of the private sector,would then take up some of the public services labour reduction whilst giving adequate returns for investors wishing to do what all investors do, take risks.
Bring it on George, it can only get better,because if it gets much worse their are 1 million young people who will put it right. Enough said By churjones ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=9003598&action=detail Mon, 28 Nov 2011 12:31:00 GMT churjones tag:iii.co.uk,2003:tst.9000251
http://www.constructionenquirer.com/2011/11/27/pension-funds-sign-deal-to-pump-cash-into-infrastructure/ By Sidevalve ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=9000251&action=detail Sun, 27 Nov 2011 12:25:00 GMT Sidevalve tag:iii.co.uk,2003:tst.8941797 Without a doubt marshalls management should be given the credit for keeping the ship on an even keal,the value per share was waekened by the rights issue, but action was required on the manufacturing base cost and staff numbers otherwise MSLH would have gone much like others in it's peer group belly up,Iam a little concerned at the PE rating but this should fall back rapidly when an upturn is forthcoming. By churjones ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8941797&action=detail Sat, 12 Nov 2011 12:45:00 GMT churjones tag:iii.co.uk,2003:tst.8941235 As you say the Euro is a worry but time heals. But as now Ireland is forgotten, Greece is nearly forgotten, we’ve only got to go through Italy, Spain and France. Then we can all worry about the States once more or perhaps even China want a bit of action!
In the mean time I'm happy to add to my holding at a 6% divi, with the possibility of a share price recovery and the chance of a bid.
Patience will win!
By Sidevalve ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8941235&action=detail Sat, 12 Nov 2011 07:07:00 GMT Sidevalve tag:iii.co.uk,2003:tst.8938357 That said, i firmly believe MSLH will be on someone wishlist, most probably a large concrete and aggregates business wishing to expand their offering of man made products with those of natural materials. i favour chemex, they have the money and expansion plan awaiting for the upturn,As for Europe they will have to decide which currency they are going to use before they enter into any expansionist growth plans,It will be either the new reichmark or the sarcofranc, i think we can safely say it won't be the euro. By churjones ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8938357&action=detail Fri, 11 Nov 2011 13:27:00 GMT churjones tag:iii.co.uk,2003:tst.8935887 Around my way I see lots of home improvements and new builds going on and being close to the Olympics I'm reminded of Marshalls as I go past. I think the Europan expansion will give some diversion from the UK market. I remember only about a year or so ago there were suggestions of a European bid for Marshalls (I'm against this) but should support the price.

Info from Mr Burrell on the Euro expansion,

http://www.yorkshirepost.co.uk/business/business-news/marshalls_sees_slowdown_but_sales_continue_to_grow_1_3958422 By Sidevalve ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8935887&action=detail Fri, 11 Nov 2011 07:21:00 GMT Sidevalve tag:iii.co.uk,2003:tst.8934915 As you say these are a good set of figures, one has to ask, with all that is fermenting in Europe will this cause a derailment to this growth, alas i fear this could be the case. Building products, as has been shown in the past will be the first to show no growth in a dysfunctional and export restricted market, MSLH itself reported the growth has been primarily in governmental and commercial, the poor homeowners of europe and the uk need food and clothing first,the patio can wait till ??? A concerted build & construction programme is needed,to kick start a controlled chain reaction of growth within the major ecconomies, when that happens MSLH and others will fly. By churjones ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8934915&action=detail Thu, 10 Nov 2011 20:48:00 GMT churjones tag:iii.co.uk,2003:tst.8931502 This means they should make a revenue of £350m for the year.
Not bad for a company valued at only £171m By Sidevalve ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8931502&action=detail Thu, 10 Nov 2011 08:34:00 GMT Sidevalve tag:iii.co.uk,2003:tst.8912340 To my mind whilst Marshalls is everywhere nobody knows of them, even while walking pass the Houses of Parliament yesterday stacks of Marshall’s slabs were being laid and they did lots of work at the Olympics’. A year ago there was talk of a bid and I’d place just the name worth another 50p so the company is worth back at 130p easy.
By Sidevalve ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8912340&action=detail Fri, 04 Nov 2011 05:22:00 GMT Sidevalve tag:iii.co.uk,2003:tst.8911937 I may just convinced myself to buy some more,before christmas if i can just get this hair shirt off and get to the phone. By churjones ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8911937&action=detail Thu, 03 Nov 2011 21:27:00 GMT churjones tag:iii.co.uk,2003:tst.8494959 Marshalls; Zotefoams
http://ind.pn/nn7Op7
Edited by David Prosser
Wednesday, 6 July 2011

Our view: buy

Share price: 110.5p (+2.25p)

It is rare to find a company that loves to be walked all over, but Marshalls is certainly one. The company laid the flooring at the O2 Arena in London's Docklands and has also paved Trafalgar Square. It is currently working on projects at the 2012 Olympic Games sites, including installing security bollards strong enough to halt armoured cars. But Marshalls is not all vast infrastructure projects, which make up about 60 per cent of sales. It also has a tidy business of domestic landscaping, including paving and garden patios.

The Yorkshire-based business released a trading update yesterday, saying revenues for the six months to the end of June were 9 per cent higher than a year ago, at £177m, despite a tough trading environment. It is closing unnecessary sites, with one on the south coast of England sold in June for £5m, as well as surplus garages and greenhouse-making operations.

Management said the outlook for its public sector and commercial markets remain "mildly positive" but the second-half comparatives would be tougher. Yet Rachael Waring, an analyst at Panmure Gordon, believes the company is in a good position to benefit from a market recovery, calling it a "high-quality, well-invested business".

Numis has the stock on a price of 20.3 times estimated 2012 earnings, with a yield of 4.8 per cent. This stock has good potential. Buy. By SpikeyDT ]]> http://www.iii.co.uk/investment/detail?code=cotn:MSLH.L&display=discussion&id=8494959&action=detail Wed, 06 Jul 2011 06:20:00 GMT SpikeyDT