Member Info for Okehurst1

Kach,

That’s good snapshot

Think the market is warming to Dan the Man? The boys had a good initial 9 months.

£200M m/cap looks a steal to me

He either stumps up £400M plus covers the £175M RCF

Or

He is stuck in till Debs gets over his average

Quite funny, happens to the best of us I guess ?

Bon, the job losses on glass door have been brutal

Crawshaw

Agree

Suggest Dan since November has done a sterling job, they have maximised the time allowed to publish for multiple reasons but the TU is positive

Is Debenhams marketplace platform worth more than £200M?

And the £60M property / Brands including KM worth the RCF?

It’s a crude valuation but £375M EV looks like the bottom to me now that the group is profitable

1 The Group is actively pursuing a disposal of PLT through a sale process as the board believes this is an opportunity to accelerate progress and maximise shareholder value. PLT is treated as an asset held for sale at the year-end in accordance with IFRS 5, and its results are therefore not classified as part of continuing operations.

Dans delivered part 1

I am pleased that all our brands are now trading profitably in terms of Adjusted EBITDA. I strongly believe in the medium-term opportunity for our group. We continue forward as Debenhams Group under new leadership, a new strategy, and a new direction.

No denying this has been a car crash of a stock the last few years and the headline losses this week will be brutal.

Think it’s unfair to say Dan has not performed well, he’s took Debenham market place to £650M and maybe £850M GMV with pretty much limited capital, on that premise he can be cut some slack if he has also stemmed the cash burn from the legacy Youth Brands

Personally I think we will see a material reduction in head count with the TU and potentially back in profit.

If management stump up cash in a placing / and or sell KM or something then alongside the RCF in place till 2028 then Dan has steadied the ship and £200M m/cap looks a trade

This is not without risk though and bottom fishers like myself can be eaten alive but I think Dan has turned the ship

Reardon, think your right.

It’s a mute point but one to consider

When Dan was awarded his share package he ended up with a 45% tax bill, ballpark £1.2M as its no free lunch with free shares

I don’t think he would have signed up if he didn’t have the confidence he could turn the ship around - don’t think he’s that dumb

Let’s see how many job losses / cost cutting within the TU but it looks brutal when you track via Glass Door

He looks v angry about this investment, he’s called it wrong and been outplayed at corporate level up to now

What’s he in for? £170M ?

Worth £60M today ?

Down £100M and has tied up a tonne of cash plus wasted time

No easy exit for MA here, it’s a long haul back or put another big £wedge

Looks that way

Now down to has Dan stemmed the cash losses

Gemini had the highest 35p in December but let’s say 33p to 35p looks the number ?And tweak a premium to entice support

MA would be punting securing the RCF of £175M plus he has to pay 40p for the 70% equity he doesn’t own ? Thats another

£400M ?All to get his hands on Sheffield / KM / Youth brands / £60M of property and Debenhams

The market values all of the above £200M net

Would MA value all of above for £550M to £600M

Point being, if Debs is now FCF+ / raises ££ via a placing / sells something / the £175M RCF and MA won’t pay £600M EV then he has to trade out as there is little chance of Admin

FCF +\ — TU is what the market will be watching for, headline losses could be £200M to 250M are baked in

39.48p December 2024 was my take

That’s the lowest opening Bid if MA makes a move

Anyone got the highest price MA has paid for Debs shares the last 12 months ?

Thats the benchmark starting point ?

Big Mike bathed £150M on Debenhams 1.0

Now on the hook for £150M ish Debenhams 2.0

If Debs is now trading FCF + and we should know one way or another this week then MA has a reduced chance of gaining control if management buy more shares via a placing.

His last move at that point is to make a Bid for the PLC or he sits this out the next few years and tries to trade out.

He looks obsessed enough with the Debenhams brand to go all in to me .

Guessing

Debs brokers are book building a fund raise, we get the results Tuesday 7am

Let’s see

Kach

Fair post below

I would sell Sheffield /Burnley , Youth Brands and KM

bring cash onto the balance sheet the RCF is not utilised but is there

Focus of Debenhams Beauty

Debenhams Market place capital lite model

My view

Debs cash position was very tight, looking at Glass Door mentioned yesterday it’s been brutal how many jobs have gone, Dan has done major restructuring which cost $$

He kitchen sinks the lot

The auditors wanted headroom to sign off, Debs needed to sort the RCF and contribute to Rev B

Guess we find out next week, are they FCF + ? Disposals and / or a management cornerstone placing

I am going with the latter, book building today?

If there is a disposal it’s KM ?

Soft Power in action