Member Info for Hosai

Apologies I messed up that calc, equivalent to $496 million (£401 million) mc increase so more like over 6 Rev B market caps but still not bad lol.

Obv that's 10.76% on $4.61 billion so around $811 million (£656 million) increase to market cap. Equivalent to over 10 Revolution Beauty market caps pre-market increase!

Stock is up 10.76% pre-market after 78% increase in Q4 sales for their year ending 31 March 2023 - https://ww.fashionnetwork.com/news/E-l-f-beauty-q4-sales-surge-78-for-outstanding-2023-result,1519896.html

This is great news...only minor question is it may just be the FY2022 accounts not the interim yet, but then I'm not sure if the interim should hold up suspension?

Either way the interim should be less complicated I would imagine as it seemed most of the issues related to FY2022 and adjustments to years before that.

I've also bought a bit of Boohoo in anticipation as the only way to in a sense buy a little RevB now considering their holding of RevB, I think the re-listing will take the market by surprise and Boohoo will also have a bit of a bounce though obviously a smaller one.

Bob Holt said in his reply to me on sat - "We share a lot of your thoughts and remain hopeful of a relisting very soon". The fact that he said "very" and referred to the re-listing rather than merely accounts seemed positive at the time and now looks like it will hopefully indeed come to be.

Not sure that's genuine footage HH, I've found some here though, apparently the machines were at the top of this wall https://gifer.com/en/BMxG

This photo of the new automated New Jersey site reminds me the scale of investment another company would have to make for an automated warehouse of this size - https://www.linkedin.com/posts/activity-7003986690356699136-RKOf/?utm_source=share&utm_medium=member_desktop

Why wouldn't they just tell us if this was the case, considering the stock is suspended anyway? They told us previously when the issues came up pre-suspension.

1pencil, if offers at a higher price keep being rejected and the sp not re-rating the rejected offer price then the large holders may start to get disgruntled and less friendly to MM. Once golden share is gone they could actually do something about it.

Good point MHL though they said " It is anticipated that Tom will step down from the Board prior to the publication of the FY22 accounts", so was a bit vague rather than definite.

Looking back over that rns they likely have to make a number of adjustments to FY2019 and FY2021 which is prob another aspect causing the long delay.

They've clearly from previous messages had indications from the auditors that it will be very soon (though Bob also said they have said this before obv). Ultimately if they are waiting on an auditor confirmation to get it over the line they can't predict to be this week etc it could come any time?

The only time Bob/Rev B was specific with "an annoucement next week" etc was when they had scheduled an RNS to tell us a future time-frame. I doubt we're ever going to get a date "this week" for results because as soon as they are ok'ed they will release them straight away. The agreement with chairman on delaying the debt payments rns was in the middle of the day.

Not really many "excuses" just lots of continued delays.

Thanks all, Silverlight I agree though technically even Bob in his reply described it as a re-listing but I imagine this is more a figure of speech.

Oxford this was my original post on Matts post-

"Only in the last couple of weeks the US regional bank Western Alliance Bank was exploring legal options after the FT made up a story that the bank was exploring a sale with its sp at lows. This was presumably to help someone who had placed a short position. A lot of the recent regional bank saga in the US followed this pattern of shorts helping to create and further escalate bank runs and with banks specifically it can clearly become a self-fulfilling prophecy. FT took it one step too far with WAL.

Shorts and connected financial journalists tend to emphasize the times they were correct such as with Wirecard (however even with these times where they were right they still seem to be doing dodgy things - letting their pals know to place shorts). However all the times they are wrong and cast mud on companies over nothing tends to get ignored, as likely the ridiculous article today which discredits the journalist will be ignored."

To which McCrum commented but then apparently deleted - “We get away with it every time mate. Easy Money.”

Hence in the context of this and Matts post I suppose its just a kind of parody.

Yorek I did actually get an email with his comment. I guess it doesn't mean all that much though as he was parodying the whole thing obv. He actually said -

“We get away with it every time mate. Easy Money.”

