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Wouldn't be surprised if this wasn't Kelso having a dabble, after all no one will be the wiser until 3% threshold crossed or KLSO issue an update..

Those are good results Jatw, and a marked improvement towards investors returns/profitability.

Year end cash should be around $700-800m depending on burn, but could obviously change overnight with any new partnerships both removing CAPEX and securing future income.

Also note the share redistribution for SHPL in preparation for possible disposal, HCM's share if sold could be well over $1b give or take..

Did anyone get a chance to listen to the call ?

Yup, picked up on that too davey, big increase as expected. In summary the new strategy, basically partnering as opposed to going it alone, noted share reorganisation for SHPL if needed.

Oncology/Immunology consolidated revenues

2022Actual $163.8 million

2023Guidance $450 - $550 million

Lots t o dig through, interested to see analysts take although they do tend to go a bit over board valuation wise.

Have to agree OSG, not my preferred option for company communication but in this instance Matt is doing a fair job.

These are not counted (or included) in the £1b GMV expected this year, we await developments on this front.

You can bet Kelso have seen that, come on guys get that leverage going ..:))

Sofina acquired an initial stake in the company in 2016 in order to finance the expansion of the group. Throughout 2017, 2018 and 2019, Sofina purchased additional shares through both primary and secondary transactions in order to support the group’s fast growth. Finally, in 2020, Sofina supported the company’s IPO and took the opportunity to further strengthen its capital base.

* Sofina is represented in the decision-making bodies of the company.

https://www.sofinagroup.com/project/en-the-hut-group/

Pondering earlier posts while doing a spot of outside work, one contender to replace Softbank which may not be so obvious is Sofina.

Similar pattern of investment to Softbank at 596p together with a portfolio of companies, again not too dissimilar old Softy.

More importantly, the funds raised at the time (below) were in part to be used for Ingenuity onboarding/separation.

· Proposed c. $1bn capital raising consisting of a subscription of approximately $730m from SBM and a placing of up to $270m with long-standing, technology-focused shareholder Sofina expected to participate in the placing in an amount of up to $85 million, with gross proceeds to be deployed to execute an advanced pipeline of strategic M&A over the course of FY 2021

The share price is now 10% of their original investment, has to be an option ?

It would be interesting to see if their portfolio has any likely Ingenuity candidates.

Kelso have the option to leverage their relatively small stake using CFD's or similar financial instrument. It would depend on margin rates but somewhere between 10 - 20% is probably realistic?

"Kelso is an investment firm focused on UK small and mid-cap companies. It said it has bought 5.0 million shares in THG at an average price of 54.5p, so forking out around GBP2.7 million in total. The 0.4% stake represents Kelso's maiden investment in THG."

Only mentioning this as we are at a similar price point despite Autostore and other good news flow..

It is what it is Crafty, that's the way capital markets work seeking out undervalued businesses and investing. Matt and the board have done a great job at batting away low ball offers, happy to let this play out to its full potential.

Analysts are still hanging on to the traditional retail model while they continue to act for those clients, Ingenuity and other similar platforms are the way forward without any doubt.

It will only take one partnership agreement with Ingenuity along the lines of Softbank to highlight the potential.

https://www.retailresearch.org/retail-crisis.html

Edit to an earlier post as I was referencing the original Softbank option rather than anything new.

"This way THG add value not take it away, Softbank continue to help THG onboard relevant portfolio customers - paperwork between the two is already in place from previous option, just need to adjust the numbers"

Everyone knows the value of both Beauty and Nutrition, selling off bits of those would be a backwards step imo, far better to get another Softbank type partner for a division which is currently valued at buttons.

This way THG add value not take it away, Softbank continue to help THG onboard relevant portfolio customers - paperwork between the two is already in place, just need to adjust the numbers ..

Closed flat on NASDAQ, not bad considering overall markets - lumpy UK trades at the mid ?

Agree on the equity investment part but perhaps not Nutrition as it lacks two-way benefit, i.e not much to be unlocked in terms of future potential.

Ingenuity on the other hand is poised for growth benefitting from significant investment. What would work for everyone is a retailer that is currently making or considering the DTC transition, faced with setting up fulfilment hubs, automation, marketing, content creation and other associated costs or taking an equity stake with an experienced partner.

This is essentially what Ocado have done with their partnership, it works for both parties rather than diluting shareholders by selling valuable assets.

THG get cash and a valuation underpinning Ingenuity, partner has a fixed and much reduced outlay both in time and capital - win, win..

Directors buying would generally rule out any corporate or non BAU activity such as landing a large fish..

It will be interesting to see how the media respond post Kelso's involvement, journalists can't go around upsetting precious advertising revenues.

Still no director buys....the game is afoot ..

This Kelso interest really intrigues me, its worth buying THG shares just to be part of the outcome lol.

Whatever their modus operandi it helps shareholders alike, several of those Kelso investors are well connected media wise, doesn't take much for sentiment to turn..

Classic Okehurst post and total rubbish as usual - everyone gets the same info, there are no exceptions!
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RE: analyst consensus22 Feb 2023 19:49

S/B the brokers get to enjoy a private guidance by the Company, ditto the II’s

It’s how it works, the company then lists brokers / ranges

That's the whole point, re-read my post - by cutting R & D/CAPEX combined with Takeda revenue they could be cash generative quite easily, depends on what their future ambition is.

Clearly shareholders are not happy with the long runway of continuous investment with no end in sight., there has to be some reward for shareholders at some point.

If they cut R & D/CAPEX could we see the introduction of a dividend ?

This will be the 23rd year for Hutchmed, supportive shareholders have been super patient.

The writing is on the wall, farmers unable to heat winter greenhouses due to energy costs - has to be some parallels with heating cavernous shopping malls.

Posted this link on a d v f n a while ago, worthwhile read for anyone looking at the bigger picture.

https://www.retailresearch.org/online-retail.html