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Question 1 - (Andrew Wade at Jeffries). We have all seen in the press over the weekend about the potential US IPO of the Nutrition business. Any update you can give us? Any strategic update you can give us from that perspective? Thats the 1st one?

Could have said no and knocked it into touch.

But he didn't.

Instead a lengthy answer highlighting the £15M spend on splitting the group into the 3 seperate divisional legal entities and each being both UK and US compliant, etc etc

That story you just know isn't going away anytime soon...

Just work out a 5.7X Revenue multiple on THG Nutrition which had a £675Million revenue in 2022, has grown since and has just had a record quarter. That's what Mars paid for Kevins Natural Foods.

Interesting that the troll posters popped up the negative spin articles earlier today but a quick search shows quite good balance and several reporting on the positives:

https://www.retail-week.com/health-and-beauty/thg-recovery-builds-after-a-best-ever-performance-by-myprotein/7044796.article

https://www.sharecast.com/news/small-caps-news/thg-returns-to-revenue-growth-in-september--14984012.html

https://www.kamcity.com/namnews/uk-and-ireland/healthbeauty/better-quarter-for-thg/

https://internetretailing.net/strong-beauty-performance-helps-thg-return-to-revenue-growth/

https://www.marketwatch.com/story/thg-plc-3q-revenue-performance-was-best-this-year-83b86a75

https://www.prolificnorth.co.uk/news/thg-sticks-to-fy-guidance-following-best-quarterly-performance-in-year-to-date/

https://www.cityam.com/thg-keeps-outlook-after-september-recovery/

etc...

Imvho it was worth a far higher finish today but there's plenty time between now and January for the next update and a quarter without strikes and disruption and it looks like one major piece of news to come, whatever that might be.

Sorry if I didn't reply to anyone genuinely holding THG shares as I had a lovely day off from about 11a.m. for a snmashing afternoon tea at an excellent venue. Had been booked and planned prior to the last minute switch of the Q3 update. Never any apology though to spammers, trolls or multi-id's or fibbers.

Licker the £5M FCF is well ahead of time and given the Capex spend and there are an awful lot of positives in that BRR webcast. Note the tone, listen to the analysts reactions. Cash generation now prioritised over the previous 2 year loss leading to get sales, announcements to come including one high profile one. Beauty and Ingenuity definitely heading the right way. No Royal Mail strikes either this year or knock on effect of overloading other couriers to disrupt Q4 trading like last year. Committed to Premium Listing

Then on Nutrition and coming after the Telegraph article only the day before. Get the context before and listen to question 1. The share price rose during and just after the analysts call for very good reason. Nutrition record quarter. Licensing deals but note the mentions of the accounts of all seperate divisions being both UK AND US compliant and Moulding definitely didn't dispel what was said.

https://www.proactiveinvestors.co.uk/companies/news/1029785/thg-mulls-us-listing-for-nutrition-division-1029785.html

https://stream.brrmedia.co.uk/broadcast/650d93e739ad9f961be9df87/652e379e60419d1d649d0a2a

Moniman clear off and give it a rest.

If you were trader minded (which I think you are) you could have banked a 10% profit this morning. You should have bought sub 65p yesterday.

Listen to that analyst call again later.

The future is very bright for Q4 and moving forwards brighter and sacrificing revenue growth at any cost for margin improvement, free cash flow and profitability is the right call. That ultimately is what businesses are out there to do. £5M FCF with all the Capex they have spent on Ingenuity and the future is a fair turnaround and ahead of time.

Other announcements to come and one just might be a seperate listing for THG Nutrition. MM certainly fanned the flames on that one.

Extra news on Capex reduction and FCF of £5 Million ahead of time will do nicely OhhAhh.

Couple of nice high profile announcements along the way to come and I'm absolutely convinced Nutrition is seperate listing in the US. Moulding just added fuel to the fire on that one.

So much extra to be added @Nutrition what with snacks, bars and drinks expansion globally but also through getting the cocept store correct and also with the licensing side of things. You need an established business with a proven track record (record profitability in the quarter) and people need to see the growth potential for you to be seeking a seperate listing. Industry number 1 and the hallmarks. Such an easy sell to new investors imvho.

