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At licker the ‘value gap’ is our interpretation - market doesn’t agree (if efficient (!?)). Outside of external activity (bid) its the Sept trading update that offers data for a re-rate. Given updates to date have been woeful a good update should launch this. But who knows. My sense is this a better business than that that IPO’d.

I think we’re hanging around here until Sept update. Shame really as I thought interim update was positive and warranted a step up. Don’t see any activist shareholder action over August (hols) but as it happens that’s sometimes the best time to catch prey off-guard. Where do we think SP will be this time next year? I’d like to say ~100p but I’m always over optimistic so it’s probably 55-60p? Fingers crossed

Say a 300-400p SP are likely to be:

- improving sentiment … gradual uplift now - Sept

- Sept update (frankly if not a disaster it’s +ve)

Cements lift now - Sept

- Sept update good : possibly worth 50p in a wk

- PE rumour … not sure one will come pre-Sept.

- MBO : not sure it’s coming.

Appreciate it’s an odd view - esp w. GS gone. But management already treat THG as non-public so what’s the diff… fairly punchy thing to say .. but what is the diff. Just what the market thinks?

Sb THG does tend to underperform a little when actual results come out. Agree positive wider sentiment but we’ll have to wait for results - is there a clanger ? - if not big rerate in my book.

Don’t think it’s that great. Ability to grow it internationally is.

£200m for Brunning & price + rest of leisure feels low. … suggested this would be a good offer in article below. B&P are smashing it.

Https://www.thisismoney.co.uk/money/markets/article-12329135/amp/TMR-Capital-eyes-bid-Restaurant-Groups-Frankie-Bennys-division.html

What’s everyone’s view? Is the SP just going sideways for yonks? Cracking update and within the week no movement. So odd

Takes a long time to pull something like this together. Maybe months / years away. Pleased with the more micro progress in last few weeks. Keen on a nutrition update

At same level before trading update?

Just shows what a fool the market can make of one. Update like that, falling inflation and 0.5% rise… ehhh

The pubs are doing very well. That’s a good business in its own right. I guess you’d get rid of leisure - bundle Waga with concessions and separate from pubs for sale. Was hoping for more bullish language in update but maybe I ask for too much : it’s good.

Not seeing this (don’t have L2 or whatever else it’s called). Surprising vol has been low of late.

For a x2 x3 rise (but have we all got carried away).

Read - can’t place link - one of the activist investors wanted Ken Hanna out. In that piece also said THG would benefit from drop in gas as hedged higher - maybe that’s why Kirk Davies is out? Hoping we get some strategy update with trading update. And guess in September it will be easier to do sum of the parts valuation with interim results streamed by unit : so at least that can be clearly seen by market

Fingers crossed Morbox. Hoping they’re good too. And that sentiment on future doesn’t cloud them. I would expect Brunning & Price to be smashing it. Also, and I have no data / justification - I sense those who might visit B&P / Waga / concessions at Airport are in a not so bad financial place - words a bit messy here - what I mean is they may not be as challenged by all that’s going on - meaning their custom is more sticky. On ‘high street’ / mall there isn’t much comp.

Do you think we may receive one? Next week? Or nothing until Sept for interim results? I would think we’d get a Q2 update.

I think you’d wait for the MBO offer to arrive and then jump in just above. Show hand second not first (for you know if you come out first you’ll get covered over the top).

Previous trading update shared first 4 months of year went well. So this next one adds May and June. Given weather and plethora of bank holidays i have fingers crossed for some positive results. 9 days to go.

33p+ again. My first ISA buy of RKH in 2018. Urgh..