Member Info for Sp28

Www.financialexpress.com/business/brandwagon-myprotein-launches-tareeke-anek-maksad-ek-campaign-ahead-of-independence-day-3202309/lite/

Seems like a lot of activity in India recently.

Market potential and growth could be insane!!

Matthew Moulding - £10,231,988

Charles Allen - £1,511,855

John Gallemore - £447, 979

Susan Farr - £49,994

Total - £12,241,816

Has any other company on the LSE had this level of Director buys? Serious question.

This is just pure cash buys out of their own pockets, no handouts etc.

Because what I find extraordinary, if any other company has even a £50k Director buy, you normally get a big bump up, but with the fugazi here £12.2 Million, and we have hardly ever got a reaction like other companies get, got to make you laugh/cry LOL

Said it then, will say it again, a super smart move, totally underestimated by most, and naysayers (plenty at the time) simply dont get it!

Tens of Millons spent on advertising, and now those £££ gets shifted from THG to guess what THG again, net effect for THG internal spend on ads through City AM will be NIL, totally visionary, absolutely blind sided the city, nobody had a clue or even got a whiff.

The massive cherry on top we have the tech division which is Ingenuity, a full roster of top FMCG clients and hundreds of other retailers who would want to advertise, and we can tap into it just like that. Eg Expect Nestle, Coca Cola, Matalan and Maximo product ads coming to a City AM near you!

Not even going to go into all the non monetary benefits City AM will bring to THG and MM.

City AM will become the "go to" business media for thousands, most media outlets are ruined by the "dark arts" whether business/politics etc, people are totally fed up, they dont want to read the pond scum narrative anymore, no late night phone calls for running a certain narrative here, MM will turn City AM into a breath of fresh air.

THG paid a measly amount for City AM, payback period will be rapid.

My thoughts have been quite simple:

From MM's post lets say current valuation simply values Ingenuity.

How can 2 major divisions then be valued at £0 or close to £0, there is no logic.

It's not an argument that THG Nutrition and THG Beauty are currently worth £1b each, and it's a question of is it worth £1.5b or £2b or more etc. Its the fact that it's valued at next to nothing which has made it the easiest investment decision for me. BOD/Kelso/multiple PE firms all agree, THG was worth £3 a share 5 years ago! Its a totally different company from 5 years ago. Its a much stronger company than IPO @£5, much stronger than £5.96 Softbank deal, and much much stronger than when it reached the highs @£8+.

Ignoring the fugazi market, the only "real" value marker is PE/M&A/US peer. We know less inferior nutrition companies attracting valuations from 5-11x revenues.

At the low end 5x valuation, Nutrition alone would be valued at £2.80, here lies the problem, we are so far away, it's totally mind boggling. How much is MyProtein brand valued at?

You then have Beauty division, and can have the exact same arguments, owning several major brands inc ESPA & Perricone md!

There is something very wrong, seriously wrong, they have options, many options, it's all about an unlocking event, whatever that maybe. Most realise this, and are not even contemplating at selling, MM is now very vocal, the trolls now have zero impact, and most gone into hiding. They all know whats about to happen here, including the shorters, it's just inevitable a massive rerate is upon is.

DYOR

CVC Only 2 weeks ago...

CVC raises €26bn for largest buyout fund in history

https://www.ft.com/content/dc45174f-532e-42b2-a0cd-521f77261d22

Looking at the charts some people talk about cups, handle, wedges, flags, and allsorts I can see like a Burj Khalifa or Kingdom Tower about to be formed Lol ;)

Whichever way you cut it, it can never ever explain this disparity LOL......

Thg Beauty

Sales £1.25 b

Market cap £0

Elf Beauty

Sales £620m

Market cap $7.3 Billion

Thg Beauty

Sales £1.25 b

Market cap £0

Elf Beauty

Sales £620m

Market cap $7.3 Billion

A 2 year old can work out something is very clearly wrong here.

Note: Totally understand there are other factors here, but something looks seriously wrong here, a total disconnect is an understatement, how can this division be valued at nothing, it's beyond belief!

