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Boo only a few pence behind the hut. Was a difference of about 20p early jan
The share of the fixture and shelf they have secured is not great. Shelf they got is mainly top or bottom and not middle, and it’s not well brand blocked. Plus only a small range and very limited bars. Not sure what flavour drops is doing
What’s amazing is all other e-commerce players have t risen in the last 10 mins to 3-4%. Just zero support for Thg, even when ceo does a good update
Not a level playing field
Think you chaps jinked it with all that talk of not holding a rise etc
Paranoid …. Best to not watch minute by minute.
Thg trend is dismantled. Moulding post was excellent but didn’t help break many MDA
Oke, good point but worry, knowing thg, is they are probably producing for 3rd parties at cost or for a loss and may be stopped in the review
If they only made circa 10m unadjusted ebitda in 22, then it can’t be too profitable and in fact manufacturing private label never is
Licensing however is very profitable
Guys, moulding in linked in makes it clear
The Myprotein team sign off on range, nutritional content, taste, design and packaging, while Iceland takes care of the rest. The initial range focuses on frozen meals, with Pizza and Ice Cream ranges launching in April.
The mypro range in Iceland is the IP of Iceland - so thg cannot simply take these products and sell in any frozen food retailer
SP continues to hold up badly versus market
Any small movement instantly sold into. Market makers struggling to get volume to fill their sell orders
Probably as it’s the average analyst price and what a lot of them have pegged. Sp was always going to this at best, at worse, not sure but don’t see lower than mid 40s tbc
The company just needs to give the investment community a reason to invest. I closed by short at 53.9 earlier as there is a chance of an ingenuity update this week (if doesn’t happen, may reopen until a bit before results)
Oke, is that the new cfo plan - to use FCF to pay off debt and not keep paying over the top for crap acquisitions?
I would endorse that strategy (esp with interest rates so high) but seems too snowblower for Mould/ thg
On q4 - there is a watch out . 50m FCF was only achieved through a 7 stock reduction so I still don’t see thg as a FCF positive foaming by a long start h. They can only achieve with inorganic actions
Just read ABF results - well run company esp Primark
Unlikely but imagine if tjg ingenuity got the contract to drive primark a digital aspirations!
Thg fell more than double boo/ asos on Friday but is up less than half of them today
More skeletons coming?
Not this again
Cash is a little over 300m
Loan facility is. It cash
Debt is 500m
Net debt is 200m going to 160m after asset sell
Ingenuity os currently less than zero and it is highly FCF negative our running it loses money (oke can shared this well
Thg is valued at circa 10x ebitda - what’s unfair about this as it’s currently FCF negative / not achieving double digit growth and hasn’t published guidance
That drip shows how little control thg have over their share price
Marshall wace own this company’s direction now
It’s sad to see but it was obvious and I did inform when I opened my short (to go with my long)
Absolutely no no no faith in moulding
This is a valuation for a different company Bob. Not one that has been made for Thg.
It’s simply your valuation
No Dg, that would be silly. They ve walked. First the cornerstone early investors at ipo, then black rock, then Rowe price, then Jupiter, then SoftBank. Even sir Tom Hunter more than halved his holding.
That said, it’s in the past. All Thg need to do to unlock shareholder value is
1/ replace moulding with experienced pro ceo
2/ deliver their guidance
Certainly is very old news Bob (from 2018; we re in 2023 now mate).
Sure M&S would love Phil greens 9bn bid again
I think Liberum sum it up nicely - it’s just so hard to trust what moulding and Thg say and what they deliver
Analysts at Liberum warned : “The key risk for investors is the level of confidence they can place on the 2023 guidance and the ability of management to deliver on its promises.”
Reading between the lines, he’s vetoed the bid, as they must have bid with him remaining in, and he didn’t want to accept, as all the rest of us would have been bought out, Sofia and baldreton etc
I never believed the guff about shareholders not accepted. After this Rowe price, SoftBank and Jupiter sold circa 23% of Thg total shares for way way less
All very dodgy to me
Yeah good point. It was a retake over so the bidder would have taken full ownership. Good spot and again another false truth/ lie from moulding
Why would it bother any of us and him, as it was hostile takeover ie not invited by him or the board