Be interesting to see if Kelso comment as they normally do given the Q3 update and clarification today that they are progressing to premium listing. Normally a 1 day time lag.

MMP - try the recent Telegraph article.

Nutrition is a £2.5 Bill to £3 Bill business on its own on a 5.7X Revenue multiple of the 2022 THG Revenue figure of £675M. (That's what Mars paid for Kevins Natural Foods)

Keeps mentioning he could easily push the accelerator switch on Nutrition but yet he doesn't.

Nice carrot to dangle and to do though post any seperate listing?

Happy with all I've heard today and an update day off THG with a positive share price reaction is a first. Us listing suspense I suspect will only heighten after what was said.

Pinpointed questions off the analysts as well and they all seemed very happy and got their responses so hopefully some follow through to come.

Can people do themselves a favour and not respond to the trolls or on any of their threads. These ones routinely routinely appear on here. wildtiger, Kando, The Crowman . Sadly they probably cost a few to sell early doors.

Time to drop off on the postings as one wouldn't wish to be accused of ramping - and happy with my own interpretation of the Q3 update and with the addition of the Conference call contents to supplement it.

Here's to a good Q4.

Listen back later and count the number of times he says US and $ in answer to the first question and throughout. Never known him to mention those so many times. - ever, in one conference call. So yes that could well be the high profile Nutrition announcement to come. Did say several to come.

Happy to hold for gold and don't think we will have too long to wait.

Definitely far less defensive in his approach with more meaningful content and detail and the analysts seemed to like.

Looks like things have pivoted and are starting to fire on all cylinders. Ingenuity on track for the £1Billion GMV (mentions confidentiality stopping some announcements), Beauty in Growth, Record Revenues on Nutrition and he definitely stated more announcements to come on Nutrition. Swore I definitely heard him say a high profile one (My bets definitely on Tesco). Importantly No postal disputes or courier knock ons to disrupt Q4 trading this year.

Also If I got a pound for every time he mentioned the US in the same breath as Nutrition I'd be loaded. Certainly didn't dispel the direct question of the Telegraph article and stated all accounting is in line with both UK and US accounting regimes.

Actually not too bad a group update to be fair with now into FCF positive and what looks like prioritising profitability over growth at any cost. Improving margins and the Capex reduction is very welcome as is the commitment to Premium listing.

My only observation would be why decide announce the date effectively overnight and with the Telegraph on the case of a seperate listing for THG Nutrition. Other than perhaps some attempted deflection away. Hopefully somebody nails him down on that point in the analyst presentation. Nutrition is easily £2.5 Billion to £3 Billion of value alone at previous deal rates. He even himself spoke of sperate listing "in the not too distant future". Clarity on the Icon property sale would

also be handy.

PS I wrote a long one just for Investing101.

If he does decide to go Stateside USA with a seperate listing for Myprotein or indeed a Statement of Intent to go the full hog who honestly could blame him. same if he surprised with an MBO take private deal.

~ SP decline since IPO. Pond scum post + overfishing just about covers everything.

~ King Street / Belerion / Candy bid round ends. Lowest bid, that was made public - 170p. Share price thereafter declines to 30p!!

~ Apollo Bid comes along - valuing THG Ingenuity alone significantly higher than todays share price. THG Beauty and THG Nutrition on to, that says to me bid at over 200p imvho. Shareprice at the time is only allowed to climb to 114p, then subsequently gets crashed again.

~ Active Investor - Kelso - clearly highlighting Nutrition worth far more than the present share price (5.7 X Revenue) and Sum of Parts at several multiples. Liberum sum of Parts at least 225p and recently say the similar - 200% upside and THG Ingenuity 2 deals away from an Aha moment. They being a heavy buyer at these prices. Bank of America again recently say similar. The upshot is that the Share price is made to tread water 65p to 70p

~Countless voicings of discontent with the way the share price is being treated and lack of action or will to change things. His Linkedin postings, Siding with Clare Cole speaking out + the LSE Chief also.

~ Jamie Gallacher Linkedin post probably resonated but lets be fair, Jodie, Mum Moulding, friends and family, fellow BoD including Right hand man Gallemore all seeing the same and agreeing I expect, Gary Neville joking about the gyrations in the share price.

