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@rich - If the carry trade unwinds as it did in 2008, it would be a very positive tailwind. Signs are pointing to a reversal in the yen - see below.

MyProtein pulls out over £125M in revenue from Japan

https://investinglive.com/forex/japan-bear-flips-now-bets-on-yen-strength-vs-dollar-sterling-franc-sees-8-vs-chf-20260216/

Summary:

Bloomberg reports Nash turns bullish on JGBs, buying 10-year bonds after election clarity.

Political stability is seen as a catalyst, with yields falling sharply since Takaichi’s win.

Yen bought versus dollar and sterling, marking strategic FX repositioning.

Forecast 8–9% yen appreciation, particularly against the Swiss franc.

Shift reflects diversification away from US assets amid policy uncertainty.

A prominent global bond investor has turned bullish on Japanese government bonds and the yen following Prime Minister Sanae Takaichi’s decisive election victory, arguing that the removal of political uncertainty marks a turning point for Japan’s markets.

According to Bloomberg, Mark Nash of Jupiter Asset Management has bought 10-year Japanese government bonds (JGBs), closing a long-standing short position and positioning for a sustained rally. He views Takaichi’s strong mandate as a stabilising force that provides policy clarity and reduces concerns about fiscal and monetary direction.

Japanese bond yields had climbed to multi-decade highs amid rising global rates and domestic political uncertainty. However, since the election, long-dated yields have fallen sharply, with the 30-year yield dropping around 40 basis points in less than a month as investors reassessed risk. Nash argues that the clarity provided by the election outcome has shifted sentiment at the long end of the curve.

Since this article, the SP has dropped another 7p even after an announcement that it has teamed up with Greencore.

Greencore Group plc is one of the UK’s and Ireland’s largest convenience food producers — supplying sandwiches, wraps, ready meals and other chilled products. It’s also the largest sandwich manufacturer in the world.

And you're telling me that the manipulation chat has had its day?

So where does it leave us in relation to trying to explain why THG share price dropped on the back of a stellar Q4 performance?

The truth is there is no obvious answer and at 9am on Wednesday morning THG’s share price was down to 42.62p.

Who’d be the boss of a listed company?

https://businesscloud.co.uk/opinion/why-did-thgs-share-price-fall-9-after-positive-trading-update/?utm_source=chatgpt.com

Moving on nicely to Cash Flow Positive in 2026 - Good luck with that short :)

Stan, we are talking about a £1.8 billion revenue business; the overheads are going to be massive. That is why they are aggressively cutting staff, capex, paying down debt, and concentrating on high-margin products. Cash flow positive in 2026

APN No dividend date Revenue £140M

THG No dividend date Revenue £1.8 billion

APN Valuation remains a consideration, with the shares trading on an earnings multiple of around 30x and no disclosed dividend yield to offset growth risk.

Stan record growth? They are not growing as quickly as THG did in the early years and remember THG was valued at 4 billion in 2018 and is in much better nick now than it was then. Total manipulation from your Hedge fund buddies

B1inky you are not invested you are short

Lads, THG earns in 4 days what APN earns in a year, the Japan division alone earns way more. The sum of the parts here is 'bonkers' APN valued at more than MyProtein and you can have Beauty for free. I am starting to sound like Stan

THG generated more revenue over the four-day Black Friday through Cyber Monday weekend than APN did in an entire year.

Also, its revenue now exceeds that of three of the world’s biggest football clubs, Manchester United, Liverpool FC and Chelsea. And in just three years, the business has moved from negative to neutral to positive cash flow.

Positive Cash Flow

Good revenue to:

2012 ~£275m Early scaling phase

2013 ~£323m Strong organic growth

2014 ~£442m International expansion

2015 ~£615m Nutrition & Beauty acceleration

2016 ~£878m Platform + acquisitions

2017 ~£1.2bn Crossed £1bn milestone

2018 ~£1.4bn Continued double-digit growth

2019 ~£1.6bn Pre-IPO scale achieved

2020 ~£2.2bn COVID ecommerce surge

2021 ~£2.18bn–£2.2bn Post-IPO peak scale

Reminds me of THG's early growth chart.

2013 up 17%

2014 up 35%

2015 up 35%

2016 up 50%

2017 up 47%

2018 up 25%

2019 up 25%

2020 up 41%

2021 up 35%

Clothing is a high-margin category - these are extracts from recent conference calls:

While whey commodity prices have remained elevated year on year, we continue to diversify our channel and category mix with high-margin categories like our activewear range, delivering excellent growth in 2025 and is set to exceed 15% of Myprotein’s revenue mix in 2026.

