Member Info for Okehurst1

I’ve liked the Saas margin on the auto store link up

Feeling better about Ingenuity

How it’s worth $zero I’ve no idea

Fair comment Golden

Think they are shocked they missed out on a 100% rise in the share price last 16 weeks

100% agree

Agree

They get the £40M from property and chip away at the debt which is coming down steadily

FCF / net debt that’s the lines to watch, all the adjusted EBITA stuff is smoke and mirrors

We knocked another £20M off the debt

Would take that every quarter

Look at FCF /net debt tells you everything

I thought £25M FCF Q1 following £50M FCF Q4 2022
Giving us £75M est

So we had £70M FCF over period , take that

Net debt down to £180M and £40M property sales still to come

Yeah

Big chunk non cash right down

We have 3 platforms, 2 of which are number 1 in their field in the World of D2C
and in $$ terms, one surpasses $1B a year Rev and the other is very close
THG has 9 product / manufacturing facilities to provide goods to above

The 3rd one - Ingenuity - has pivoted to include a form of PAYG service which with its partner Autostore looks unique and independently now boasts 16 fulfilment centres with a global front print

Put aside £2B plus of imbedded tax losses worth £500M of cash to the right player

And we had posters on here at £600M m/cap just 16 weeks ago saying THG was worthless :-)

You can see why USA PE / funds are going into battle for control of THG assets

https://on.ft.com/3FnL09F

Thanks Bull

Close to 100% up YTD been some run

Take the timeline of Wood, suggest it’s a reasonable example and the same PE players as today with THG

It was around December 2022 Sparta got involved

There has been multiple bids over the last 4 months

Today 4 months later the Bod agree a deal

MM needs a deal agreed before GS expires, he’s got 4 months and all bets off the table for him

If he’s going to make a move it’s now

Snippet

‘ Liberum, an independent UK investment banker, lifted THG to “buy” from “hold” on Monday, lifting the price target to 220p from 55p as it moved to a sum of the parts valuation, with the company now “in play”.

“While there is no certainty a deal will transpire, we highlight in this note just how cheap the shares are,” it said.

The announcement adds to the burst of activity in London in recent days that has seen a number of companies confirm bid approaches. Private equity firms are leading the way, with Apollo itself engaged in talks to buy John Wood, the engineering services company, while there have also been approaches for Network International from CVC and Dechra Pharmaceuticals from EQT.

https://www.thetimes.co.uk/article/9d53f230-dd42-11ed-a0a8-657f9e54fc6a?shareToken=a2eb11827fb2489f7c21ec386e55cf15

Makes sense HH plus keeps it smooth within the business

Not without a grind to get there, they go through the motions
Apollo have form

If one thing has come out of today , think we can say the ‘ Shorts ‘ are toast

Blert,

MM to stay and get a ‘ carry ‘

Stock, option 2 on your list for time being

It is ‘uncooked ‘so to speak but as other posters have inferred £1.20 to £1.40 is the opening shot with 2 other USA II’s having bought it and waiting in the wings, this has been flying around the City today

Gut feel, £2 gets BoD backing is the end game, could be wrong but with just a few months to go for GS to expire THG is well in play, more juice to come in this share price

Good point Bull

Tellworth LLP … topped up their short on the 13th April
Doesn’t look too smart today

They use the same broker every deal
Same tactics
Class act