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Pretty high volume … I guess some exiting having hoped for better performance. I thought it was good but not knock out

Wonder how the activist investors will respond.

Less ‘exceptionals’ would be helpful

Maybe distracted elsewhere?

1 wk to go

Manifesto : concerned we simply comfort ourselves by reading the tea leaves not what’s visible. On later I would expect positive results by Nutrition (in fact these may already be baked in) my major concern is Beauty : performed poorly against market for the last set of half-years and I’ve not seen / read any indication of improvement. It needs to perform if group is to get to positive free cashflow, from which there will obvs be a SP uplift. My hope being that can be seen in advance so that the SP adjusts to suit. I’m also hoping for less hyperbole from MM on results day. Just boring here are the numbers, here’s the game plan.

All said. Sam / Board are not in control. Of much at all. ICSID/OM out of RKH hands. Sealion with Navitas. My hope is on the latter they are doing all the relationship work necessary to get energy into making it happen pronto. On former - hope it comes to an end soon (yet know it won’t).

Good numbers. No clangers. Concerned about Beauty. Interested in roll out of Nutrition. Is it profitable or clearly moving toward such. No takeover announcement day before to distract from interim. Let the numbers do the talking. Vivek appears smart - from far - interested in ingenuity growth and areas of opportunity.

Anyone ever see this getting back up there?

What would have to be true to be so?

International franchise of Wagamama on ‘heat’ I would guess and some major concession deals. I would hope UK portfolio esp. B&P created the cashflow for such expansion limiting debt. // For such I would guess we’d need a new Exec and perhaps Board : existing haven’t presented such enterprise but then they’ve been in challenging times. Anyway thoughts welcome. I’d probably be out well before 200p in any case

If enough break up value is seen - and a compelling alternative does not present it matters not what MMs plan is - the acquiring parties will force a break up (successfully if the Board agree). I’m content with either outcome provided good value (300p+ is seen) and personally have a desire for this to be soon.

B&P freehold alone valued at £160m (2022) in AR. So business must be worth a significant sum over. x2? - hold on to it. Good cover for Waga. I’m expecting B&P to smash it at 1/2 year results

Thanks sp28 👏. Rerate trigger would then be Sept results : as in something to point to, invest in on the back off for some. Or triggered by an entity anticipating a re-rate and wanting to get in early (tho if that was your MO I’d guess you’re already in - at a higher or lower Ave).

I’m unsure how to value Nutrition and interested in views. DCF etc usual gubbins. - what I’m more interested in is the ‘option’ value it has for other players wanting a big land grab in nutrition space e.g. a Nike at one end or a Unilever at the other. And how easy is it to replicate (feels like it would be easy in principle but hard work in practice and MyProtein already has massive brand presence). Thoughts?

More I think about it. More I am starting to think Brunning and Price is a better performing asset than Waga and more insulated from economic headwinds. Waga has international growth potential and speaks, I would think, to a broadly younger more socially conscious audience : they are actually good counterweights to each other from a risk / opp perspective. Bring on Sept

Thank you Davde and Gravenhurst. At Gravenhurst I think the Brunning & Price valuation at £200m is very low. Per other posts it’s probably insulated from COLC issues. I also think the write downs to date in property limit major write downs in future. In any case most purchasers will be interested in revenue and margin. Hopefully we’ll be able to make a better assessment in Sept of unit breakdowns. My concern is Kirk got the kick cos he got hedging wrong. Sept will advise. In interim here’s to all divisions smashing it out of the park esp. concessions that should put perform YoY

This maybe an escape velocity moment !

At Davde. Well put. I think the pubs may prove to more profitable than Waga. I suspect pubs enjoy higher average spend? Concessions should be killing it too. Maybe -oddly- the case that Waga is 3rd in performance of these three? Bring on Sept. My concern is our hedged energy prices

At sb1000 point well made : it would be churlish not to acknowledge the governance and executive improvements : stronger Board / stronger Exec. At the same time - a more statesmanlike MM would be welcome (it won’t arrive). What may are a decent set of results - to impress - THG has always underdelivered on result - always. Positive results with all above are cause for a re-rate. Even those that mock THG and hold a position would - if alive to it - recognise change in motion. For me September it is : THG put up (and critics shut-up) or vice versa.

Has a date been set for Sept update as yet?

Https://finance.yahoo.com/news/tmr-capital-ptc-limited-strategic-193800108.html

When the action happens? OM award and Navitas next steps. I think it broadly is… checking sentiment.