John, you’re right that the sportswear category is seeing exceptional growth and also really strong margin progression as well. To such an extent, it’s quite quickly becoming our highest gross profit category. At this rate, it’s right up there pushing the likes of vitamins, which is a very high gross profit margin. It’s a deliberate strategy that we’re building upon where obviously Whey protein as a core category remains super important for the consumer, but it’s one of the lower margin categories, especially when you consider potential for whey volatility. There are a number of ways we’ve been tackling that over the past couple of years, and clothing is one of those. The bitumen build out is another. The offline partnerships, the licensing as well, is really key.

THG Nutrition delivered its fourth consecutive quarter of revenue growth (+12.2% (excluding Asia)), largely driven by pricing and strong growth in adjacent categories notably offline retail and gross margin accretive activewear and creatine. Growth in activewear (c.12% of online sales vs c.8% FY 2024) further diversifies both revenue and the addressable customer base, with over half a million women's leggings sold during the year.

Introducing the new Velocity Ultra Menswear Range.

Performance driven. Precision built

This season's drop introduces exclusive Terrafade patterns, bringing a bold, ultra-design edge high-performance menswear.

From lightweight mesh tanks engineered for airflow, to technical detailing including reflective elements and functional toggles, every component is designed to support performance when it matters most.

Maximum storage for long miles, intelligently placed pockets and gel storage and advanced fabric technology to help keep you cool, dry and feeling fresh.

https://www.myprotein.com/c/clothing/mens/new-in/?utm_source=linkedin&utm_medium=organic_social&utm_campaign=velocity_ultra

2 x 300k buys just after 4pm as well as the 1.6M

Stan, half an hour ago, you were blaming the Hedge Funds. Why don't you have a word with your 'bunker room' buddies to find out if they're going long on the yen?

Mad that MyProtein's Japan revenue (£125M) is more than Applied Nutrition's annual revenue. Need a few more big guns to close their shorts and go long. If the carry trade unwinds as it did in 2008, it would be a very positive tailwind for THG. Click the link below. It is a good read

https://investinglive.com/forex/japan-bear-flips-now-bets-on-yen-strength-vs-dollar-sterling-franc-sees-8-vs-chf-20260216/

Summary:

Bloomberg reports Nash turns bullish on JGBs, buying 10-year bonds after election clarity.

Political stability is seen as a catalyst, with yields falling sharply since Takaichi’s win.

Yen bought versus dollar and sterling, marking strategic FX repositioning.

Forecast 8–9% yen appreciation, particularly against the Swiss franc.

Shift reflects diversification away from US assets amid policy uncertainty.

A prominent global bond investor has turned bullish on Japanese government bonds and the yen following Prime Minister Sanae Takaichi’s decisive election victory, arguing that the removal of political uncertainty marks a turning point for Japan’s markets.

According to Bloomberg, Mark Nash of Jupiter Asset Management has bought 10-year Japanese government bonds (JGBs), closing a long-standing short position and positioning for a sustained rally. He views Takaichi’s strong mandate as a stabilising force that provides policy clarity and reduces concerns about fiscal and monetary direction.

Japanese bond yields had climbed to multi-decade highs amid rising global rates and domestic political uncertainty. However, since the election, long-dated yields have fallen sharply, with the 30-year yield dropping around 40 basis points in less than a month as investors reassessed risk. Nash argues that the clarity provided by the election outcome has shifted sentiment at the long end of the curve.

Stan, I think he paid 32p - current price 35p. Hardly a low-discounted price, is it? And the conference call wasn't that bad, I can post you the notes AGAIN if you like, but honestly, the repetition is getting so boring.

LD Shorts have this by the throat, have done for years. When they decide to move on, the SP will react accordingly. How do you get rid of shorters?

Make a profit, sell an asset, announce share buy-backs, turn arounds in whey or yen, or pay a dividend. Any one of these would do it. I think there is lots going on in the background, and sparsasm's U-turn shows how quickly shorts can flip.

'How long do we have to wait?' is one of the questions I will be asking at the AGM if none of the above has happened by then. The fact that the king of the shorts, who only a few days ago was singing about THG's demise, is now saying:

'If the market cap of THG is 554 today, then surely this is a screaming buy if funds price targets are 950 million? That nearly 100% from here. Fair value would put this market cap at 1.2 billion. Jokes really. '

Tells me that 'maybe' even they know the tide is turning and have decided to turn with it.

Stan, sparsam is now saying THG is a 'SCREAMING BUY' that is quite the U-turn. Maybe contact your Hedge Fund friends and ask them why they didn't send you the memo.