Dod101 wrote:Wonderful. But why are you doing that?
Hi Dod, I'm doing it for enjoyment and for the educational benefit it brings me. Every now and then Phil Oakley's articles really get me thinking and I like to understand more by getting stuck in with a real example in my portfolio. In this case I got thinking about Marstons.
We all know the pubs are closed and so the revenue is not coming in at the moment (except for the bottled beer sold through the supermarkets I imagine). But I was pondering about all those barrels of beer and all that rent that was invoiced before the lockdown. Did the tenants pay those bills in the early days of the lockdown or did they delay; did they apply for the government support package and then pay the Marstons HQ - or did they prioritise the staff and other suppliers; and so on.
One day we will be able to visits pubs again and I hope Marstons is still around when that time comes. When that first trading statement or interim report comes out, I thought it would be good for me to understand what the historical profile* looked like to compare with the unfolding situation.
*Between 2012 and 2018 an average of around 25% of trade receivables was considered overdue. I wonder what that number will be next time round.