Forget the 10x valuation elf has, just for starters just give THG Beauty x1 valuation, and it's 100p added to current share price straight away, hence why PE are knocking, and separation would instantly unlock value, or for that matter any other corporate action.

UK market is officially dead.

Completely forgot about them, but just read, last week they built a stake over at Dr Martens!

https://news.sky.com/story/activist-fund-sparta-builds-stake-in-dr-martens-after-share-price-slump-12929833

https://www.retailgazette.co.uk/blog/2023/03/thg-activist-investor/

Must have only bought in a small amount like Kelso, but unlike Kelso not heard a peep from them since. Is Frank Tuil engaged and working with the BOD? We have had multiple gamechanging news since it was 1st reported Sparta jumped onboard!

Exactly like Wood Group we did very quickly see an Apollo bid several weeks after Sparta joined the party!

@Manifesto

I do agree with a few of your points, however there is some misinformation and misunderstanding on some of your points which you keep and reiterating.

1.

"MM is just an employee..Fact"

Figuratively speaking, yes. IMO Total misunderstanding. Eg Like saying Rishi is an employee of the people and the state, but he wields more power and decision making authority than most if not all!

Hence, reality and truth is totally opposite of what you say. He is not "just" an employee. He is CEO/Founder/Largest shareholder, with more knowledge of THG than anyone else, and more decision authority than anyone else, wielding 99%+ approval at AGM, he is THG. Just read some of the Institutional Investor notes from Sofina & Balderton why they invested, one of the main reasons is HIM, thay have invested in Matthew Moulding Inc. Whether you like this or not, it's a different matter, we all have choices where we invest.

2.

"IMHO MM will never get the most out of THG for shareholders as he cannot face the idea that it would be more commercially successful if split up"

Total misinformation here.

As CEO & Chairman he initiated and instructed the separation, which would allow THG optionality. Spending tens of million to get this done succesfully under the original timetable, something this complicated should not be underestimated.

Original plan WAS to separate Beauty and have it listed on an exchange. So he did want the separation. What I am not happy about is having said that, nearly 2 years on, and it's not happened, like many other things. Looking back when this statement was made in Sept 21, share price was £6+, as we all know since then through allsorts of very different reasons, share price quickly fell, so a totally different environment. Even before Ukraine war/cost of living, pond scum and fugazi dropped it from £6+ to £1.20 in just a few months.

However it is now all coming to a head and this is getting sorted one way or another. All governance issues have now been fully dealt with. It's all about the unlocking event, whatever that maybe. Quickest and easiest and most effective way is separation, this is exactly what a PE firm would do, and this is why they are all interested, MM said this himself in his last post!

Ultimately I do agree with your final remark, he needs to unlock value for shareholders asap, or PE firm will do it for us. He has a fiduciary duty to maximise value for shareholders, SO FAR, he has totally failed. Hopefully Apollo and other PE firms have given him a kick up the backside, and this changes quickly for LTH.

Albeit saying all this, most likely outcome by far is MBO, we all know he hates the markets, hates everything about it, therefor for the life of me cant see him having 3 separate listed companies, operating "like swimming through treacle" would take on a whole new meaning. Lol

Its simple, if I hated the BOD and CEO like some, I would never invest, there is a choice in life.

IMO,

I know we have gone over this a million times..

1.

Management Buyout

Take it private again. Most widely accepted scenario. All recent activity points in this direction, It's what MM wants, and will make him the happiest, away from the limelight and grow the company.

However there are a number of other credible options.

2.

Separate the divisions.

With currently 2 divisions assigned next to no value, with all 3 divisions listed separately, market cannot ignore the value. For us shareholders this may be more accreditive than even MBO! This was the original plan. Originally mooted in H1 2021 update in Sept 2021.

In one of MM's most recent posts he delves into this idea of separate divisions, he said each division would be worth more than the whole market cap today. Kelso repeatedly also seem to be calling for the separation of Nutrition!

https://www.investegate.co.uk/announcement/rns/thg--thg/interim-results-for-the-half-year-ending-30-jun-21/6865324

3.

Sell 1 of the divisions.

Sell at multiples. 2 divisions are assigned no value. Sell one at M&A multiples, and instantly unlock the value. IMO very unlikely. If its any division, it would have to be Beauty. Nutrition potential as we have recently seen is off the scale. And Ingenuity is the golden goose.

