End of q224 Jun 2022 18:04
Remember at last results in late April Stephen Whitehead said this -
"And Andrew, briefly pick up on SoftBank. The SoftBank option kicks in once separation is completed. It completes in Q2, but there's nothing to update on that at this point. It would be something for later in the year and no other updates outside of AutoStore."
It must be all done, meaning surely if soft-bank wanted they could exercise it now, more likely obviously they would be in new negotiations?
They valued it at £4.5 billion before (arguably they probably actually valued it as more than this otherwise what would be the benefit of having an option to buy at this price). They likely would now value it as less, but even if they now valued it at say £1 billion that would be the same as current THG MC making beauty and nutrition free and I doubt they would value ingenuity at that such a cut in value (£1 billion would be a 78% discount from previous valuation) in one year just from the macro events.
Interesting piece in the times about softbank and ARM. Son still sounds like he is thinking long-term about things:
"SoftBank is under pressure from its shareholders to raise money from the listing of Arm as it reported a $15.4 billion loss in the quarter ending in March following a downturn in the technology sector. Its shares have fallen by a third in the past year. It decided to float the company after abandoning a sale to the chipmaker Nvidia on competition concerns.
Son called on shareholders to gloss over the downturn and take a long view of SoftBank’s future success. “Peaches and chestnuts take three good years and persimmons take eight years, even fruit takes that long. I’m confident if you wait five to ten years there will be something delicious,” he said, quoting a Japanese proverb."
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