Member Info for joedeev

A 30% gain should get us to... almost 40p! Can't wait

I'm guessing the THG board and Ingenuity board are separate? Surely someone on the THG board has questioned the Ingenuity contract(s) at some point? If it is all fair value then it's fine.

Whey pricing hitting ATH again in June https://www.clal.it/en/?section=whey now 75% up on last year

For the regular customers of MYP, have they been increasing prices?

This went under the radar but Protein Works (big UK competitor for MYP online) has been acquired by a global dairy leader - https://www.lse.co.uk/news/lactalis-acquires-uk-protein-brand-protein-works-7bat4nh3sfk25ko.html

That will help their cost base and supply chain, no doubt making them even more competitive.

Glanbia is one of the biggest producers of whey globally so would be 'affected' in the sense that they just pass a lot of the costs onto the likes of MP and APN who between them probably have very different procurement strategies. APN might have already locked in contracts, whereas MP might be entering a new deal. No one knows really. Also MP is a much bigger fish so the farms probably know that they can bear the brunt of a bigger increase than the likes of APN? That's how I would think anyway, if I was selling to these companies.

It's not in his interest to do any of that. He's said before that his dog holds more shares than PIs, so why would he spend his time trying to appease everyone here?

You don't think billionaire hawks have been looking at this for 4 years and decided otherwise?

HypeHero going for his 100th failed 'prediction'

It's only worth what someone would pay for it. There must be a reason why PEs and corps are not queuing to snap THG up for £1.70?

The SP usually moves the day before once the banks and whoever else get their insider info. Surprising that there have been no big moves today.

April whey prices are 40% higher than April 2025... https://www.clal.it/en/?section=whey and only 8% off ATH price

This might cancel out a lot of the VAT win

This only applies to vegan protein products I thought? At least that is what Sunwarrior's claim was for? I'd guess that their vegan powders are a much smaller part of their business, at least I can't see much of them on the website. Also they recently closed down the myvegan website, maybe a bad idea in hindsight?

Huel is profitable and growing. And easier to acquire as it just sits on Shopify. THG is still too low though, should probably meet in the middle somewhere.

I'm talking about the commerce platform specifically. No doubt the fulfilment side is doing well, which they have said themselves already.

And 2024 external revenue was +16% vs PY, I wouldn't really call that substantial myself, but that's up to you.

There has to be a reason why Ingenuity lost so many commerce clients over the past few years, the costs must be crazy compared to a normal ecommerce platform. Most brands seem to scarper after 1 or 2 years (probably when their favourable onboarding contract runs out). If you look through the list of case studies or clients, hardly any of them still use THG platform, I think just Matalan? The warehousing might be cost effective though.

The charge to MP and Lookfantastic P&L must be enormous. But as you say, they could clear all of this up by being transparent about the numbers.

If you've ever worked alongside CEOs you'd know that they still consider checking their phone, taking a couple of calls and sending a couple of emails 'working' whilst on holiday, so no doubt they still think they've never taken a 'proper holiday'. Same with them saying that they all work 14+ hour days, they are fully deluded.

APN was definitely overpriced but any comparisons to THG are just silly, it's a different business.

Not to mention their 60% growth vs. THG's -3%.

Sadly oil affects everything. If shipping (sea and air) companies are having to pay the increase in petroleum, they will pass most of that onto businesses like THG. But it isn't just oil affected right now, it's fertilisers and other stuff which does have a direct impact.

OSG could you also compare the profit made by APN vs THG? And also their 5 year growth %s in comparison?

What % do Myprotein make on this stuff manufactured elsewhere (including Iceland), have they ever said?