Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
A bidding war for THG (THG.L) looks unlikely. On Thursday evening, the 1.8 billion pound maker of Myprotein announced that it had rejected a 170-pence-a-share offer. The non-binding proposal came from Belerion Capital and King Street Capital Management and valued the business at 2.4 billion pounds including debt. UK property magnate Nick Candy then revealed he is at “the very early stages of considering an offer”.
THG shares, which were valued at 500 pence in a 2020 initial public offering, are pricing in a heavy dose of scepticism. On Friday, the stock was trading at 146 pence, a 14% discount to Belerion’s offer. The measly return buyers would pocket at the offer price may be partly to blame. THG is forecast to deliver just 32 million pounds in EBIT by 2024, as per Refinitiv forecasts. Once 19% worth of tax is deducted, the return on invested capital would be just 1%. Without a sale, Chief Executive Matthew Moulding would be lumped with delivering the governance reforms he promised, like applying for a premium listing and scrapping his so-called golden share. (By Aimee Donnellan)
why should City numbers benefit CMCX?
no, has been cut 12% on last year
Shanghai lockdown ‘will have a global effect on almost every trade’
https://www.ft.com/content/572eae5f-d47b-4e1b-a7c2-be63bd45000a
Those numbers aren’t particularly outlandish. Shein may post $20 billion in revenue in 2022, according to Morgan Stanley, enough to overtake Fast Retailing Co. to make it the world’s fourth-biggest apparel retailer. Valuations of at least five times sales are more or less a rite of passage for fast fashion brands in their pomp (Boohoo was valued at as much as 10 times its sales at one point) and would seem more than merited by Shein’s double-digit growth rate.
What will GKP price be at $250 oil?
Europe’s supply of Russian oil set to disappear, says top oil trader
Harry Dempsey in London
Hedge fund manager Pierre Andurand believes supplies of Russian oil into Europe will disappear in light of warmongering from Vladimir Putin as many traders expect crude prices to hit as high as $250 a barrel this year.
The French oil trader said that, after listening to local media reports, he was convinced Moscow’s aggression would last for a long time, which would lead to reshaping global energy markets.
“They say we start with Ukraine, then we take Poland, then we take the Baltics, then we take the whole of Europe and then we nuke the US,” he said. “Wakey, wakey. We are not going back to normal business in a few months. So I think we’re losing the Russian supply on the European side forever.”
Andurand became one of the best-known energy traders by calling the majority of the big swings in oil markets over the past two decades.
Other veterans of the oil market speaking at the FT Commodities Global Summit in Lausanne agreed that Russian crude and refined products would not return to the European market anytime soon, even if a ceasefire with Ukraine was agreed.
As a result of the supply strain, Doug King, head of RCMA’s Merchant Commodity Fund, predicted that oil prices would soar to between $200 and $250 a barrel this year, up from $118 a barrel on Wednesday.
“This is not transitory. This is going to be a crude supply shock,” he said.
However, commodity trading group Trafigura was among the most bearish with Ben Luckock, the co-head of oil trading, predicting a peak price of $150 a barrel this summer.
comment from FT
The article takes it for granted that it's OK for Charles Allen also to be Chair of Belfour Beatty and Global Media Group. It's not. Lack of time availability for the Chair of THG is a signal that governance reform is just a pretence.
Recall Luke Johnson and his vast portfolio of board positions at the time of the Patisserie Valerie fraud. On reflection, he said, he was arrogant to take so much on. And recall just yesterday's FT article reporting Severin Schwan being jettisoned from the Credit Suisse board before shareholders vote him off due to too many competing board roles.
Charles Allen is also on the board of Match ltd, ISS Equity, and Chair of 2 Sisters Food Group. Maybe the 2 sisters can help him with his task at THG and Balfour Beatty. Somebody has to.
https://shiftytherat.blogspot.com/2022/01/batm-advanced-communications-magic-life.html