~ Then more recently Into 220 Sainsburys stores, Into 50 Decathlon stores, Into 18Gym chain in Romania and opens a new Concept MyProtein Kitchen in Manchester. Then on top the Telegraph at the weekend carry an article saying that THG is considering a seperate listing for MyProtein in the US. - Sum effect of all of this. Zero. The share price actually at one point today sank to a recent low of just under 65p at one point and finished just marginally ahead.

Just saying that if he does pull any of the above rabbits out the hat over and above Q3 numbers then nobody can say they couldn't see it coming.

Anyways the RNS is already written and embargoed till morning so we will see in the morning.

Indeed it intrigues OhhAhhCantona,

Comes virtually unannounced so no time for the share price to be further played between announcement and date of update, as normally happens.

Gets announced after market close on what is actually the lowest volume traded day that I have ever known during market hours.

Comes the day after the Telegraph seems to have got wind of a seperate listing of nutrition, and again our Market Makers and market switch into denial mode.

"THG, the former British tech champion, is considering plans to list its Myprotein nutrition arm in the US.

The company is understood to be eyeing the move as activist investors push for chief executive Matt Moulding to spin off the division."

I'll set my alarm. The RNS will already be written and embargoed till 7:02a.m. or near.

The intuitive side of me says somethings brewing.

A seperate listing for THG Nutrition

https://www.telegraph.co.uk/business/2023/10/15/thg-us-float-myprotein-nutrition-business-matt-moulding/

Seems to be a lot going on at THG atm what with a move into:

220 of the larger Sainsbury's stores

Product into 50 Decathlon stores

Product into the 18Gym chain in Romania

The opening of the MyProtein Kitchen, concept Cafe in manchester on Sauturday.

MyProtein has to be the one for the seperate listing.. It alone and THG as a whole are both soooo undervalued.

Ste2000 I think you maybe need to hit the buy button on Kelso (if only as a dummy trade) for if you do you will find you are not buying into a Fund with the Fund management fees on top. As such and all you end up paying is the offer price that is quoted + 0.5% Stamp Duty + your platforms purchase cost. It is absolutely no different from buying any of the 3 they have invested in. You pay exactly the same if you buy into THG - but your risk isn't spread 3 ways.

Additionally the Board of Directors don't take salary and are in a share incentive plan instead which only is effective if they grow the share price (considerably).

Yes also they are entitled to take profits on the shares they have, same as anyone else and they have everyday office and the likes of accountats cost to pay. Looks like come 30th November they will be picking up a 3.1p dividend @ NCC. Unless like at the Works, they successfully campaign to have it replaced with share buy backs.

No problem with anyone buying all 3 stocks they invest in instead as hopefully that raises all the respective share prices, and ultimately Kelso's as well, whilst in the meantime they work their magic on achieving the bigger prizes on each.

Nothing wrong though with them spreading risk and looking to multiply the number of active scenarios they have.

Well if the aim over the last few days was to dip the share price to create volume then your not worng Santiago for nobody seems to have any interest in selling. The volume loudspeaker seems to have fallen silent.

To be fair I'm more interested in the Telegraph article about US Listing and a strategy update.

If we are looking to list in the US then that will value unlock far more than fast rolling out Myprotein Kitchen's.

In fact it would provided the expansion monies to do that and fast rollout a whole lot more, globally.

Just needs the words...

He mentions ESPA where they "typically design the spas, train staff, and keep them stocked with products - we don’t actually run them day to day."

What he holds back (probably for another later Linedin post) is that they are definitely moving instore with concessions in John Lewis and Harvey Nichols. John Lewis, Oxford Street being one. Products and Treatments. dyor.

The day is fast approaching when THG will announce definite plans to list in the US.

Then we start to move to Sum of parts valuations several multiples of here.

That being so then 66p to 68p will be the bargain of the Century for Nutrition on a 5.&X Revenue multiple says over £3 Billion. That's what you should be seeing as a listing price and on its debut.

Beauty and THG Ingenuity for free.

Some nice clarity at Q3 update, i.e. strategy would be most welcome.