Panmure Liberum remains bullish on Marston's (LSE:MARS), repeating a 'buy' recommendation and 80p target price, following interim results this week.
Analyst Anna Barnfather says the interims confirm execution against the CMD plan, with the conversion programme improving estate quality and margins enough that she trims revenue forecasts but leaves EBITDA and PBT broadly unchanged, keeping the investment case built on high-return, low-ticket capex and balance‑sheet repair intact.
Panmure highlights H1 underlying PBT of £20.5m and underlying EBITDA of £85.9m, conversion activity of 60 new‑format refurbishments in H1 (91 across FY2025-FY2026) delivering c.35% average ROIC and post‑conversion like‑for‑like sales up c.20%, while management still targets >£50m recurring FY26 free cash flow and leverage falling towards c.4.0x ex‑leases by year end.
The analyst flags second‑half trading, continued margin progression from the rollout and delivery of the remaining conversion programme as upcoming catalysts.