4.

Sell to PE.

Unlikely, but still possible, akin to a take private really, main holders would have to roll in etc. and cave into all of MM's demands. Outright sell to a PE, unless they drop an insane amount, no chance.

5.

Premium listing.

IMO very unlikely, definitely not in its current form.

6.

List Ingenuity in the US.

A good possibility. US understand tech. They appropriate a much higher value, and appreciate it more.

7.

Sell an equity stake in a division.

Like Celcius and others.

Sell an equity stake at a huge premium in one or more of the divisions. Eg FMCG like Nestle buying 20% of Nutrition at 7x revenue multiple, or Tech firm buying into Ingenuity, it would underpin the market value.

MM knows status quo is not an option.

Absolutely nobody knows, but whatever happens, I am super confident THG will not exist in its current form within the next few months.

I think most now know this with all the major news eg ICON Sold, GS gone, Dubai investors meet, all of MM's posts etc. With GS gone, time is ticking to drive the value up, otherwise it will always be on the radar of giant PE firms, as with all the possibilities above, they can inact any of the options and multiply the value instantly. Path is easy, Its either MM does it himself, or worst case for MM PE firms will do it for him, as a shareholder, i'm not bothered as long as maximum value is realised.

Have I missed any options??

Couldn't help reading this everywhere. A few musings...

With the cost synergies, instantly profitable!

British paper owned by a Brit, you can't say that too often. Someone who has tried to do his best for the UK, but vilified instead!

Perfect business fit for not only THG and all its brands, but all Ingenuity clients, from his LinkedIn, Vivek closed the deal.

Absolutely no one had this scoop, no mutterings whatsoever, a bolt from the blue. Shows any news can drop anytime without any warning.

Without some serious serious influence, you dont buy a media outlet like CityAM, at a negligible cost, there would be a long line of takers, domestic and foreign vying for influence and a pet trophy! Not quite sure how he's pulled this move off. No doubt Lord and Co must have had some input here.

He can change the narrative, has his own indirect mouthpeice now, going out to the masses. Editorial independence, yeah heard that one before Lol

THG friendly MarkK (seems like the only one lol) from sky news is also a reporter for CityAM, uncanny coincidence!!

Just some of the comments on his post tells you all you need to know - smart, visionary, fantastic, genius, interesting, huge, powerful...

Trolls will be finding all the negatives as always (not looked back at anything today), it's their job, just from a business perspective, fantastic move, rather than line someone elses pockets, line your own instead. He has no operational input, like he says plenty of people with much more expertise in this area.

Opportunities are endless, THG Inegenuity via its high tech division (valued at nothing by the market ;)) can totally transform CityAM and its digital offerings.

Buying into THG, thought id be buying into 3 different businesses, never in amillion years thought would also be buying into Media, however big question, for how much longer, is this another duck lined up??? As MM says, Watch this space ;)

Whether you like him or hate him (dont understand the "investors" that hate the CEO with a passion, thousands of other companies out there! But we know its just fugazi and pond scum, investors my axxe, posting a million times a day hating on the CEO they claim to be invested in LMAO), one thing you can say about MM, with everything thrown at him by the pond scum, BALLS OF STEEL. He doesn't care what people say or think, he has got to where he is, by being HIM!

Lastly, MM seems like he's on holiday, he did say Florida next after his Dubai trip.....

Sanks/goodtimes/northwich/StE55/all the other aliases you have.

How old are you? You sound like a total stupid moron. Its baffling how stupid you are. Even a 5 year old can set up multiple account and become a keyboard warrior, so dont start patting yourself on the back for that lol. There are massive holes (craters) in your passage.

'Only after a full year of accounts you say'

Yes all M&A deals take place after a full year of accounts Lol what about an MBO? Yes MM will wait until you get back in Lol

'PE will only buy when it becomes profitable again'

Why were Apollo then interested LMAO

Offering SIGNIFICANTLY more than 68-70p just for Ingenuity.

'You were long term until recently'

Loooooooooooooool

All i smell is bullshix and total absolute desperation, action speak louder than words.

