Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
From Kelso Finals Today
THG
THG has three divisions: Beauty, Nutrition and e commerce fulfilment with revenues to 31 December 2023 of £2.2bn with continuing adjusted EBITDA of £120m. Consensus EBITDA to 31 December 2024 (source: company website) is £151m with the market capitalisation being c.£900m as at 31 March 2024. Within Beauty, it has three businesses: multi branded beauty and make up portals including Lookfantastic.com with 8.5m active customers selling multi branded products, an in-house and third-party manufacturing business and a number of owned beauty brands. THG also has the largest Direct to Consumer Nutrition business in the world selling an array of nutritional products mostly under the brand MyProtein. Finally, within e-commerce fulfilment, Ingenuity acts for in house and third party brands globally through a network of logistics facilities. THG was floated in 2020 with a market capitalisation of £5.4bn. Its value peaked in 2021 at almost 800p giving a market capitalisation of c.£8bn. On IPO and post listing THG raised c.£1.7bn.
In January 2023, Kelso initially bought 5m shares in THG at 55p, subsequently increasing this exposure to 8m shares, maintaining an average in price at around 61p. In the second half of the year, as we began to diversify our portfolio, we sold shares generating a realised gain of £0.9m. THG's share price at the end of 2023 was 85p resulting in a further unrealised gain for the year of £1.2m. Subsequent to Kelso's year end, THG's share price fell back to 60p at which point we bought a further 1m shares at 60p to give us 6.0m ordinary shares in total.
Kelso's investment thesis is that the valuation of the sum of the parts of THG is significantly greater than the market capitalisation. During 2023, we made several statements supporting this view urging management to demonstrate this value. The independent city broker Peel Hunt released an investment research note on 22 March 2024 in which it set a price target of 141p but referred to a potential value of 280p based on a sum of the parts.
We believe that each of either the Beauty or Nutrition division is worth at least the current market capitalisation. We hope during 2024 that THG will demonstrate this value through a strategic or corporate transaction relating to at least one of its three businesses. Separately, we believe that one of the most impactful and positive actions THG can implement is to move its listing on the LSE from the standard list to the premium index. THG currently has very few passive indexed holders and most UK active fund managers do not have to consider an investment in THG as it is not in their performance benchmark of the premium index. We hope that this change of index happens in 2024 either naturally through the FCA changes or that THG is proactive and makes the change of listing itself.
As at 31 March 2024, our holding was 6.0m shares with an average in price of 61p, valued at £4.1m, which represented 46
Interesting that Thg are installing the Geek+ system,could it be that they are onboarding a
new client are already involved with the Geek+
auto system?
The company is also onboarding a Geek+ solution at its 1 million sq ft Omega Business Park, Warrington facility, 25 miles from the Icon2 facility which houses the huge Autostore.
Tom says: “We are redesigning the Warrington site and migrating clients. Part of it is implementing the modular robotic Geek+ solution. The site did not suit AutoStore, and we did our research on Geek+ and found it the right solution.
“It’s easy to implement, all you need is a flat floor and QR codes on the floor. Our software needs to speak to theirs, which can be a little complex. But what we will do in time is the same as we did with AutoStore.
“We are now a software integrator and distributor for AutoStore - so any new AutoStore installation will be driven by us and our software.”
THG has clearly made significant investments in its warehouse technology and will continue to do so, says Tom, despite a challenging macro-economic climate which has led to more expensive borrowing.
Tom summarises: “Our continuous investment in operational services has been rewarded with consistent year-on-year reductions in cost to serve globally, while increasing our speed to customer and overall level of service.”
Https://www.logisticsmatters.co.uk/tom-killeen-Put-operations-first
THG is already Europe's largest retailer of premium beauty including MAC, Bobbi Brown, Nars and Lancôme products through Lookfantastic.com, and also owns a host of luxury Beauty brands including Mio Skincare, Mama Mio, Grow Gorgeous and GLOSSYBOX, and now ESPA.
LONDON, April 29 (Reuters) - Spanish beauty group Puig was on track to price its initial public offering (IPO) at the top of its targeted valuation range after a bookrunner on the deal said on Monday that investors bidding below 24.50 euros ($26.20) risked missing out.
At this price, the owner of brands including Paco Rabanne and Charlotte Tilbury would reach a market capitalisation of close to 14 billion euros ($15.01 billion), according to a term sheet seen by Reuters
Https://uk.fashionnetwork.com/news/Puig-set-to-price-ipo-at-top-of-range,1628790.html
Https://gymfluencers.com/even-more-items-added-to-myprotein-range-at-iceland/
Commenting on the Subscription, Michael Tang CEO said: " I am delighted with the support from the London Market, which comes at a time when we are increasingly more confident that the Government of Bangladesh is receptive to the advantages of domestic energy production; our focus and main effort now is to secure the consent to develop the Phulbari Coal and Power Project, which we are well placed to develop alongside our global energy infrastructure partners, Power China."
The new film being releasrd 24 July
https://www.independent.co.uk/arts-entertainment/films/news/marvel-deadpool-wolverine-b2528868.html