Member Info for Ste2000

well said kando, the SP drop (now 20p from this time yesterday) is testament to what you have written

the new ingenuity wins were also pathetic. broadly some indian companies and some pie in the sky deals. like what is the PWC partnership actually going to do
so boots did get away. any cityspy lie

its not the MM, there is no one buying. the results were terrible, and represent now a 5th profit miss in a row. then they have 'lost' 300m of assets.
shorts remain in control of this; i think this is going to be a very painful saga

ps THG bascially ignored all of Kelsos recos
no share buy back
golden share is not going early
premium listing still has no definitive timeline

sorry but this sell of proves to me apollo aint bidding or the bid aint going ahead. its dropped 20p in one trading day, and is effectively only up 10p

yes, but they have 100m less inventory than SPLY, so its inorganic
the p&l for 2022 was bad, I dont see nay positives

i m surprised it hasnt managed any sort of rebound since the Call at all - shows how strong the shorts have it. mould really needs to accept a PE offer, or this will not change in years on THG (lack of ) fundamentals

yeah it wasnt great - in plain english, they paid way way way too much for acquisitions and they have been written down
reflects bad on management decisions, and another nail

hosai - i think the 300m loss of assets has trumped the 20m less debt unfortuantely

Kando, the impairments were from beauty so i assume it was for the ridiculous price thye paid for cult beauty and dermstore - you can see on the p&l intangible assets have fallen 20% YOnY - its a big thing

maybe oke, but you would think the City know this and would be loading, where today its clear its sellers in control

yes with you there, would be strange for that not to happen

i agree on your analysis of Apollo my concern is the hut. 1/ how do you get hold of lord lucan, 2/ how do you even have a discussion with that fool mould

the lack of SP rebound suggests to me the market is utterly discounting any offer from Apollo. this happened last year with King St and Candy, so makes sense to be skeptical here

its just the range algos are set at, as normal. nothing more, nothing less

good point on the watch. the pric cant help himself can he. unfortuantely he will never leave so we just need to hope apollo are so cash drunk they put in an offer that helps us leave him on financially good terms

really?!! did you fall asleep in the bit where they couldn't even answer maintaince capex questions

Goldman stopped coverage of THG a while back - so actually a bad sign as they are no longer interested in it
RBC recused themselves from sell side for now
barlays/ jeffries and Citi cannot due to TO

theres no offer

Kando, could not agree more. the fact they didnt even share a path to FCF neutral without their usual passive aggressive nature shows they will miss it. I have it as a 30m FCF negative (best case)

just in freefall - market has woken up, smelt the poo of mould and dismissed any bid speculation
how does he get away with these lies

the more you read the update, the more a horror show it becomes
no growth in ingenuity and beauty + almost 1/2 of a billion impairments - for beauty this reflects the poor buys at way over market prices
impossible FCF neutral equation and poor answering of very simple questions in the analyst call
apollo starting to feel more and more made up
shorts in utter control - as ever
SP showing no backbone
fear that mould is so arrogant a deal is impossible
most of kelso's asks ignored (share buy back/ early premium listing/ GS removal immediately)

honestly not sure THG is even a viable business model anymore - why bother selling 1bn of beauty for 30m ebita...thats not even profit btw