Hardly many LTH's remain, no amount of FUD by insane people like you is going to move there thoughts 1 millimetre, a thankless job the trolls have.

Il let the others have a field day with you. Off on travels now for a few weeks, a place which MM loves ;), no input from me unless a major news story breaks with Sky News ;) lol. Obviously trolls will never take time off, shift work aint easy ;)

DYOR

Boom, quite simple, as the CEO has pointed out endlessly now, for many different reasons the market is completely broken for THG. How can it be valued at say 68p, yet a PE firm offers 3-4x or even more, why is the disconnect so vast, something is fundamentally wrong! Currently 2 out of the 3 divisions are valued at £0, why??

Hedgies are totally blinded by their hate for MM. However last several weeks has seen a total change in sentiment, and shorts have backed off, II expecting a capital event with everything leaking out of THG recently maybe hopping onboard, who knows!

Also agree with the cloaks and daggers with previous bids, however with GS gone, if PE come knocking say tomorrow, its a completely different ball game now!

Lets see how it plays out.

ATB

@Boom16, with regards to SOTP.

With all due respect, what you fail to recognise, THG will move towards SOTP if the LIKELIHOOD of a capital event taking place is very high. Cannot be 0% (no capital event), rocket to SOTP valutation at 100% instantly when and only if it happens! Obviously just doesnt work that way.

Key question is what are the CHANCES of a capital event with THG with all the information we know? SUPER HIGH, 80-90%? Some would argue even higher towards 100%. With all that we know so far GS, ICON, Dubai etc, also CEO categorically stating he absolutely hates the LSE (see zstarz post below), wants to take it private, each division on its own is worth more than todays share price etc etc !

Which is why Liberum very quickly switched to SOTP valuation and stayed there. Kelso have mentioned other analyst have also now switched to SOTP valuation!! And we know Kelso have been calling for a separation of Nutrition all along.

So yes, any other company, and valuation wouldnt be based on SOTP. However THG are in a unique situation with 3 separate divisions with all divisions totally separated early last year, we have huge value trapped, all PE firms knocking, CEO hates the market, ball is in there court how to unlock the value, no one has an idea how this unfolds, but most would agree something big is coming, inc the analysts and market now.

With all the recent FUD activity turning exponential, its the biggest signal lol yet, someone wants your shares desperately, this alone takes me from 90% to 100% chance of capital event on the horizon ;)

Famous qoute......"There are no coincidences, only signs of alignment" now its a case of "Its too coincidental to be a coincidence" LOL

LTH's will all look back (fingers crossed), and say how obvious was that Lol

IMO DYOR

Quite clearly a short attack took place yesterday as many have already commented. The sale of Ondemand was fantastic news.

We have some toxic people amongts us.

Rock8 posted around 35 times yesterday, more than 10% of all posts, quite some feat. Atleast 4 times in the last dozen posts, leaves a lingering doubt something doesnt come out in the sunday papers! Lol. If you religiously hate MM why dont you invest elsewhere?? Its quite puzzling, thousands of other companies out there with text book CEO, you would be so much happier!

Goodtimescoming/sanks(from advfn). As it started falling through 100p, he gave up on advfn and went into overdrive here, a post every several minutes. Last post at 16:31 LMAO. Obviously time to log off work when market closes ;)

I know its not accurate, but there were 4.5m buys vs 3m sells, yes perfectly explains the 10% drop LMAO. Some of the fast money was collected yesterday on a total non event, just some house keeping before the main event.

DYOR

A very good trading up, way ahead of projections, massive multiple tailwinds in play

Golden share relinquished early!

2023 FCF neautral, so £470m in cash, another £170m available

Huge director buy, £500k from a very stingy director Lol

MM sells property worth £250m releasing a huge cash pile, very suprising. Where and how will this cash be deployed?

MM goes to Dubai to meet investors, usually only conducts online meetings, rarely even goes to London!

MM posts about the Middle Eastern countries with huge capital to deploy

Apollo Bid. Valued Ingenuity alone at maybe todays share price, maybe even more, who knows! Were willing to go even higher than their initial bid!

