Member Info for Joner

Why would you think a manager that runs the European book would buy a UK listed company?

More likely be the Global technology fund or a UK equity fund.

If it is the global tech fund for me that should add additional confidence in why we have here

Love this - I wonder if this will be a holding in their global tech fund - they understand technology

“The Group also has a very strong liquidity position as it enters its peak trading season, with available cash as at 30 September 2021 of £700.0m across long dated 3-5 year facilities.”

Is this not enough to build the business?

Lookfantastic also sold out of their advent calendar it’s cheaper than the Cult one but does demonstrate how well the sites are doing

Danl where do you get the detail that it is a plan to float a minority stake - I looked again at the RNS interims, and I couldn’t see anything along those lines - it talked about a separation of the businesses. I just want in my mind to verify what you have said.

That is true - the I’m bored out of my mind with this stock despite it being involved in such an exciting space

I was feeling pretty smug with my 291 purchase after the first fall, read the Q3 numbers was feeling evening smugger, that was until the markets opened.

So good numbers, two fantastic businesses in nutrition and beauty certainly hugely undervalued to my mind at 4bn - and it keeps falling.

Im not sure what lesson I’ve learned here. I’ll hold until I feel the company is valued properly - I suspect we’re looking at 3-6 months on this.

Oke - they paid c 2x for cult and Dermstore which didn’t have the same market position or growth as THG beauty. THG nutrition is the largest online retailer of advanced nutrition.

3bn?!

I would be interested to know whether you’re invested here.

I love the piece around how ingenuity has created for Cult 30% uplift in conversion rate and 6% increase in average order size - that is really impressive- perhaps that’s where SoftBank see the value that ingenuity brings to the party.

I reassure myself on my investment here by thinking about the value of the underlying businesses using what I believe are reasonable multiples given the market position of the businesses and sales

So for THG Nutrition if you used 2.5x - 3x sales = c1.75bn; THG Beauty 2.5x - 3x = c3.5bn;
Liberium have given a min value of 1.75bn for ingenuity.

So we stand today at about 4.5bn vs the sum of the businesses at 7bn. So for me in at 291p it is at least 450p before I look again at this.

So if Beauty is worth £4bn, Nutrition must be worth £2bn and Liberium have stated minimum value of £1.75bn for ingenuity- answers on a postcard as to where the share price should be

I would have thought that the Beauty unit alone is worth the current market cap - add in nutrition and ingenuity on top - am I missing something?

I would hope we are speaking to Traton SE, which is the offshoot of VW and produces big brand lorries

Happy Days! Didn’t see that one coming.

One for the filter box, I’m all up for a ramp but this is ridiculous.

The sector is unloved and will continue to be as the ESG piece continues to evolve.

I’m 22% down in share price terms bit less given the divs I’ve had over the last 18 months or so, I want the price to go up as much as the next person but posting the same thing over and over again is tiresome.

Yes BB I halved my holding, left half in purely for FOMO reasons if they were ever to be acquired - which has been my hope all along. It’s been a bit of a slog this one having bought in just prior to the PHD acquisition, so I’m just glad to get some back to deploy to other opportunities.

It’s not a full rns - they are using the Reach service which is where companies can issue non price sensitive promotional info.

Into the filter box for you Slave. Net cash in Dec 20 was £102m. Net cash Dec 19 was £64.9M. The issues with a couple of contracts in the interim and the provisions made for those is well published. To me you are for whatever reason deliberately trying to mislead. Pretty poor attempt to be honest.

Slave the £100m was raised in May 20 - how do you come to the conclusion “all that money has been eaten up”

Margins up, sales up, cash in the right place and investment being made.