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MildTiger - how's that short on THG at 58p working out so far? Asking for a friend.. ;-)

That is spot on Poker and Molatov - having had the time to digest what they've put out there, which is cautious and yet stable, we'll have to think that most, if not all the bad news is already in the SP. I'm adding more if we do open lower.

Again, the results/forecasts are similar to those I have seen for a non-related sector company that has been in the sector recession doldrums since H2 2022 - they were forecasting improvments as the macro turns, not dissimilar to what S4 is saying. That SP (SYNT) has rallied more than 50% since their results annoucement a few weeks ago, and could we see that with a massively beaten down stock like S4? Don't rule it out!!! The bad news is more or less already in the SP, IMO.

Adjusted earnings came in at 5.7p versus forecasts under 5p and that's a positive. I think they're keeping expectations very tempered to set S4 up for beats and upward revenue/profitability projections as the year rolls on. Interest rate cuts are coming and that will dispel the gloom in both the Ad and the Consulting business sectors. A bit more patience I suppose.

A neutral report considering big revenue drawdowns in Q3 and Q4 last year. Q1 weakness likely to persist, but spend could come back in H2 with interest rate cuts and comparables looking better. Dividends pushed back to H1 results annoucement (?) and buybacks to be decided on soon - maybe they don't want the SP to run away ahead of next buy backs commencing.

Net debt forecast to be down to the £150m - £180m range. Revenues projected to be slightly down with the tech division underperforming and we've seen that commentary a lot in wider consulting businesses. I can't call what the SP may down with these pieces of news, but any real recovery will now be H2 led.

Added my final chunk today, now sitting on circa half of 1MSN's holdings and is the largest stock in my portfolio.

All the best to the longs and the key for us is the ad market outlook - I'm optimistic on that count. I'm betting on a positive stock market reaction/price jump tomorrow. :-)

"Last Friday 22/3/24 S4 Capital share price broke above the 50 day moving average for the first time since 12 July 2023." - Ta, NigeCo. The stars seem to be aligning for the big reveal on Wednesday.

Added a chunk today - my purchases may just about be done prior to the earnings release. GLA - we deserve it.

@BAZ - I know from reading these posts that you've been quite positive about the mad man and THG. I'm on board with THG being undervalued, but the SP will be range bound until the mad hatter is forced out. Do we really see that happening? I doubt it, but it's good that you've pis5ed him off and got blocked - I take that as a good sign that there many sensible shareholders outside the rampant brown-nosers that reside on this board - you know who you are (many making money off those free stock options doled to you acolyte lot)!!!

We'll top out on acquisition based shares issuance at circa 695m in 2024. Any buybacks this year will reduce that number, starting with the recently completed 6m shares buyback. I can't see any meaningful acquisitions being made with the SP and the ad market being where they are currently.

@NigeCo - I think they can do both. 1p dividend for 2023 = £5.5 mill and they can boost buybacks to £15 mill in parallel, with a steer to buyback more should the SP hang around these levels.

I shouldn't have said the 1p dividend was a given. However, MS has consistently stated that the 1p dividend is a goal for them with the FY 23 results announcement - this was a recently as the H1 results announcement in September when S4 still had 8500 monks and we know that there were circa 800 job cuts in Q3 and Q4 of last year - boosting FCF for this year.

There's a better than 50% chance, IMO, that there will be a token 1p dividend (not so token at these SP levels though) announced.

I'll add some more in the next 2 days if the SP stays in the low 40s.

What do we now know?

1. There were large scale job reduction in Q4 - down from circa 8200 at the end of Q3 to 7700 at the YE - that sets up S4 well for 2024 in terms of positive EBITDA/cash flow, even if revenues are flat to slightly down over 2023.

2. We've noted bid interest late last week and if the SP doesn't move higher from here after the results on Wednesday, we can expect additional formal bids emerge with interest rates easing from June onwards?

3. A token 1p dividend is on the cards with the results annoucement on Wednesday - aided by better FCF prognosis in 2024.

4. And not to forget - additional buyback annoucements should be forthcoming too.

Any greenshots in the ad market will be much welcomed by the market. 2 more days to go!!!

I'll take any bit of positivity when the results are announced this Wednesday, the 27th. Personally, I'd very happy if the SP rallies over £1 this year and hopefully this time I'll learn to control my urge to 'take profits on a decent chunk of my investment too quickly' - this has let me down multiple times in the past. Two more days to add to positions - I'll take my chances.

Been there, made plenty of money in O&G (mostly for US and Canadian O&G investments) and 95% out of that sector now with my small holdings in a couple of Dividend paying Canadian companies. With respect of Energean, I just wouldn't invest in that company. I've noted/researched it in the past (2021/22), decided not to touch it, and just as well, as they've only gone backwards since. Too much debt and dividend payouts are coming from borrowings in effect. Very reliant on Gas and that's a tossup commodity, and plenty of geopolitical risk too.

All in all, Energean is just not for me + this is a CPI message board too - I wouldn't want to drown out relevant CPI messages discussing ENOG. ;-)

Here you go, NigeCo -- https://archive.ph/cWmPP

The biggest difference between the 2 companies (SFOR and THG) is that you have a Madman running one of these companies.

Here's the WSJ article for you.

https://archive.ph/2VNZ1

Personally, I'm not selling anything for now. Long may this run continue!!!

Good luck all - we deserve it.

Wow...30% up now. Must be bid talk!!!!