Libererum went straight to 220p SOTP valuation

THG Sell Hangar Building at Manchester Airport

Kelso joins as Activist Investor. Maybe atleast 20+ Highly experienced, wealthy succesful businessmen, many Chairman or CEO's of other companies. They piled all their initial investment in THG. Most recent note...

https://www.investegate.co.uk/announcement/rns/kelso-group-holdings--klso/investment-in-thg-plc-update/7629620

Kelso point out inferior Nutritional company M&A is happening at 5-6x revenue multiples, THG Nutrition would be worth £3-3.5 Billion. Currently valued at £0 (ZERO), Nil.

Ingenuity pick and pay global partnership with Autostore

Ingenuity partnership with GOAT India

Matalan Live on Ingenuity

Ingenuity 10 year partnership with allbeauty

Ingenuity partnership with PWC

Ingenuity x Symbiome

Ingenuity partnership with AND Digital

Ingenuity x BigCommerce

Ingenuinity x Elastic Path

Ingenuity x Age verification company Yoti

THG Studios x Overlap Set

THG Studios winning multiple awards

THG CIO Voted No1 in the UK

New York Autostore completed

New partnership with Iceland

Myprotein Frozen meals and Pizzas launched

Sold 1million plus frozen meals in just a few weeks

Myprotein Icecream launched last week

Myprotein Icecream Bars, Cereal, Cheese and Yogurts and more to come soon

These Myprotein items will then be made available in other supermarkets and internationally

Myprotein In 20,000+ convenience stores in Japan and Asia

Myprotein in 2 of Germany's largest supermarkets

Myprotein made available in retail stores in Spain, Portugal and Denmark

In UK, Myprotein available in Asda and Morissons

Myprotein largest brand created in the UK in the last 20 years

Myprotein vending machines at gyms

Myprotein frozen meal vending machines a 1st.

550 ESPA Spas around the world, opened the largest Spa in the World in Qatar

Creed with just $250m revenue got sold this week for $3.8 Billion. THG Beauty revenue in 2022 was £1.2 Billion!

2 new heavyweight BOD members with extraordinary experience

Derampers have vanished! We all know who they are, everything they said were pure out and out lies!

Shorts have backed off.

MM's infamous video slating the City, and saying he

Myprotein has been mightily impressive, last 6 months have been immense, with new product launches, new channels and new territories, myprotein brand is becoming an FMCG in it's own right! It is actually mind blowing. It's like a different beast from 6 months ago, truly transformational. Cant believe its valued at nothing right now!!

However do not underestimate Ingenuity, its a powerhouse, underpins everything THG does. Most companies just about manage their own capabilities, what THG has created is unique, to then be able to provide the same suite of some/all capabilities for the likes of allbeauty, Homebase, Matalan, Coca Cola, Nestle, Modalez and hundreds of other companies etc is super impressive.

In this industry or any other industry if a company had to provide a similar service to the other market participants, they would self combust immediately, they just wouldnt have the capability, they wouldnt be able to even scracth the surface. Just some of the tools and infrastructure Ingenuity posseses:

Fulfilment

Security

Translation

One of the largest Studios in Europe

Infrastructure

Hosting

Marketing

Influencer

Glocalisation

Fraud detection

Everyone forgets about THG's own 35+ data centres around the world...

Ingenuity Cloud Services (130,000+ customers)

https://www.ingenuitycloudservices.com/

And now they have created out of the box solution for the Autostore bots setup for any other company to install globally, IMO the Ingenuity division has been misguided a little bit, misunderstood, led by Vivek now its powering ahead, hence why Apollo were willing to pay £1 Billion+ for Ingenuity.

They just need to unlock this value.

Https://mediabrief.com/myprotein-expands-and-diversifies-product-line-with-new-flavors-in-india/

Good to see continued global expansion, especially in a huge market like India, right now with Myprotein launching new products and reaching out in new territories seems relentless.

What THG excel in through Ingenuity, glocalisation...

https://www.myprotein.co.in/

Liberum, the independent broker, continues to re-emphasise its 225p target value, over two times the current share price, but it is also encouraging to see other analysts increasingly refer in their research to higher potential price targets centred around the sum of the parts valuation.