Member Info for Rock8

VGTSX - Vanguard Total International Stock Index Fund Investor Shares reports 16.12% decrease in ownership of SFOR / S4 Capital plc

On September 27, 2024 - VGTSX - Vanguard Total International Stock Index Fund Investor Shares filed a NPORT-P form disclosing ownership of 5,497,235 shares of S4 Capital plc (GB:SFOR) valued at $295,201,520 USD as of July 31, 2024. The entity filed a previous NPORT-P on June 27, 2024 disclosing 6,553,859 shares of S4 Capital plc. This represents a change in shares of -16.12% during the quarter. The current value of the position is $215,931,391 USD. VGTSX - Vanguard Total International Stock Index Fund Investor Shares reports 16.12% decrease in ownership of SFOR / S4 Capital plc

On September 27, 2024 - VGTSX - Vanguard Total International Stock Index Fund Investor Shares filed a NPORT-P form disclosing ownership of 5,497,235 shares of S4 Capital plc (GB:SFOR) valued at $295,201,520 USD as of July 31, 2024. The entity filed a previous NPORT-P on June 27, 2024 disclosing 6,553,859 shares of S4 Capital plc. This represents a change in shares of -16.12% during the quarter. The current value of the position is $215,931,391 USD.

On the 27Sept 24 Vanguard still hold

NOT sold

hTTps://fintel.io/so/gb/sfor

PUBLICIS

hTTps://www.marketscreener.com/quote/stock/PUBLICIS-GROUPE-S-A-4685/news/Publicis-growth-target-raised-for-2024-48095268/

The share price decline is not machiavellian but the market has genuine concerns.

1. Level of debt left with remainco.

2. Continued declining sales in the high margin Nutrition division.

Unless things improve fear of another cash raise?

Things not likely to improve until 2025 according to Matt?

Any ideas what’s going on although assuming it’s not THG related?

Maybe they will change their mind if it continues to drop?

Who knows?

Just for clarification the new shares issued were THG not Ingenuity.

It was a cash raising for THG.

QIA just dont want anymore THG.

Sure they have their reasons.

So a few insiders did buy so at least they are locked in for 90 days.

Apologies

Thanks for clarification.

Selling

Surely Mike Ashley has tipped him back over 50%?

HTTps://www.thedrum.com/opinion/2024/09/19/food-thought-s4-s-net-revenue-falls-135-and-next-15-loses-key-client-contract

Click on audio version as not behind paywall

If it gets that rerating THG will be viewed as very very cheap but they might need more evidence which might not be provided until early 25?

I was hoping Q4 24 would be the turning point but Matt seemed less confident on the conference call.

He just pointed to a strong Beauty division performance in Q4 24.

Hopefully that might be enough if very strong?

He will certainly need to deliver by Q1 25.

To be fair he has turned the corner with the Beauty division and is now delivering the numbers although it was never a high margin business like Nutrition.

Also falling Whey prices and currency exchange rates should also provide him with a tail wind for MyProtein in Q1 25 and actually throughout 2025?

Let’s hope so but it isn’t going to help support 2024 numbers.

Re-Rate delayed until 25? That’s a risk.

It’s difficult for me to comment as I am not a user but Matt has certainly built a strong, recognisable, high volume and established brand - With historically high margins!

Matt believes the numbers recover in Q1 25 but they will need to at recover to at least Q1 23 levels plus some growth to convince analysts. That might possibly delay any expected company re-rate post demerger?

Yes they are good deals (licensing deals) for many reasons but won’t replace declining sales on or off line for that matter.

That’s all I meant.

It’s standard practice to increase share price stability although not sure it will make any difference here.

Only shares that are locked up for 90 days are THG insider allocations.ie. staff, directors, NEDs etc.

Standard practice although sometimes 180 days.

Licensing deals are nice as no work but extremely low margin so sadly worth duddly squat.

MyProtein lost high margin online sales (mid double digit) although some of these have been replaced with lower margin retail sales.

Is this decline structural , MyProtein specific (due to competition etc) or due to their rebranding exercise which started Q4 2023? - The jury is still out.

Their sales decline is largely responsible for the severe share price falls since late last year.

Sadly Matt’s not making the numbers up but is insisting that things will improve soon? Matt has mentioned Q1 2025.

Analysts aren’t convinced and are increasingly concerned about Q4 sales.

Apologies it is columbus day and a US Holiday but US markets are open.

hTTps://eu.usatoday.com/story/news/nation/2024/10/14/columbus-day-2024-holiday-nation/75619078007/

My mistake

Last Thursday’s offering was for THG shares (same as all other THG shares already traded).

Nothing more.

It was to raise additional cash.

Simply that.

It’s unfortunate in a way because it has confused many but at the same time they also told us what they currently intended to do with the cash raised.

That’s actually not legally binding but an intention.

Lots of confusion on this BB