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Is short selling illegal in the US?

They also have a significant buyback programme underpinning a market cap of circa 20billion dollars.

EBITDA Margin FY21 = 7.4%
Barclays Forecast FY22 = 5.5%

This will rise in September if they reiterate current guidance again.

How many WDs until results?

Good spot!

It would be great to see an RNS for THG.

I can't remember the last TR1 outside the takeover period.

Good afternoon Mr Moulding,

I hope you'll read this message.

The share price is at an all time low and at a bargain level.

On behalf of all PI's, now is the time to start stake building. All shareholders will benefit, it will make going private easier and most importantly, you will beat the shorts.

Kind regards,
Small Private Investors

Agreed. I'm not so sure Jupiter are still selling. It may be the continued shorts exploiting the lack of II interest.

I broadly agree with you. MM will do what's best for the company, the one that he has created, and if that involves taking it private on the cheap, he'll do just that.

However, I just don't see how he could get the funding together given the current economic situation.

Thanks Steve.

I've got no additional information from the Citi report.

I also think you meant to say tailwind as opposed to headwind.

Agree with your comments and I'd also like them to part dispose/find a partner for Beauty or Nutrition to crystallise shareholder value and then concentrate on Ingenuity. It feels like there is so much competition with e-commerce which will limit margins.

NB: Ingenuity receives £0.1m from its recharges to Beauty and Nutrition.

Hi all,

I'd thought I'd revisit the broker forecasts.

City has a target price of 220p. Divisional valuations circa;
Ingeunity = £0.4m
Beauty = £1.7m
Nutrition = £0.9m

Barclays 100p
Ingenuity = £1.1m
Beauty = £0.4m
Nutrition = £0.3m

Both figures are before forecast net debt positions.

The big difference is that Barclays have a much lower multiple on sales than Citi which they decreased from 4.5x at IPO to 0.8x now. Barclays also expect ebitda margins for non Ingenuity income to be only 1%.

Not sure how useful they really are because I'm sure they work backwards. I.e. calculate the target price first and then make forecasts fit to the required EV value.

Good luck all!

Good morning,

I thought 70p was incredibly cheap for this share and it looks like 60p will be broken this week.

Do we all think going private is now completely off the table?

Well said Steve.

You have been right Eye and based on the current trend you'll probably be correct again but you say it in such an undiplomatic way.

Good morning Boom,

I'm in a similar position to you but haven't written off my investment because I can close my position anytime.

You and I both require a floor to this share price which I think will only happen when IIs start buying with confidence. There will be a price which is too good for them to refuse but who knows if that's 60p, 50p or 10p.

Good luck to everyone today!

Hi Boom,

The truth is no one knows but I think most people here would probably said this is going sub 60 given the recent trend.

I like you, hope that this is not the case, and that blank cheque buyer exists and pushes this back above 62.50p

I think Jupiter have their own unique reason for selling.

Totally agree about the lack of IIs buying, especially at this share price level.

Let's hope blank cheque buyer comes good again today because then we might see a TR1 at some point.

Hi Brench,

Don't be so hard on yourself.

The share price is close to an all time low so 99.9% of current holders have also seen their portfolio decline.

Good morning all,

Any predictions for the coming week?

Will we drop into the 50s or will blank cheque buyer continue accumulating?

I have absolutely no idea which way this share will go!

You might be onto something!

The mystery buyer saved the day again

What's the name of the new shorter?

That's £40m of shares over 10 days is an average of £4m a day.

£16m volume today so I would hope there're near the end of selling.

Completely agree. This will rebound fast, however we know that they were at 4.97% on the 8th August.

How long to go?