Funny enough I was just telling my dad about it and he was questioning if they should legally have been able to do that with my name etc without checking with me first. I guess they would argue the whole point was they were questioning if I was a real person but you would think you would be prudent?

Thanks 1pencil, at-least I can say "I was mentioned in the financial times" now (or atleast FT alphaville which may be a side thing), even if it was just a photo of my empty profile with annoyed comment I made lol.

It's ridic to have another article about "William Grace-Hunter", he was believed by a few for about half an hour and has nothing to do with Matt M. Could even have been made by one of the papers as a "false flag" so to speak but that's likely going a bit far.

Do find it slightly humorous how good a name they gave him though, how could anyone called "William Grace-Hunter" plus that profile pic not be in a very senior position?

Not quite sure he was "fired", anyway he was CEO at ITV, as a chair he is well respected in the city.

(continued)

"I am hopeful that it can stay listed and you can remain as CEO, especially considering your success with the Mears group.

Many thanks for reading this"

This was the long email I'd sent, mostly going over warpaint comparison:

"Hello Bob

I realize you are likely a very busy man and get a lot of emails however I just wanted to contact you regarding Reb B in-case you had the time to read this. I am a Rev Beauty shareholder who got in a significantly higher price than the price is currently.

I am still very bullish on the company, especially in the medium to long term however having seen the large buys from Boohoo I am a little concerned about the prospect of the share being bought out cheaply (I see double the current sp and even triple as being cheap). I realize of course you cannot comment on this and obviosuly wouldn't be asking you to however I just wanted to send a valuation comparison with the makeup company Warpaint to illustrate why I believe Rev B is very undervalued and it would be best in my view for shareholders (including the minority ones) for any potential takeover can be resisted.

Please see my figures below:

Market cap

Warpaint - £209 million

Rev B - £59 million

Revenue for FY2023

Warpaint - £64.1 million

Rev B - Estimated £220 million odd (realize with the audit issues this is a little uncertain)

EBITDA for FY2023

Warpaint - £11.7 million

Rev B - Estimated £18 million (realize again this is uncertain and may be lower)

On these figures:

If Rev B had Warpaints price to sales it would be valued at 231p.

If Rev B had Warpaints price to EBITDA it would be valued at 103.5p.

As a minor negative -

Rev B have £21 million net debt versus Warpaint £8.6 million net cash.

This £30 million swing could arguably reduce Rev B by 10p in the comparison, so the figures above would become 221p/93.5p respectively.

However on the upside as I know you'll be all too aware looking forward these results don't take into account the full effect of the Wallgreens sales yet (only 7 months or so will be in the FY2023 results, nor the large new launches in Walmart and to a smaller extent in Primark.

Also as a non-financial measure, in terms of instagram followers -

Rev B - 3.5 million

Warpaint - 139k.

In terms of Tik Tok followers -

Rev B - 659k follwers and 16.2 million likes.

Warpaint - 4090 followers and 41.5k likes.

When you compare to other companies such as ELF beauty the valuation gap becomes extremely stark. Rev B almost has the same number of tik tok followers as ELF but ELF has a £3.85 billion market cap versus Rev B £59 million despite ELF generating only a bit over double of the revenues!

I know this is quite a long post but just felt better to put it out there to argue just how much I think it is undervalued but am fearful of it being in a sense "stolen" for a cheap price by a larger company, when I believe the best thing for shareholders would be for it to be allowed to re-rate and reach its full potential. I believe based on all the above the sp should be at-least 150p at the moment (assuming no new large issues from audit).

Never-mind, just had a great reply from Bob -

Dear Alex

Many thanks for your email.

We share a lot of your thoughts and remain hopeful of a relisting very soon.

We are well aware of the ELF valuations and aspire to be regarded alongside them.

Fingers crossed for a couple of years of increasing valuation without any predator knocking on the door.

Thank you for your support.

Bob