Member Info for ThetaDecay

The longer YouGov is at this price, the more I can accumulate on the cheap. I don't see how it doesn't rerate this year.

The rampers are nearly as bad as the paid Fudders on this board. People spamming the same press release, people exclaiming we would see some "pump" after FTSE 250 inclusion, people spamming "simply Wallstreet" price targets (hahaha). I think we are near cyclical bottom here and we should see a slow rise as long as there are no other negative surprises coming up. The only thing that will get the THG price back up if they start to improve their margins instead of declining, if they start revenue growth again instead of declining, at the end of the day, anything else is short term noise.

ASOS and BOO? hahaha. Keep it up Steve :)

Oh and the recent price action? Its noise, just traders who thought it would pump and positioned themselves badly and now are unwinding, i'm sure you know this too.

You aren't getting the capitulation you want. Not everyone expected an instant pump after FTSE 250 inclusion news, index funds buy slowly. In fact, I remember a fair number of posters warning against expecting a FTSE 250 pump but are still positive about the medium term prospects of FTSE 250 inclusion.

The FTSE100 is down 1%, the Nasdaq is down 1.5% premarket, its a bad day for markets in general.

I have my daily broker ratings sheet sent to me each morning. The only THG changes I see are from 10th Feb with Jefferies reinitiates THG with 'buy' - price target 75 pence.

And from 24th January: Barclays reinitiates THG with 'equal weight' - price target 74 pence. That was an update from October when Barclays set THG price target from 92 to 84. So yes price target cuts happened but we are talking about last month.

Steve really trying hard to get the capitulation after a few BB members expected some short-term pump for FTSE 250 Inclusion, everyone knows it never works like that. In fact if there was a 10% pump like ASOS, I would be more worried and see it as a sign of exit liquidity.

Steve, the 75/74 pence broker targets were set last month, there is no official broker changes today, stop the fud.

Wow we actually made it. Feels like the first win in a while

Can someone explain how we can possibly make the FTSE 250 with the recent price swings.

Avon Technologies after the defence pump is ahead of THG, JPMorgan European Growth & Income plc is now just ahead and Close Brothers is steaming ahead now.

How does THG make the cut ahead of these companies now?

I'm adding at these prices but still upset about Search.

Laura, don't know if its best recommending £1 mill biotech companies haha. If you are into Biotechs, I would look at PRTC, only one that seems actually undervalued.

It does seem like management has mininformed investors about the search division, I was expecting proactive changes ahead of the google switch. If I was in your situation I would be livid.

Google is phasing out its AdSense for Domains (AFD) program – which monetizes parked domains – by opting all advertisers out by default starting March 19, 2025​.

This move pushes advertisers toward Google’s new Related Search On Content (RSOC) platform. RSOC requires publishers to have actual content on their pages (bad for TIG), with Google displaying “search terms related to the content of the pages users are reading” and serving ads when those related searches are clicked. Google is tightening ad placement criteria to favor higher-quality, content-rich sites over bare parked pages.

As a result, TIG’s Search division (which largely monetizes parked domain traffic) faces reduced exposure in Google’s advertising network. Previously, parked domains would automatically display search ads via AFD, but under RSOC, domains need relevant content to trigger related search ads. This likely diminishes the visibility and “ranking” of TIG-managed parked pages in Google’s ad auctions, cutting the flow of paid search traffic. In turn, the revenue per visit (RPM) that TIG earns from domain traffic is expected to drop significantly in the near term. TIG has acknowledged that it “cannot accurately estimate” how many advertisers will opt back in or what the impact on click prices will be. (TIG probably know but understand its absolutely destroyed their business).

Team Internet’s leadership portrays the RSOC transition as a temporary setback.

This does not seem like a temporary setback to me. This is striking at the core of TIG’s Search business model. Personally after digging into it for a few hours this morning, I dont see how this temporary at all.

My only thought is they see Search as dead with the google changes, even though management say they expect a turnaround in 2026, there is a chance search is permanently in trouble.

"RSOC arbitrage is a strategy that uses paid ads to attract users searching for specific topics and then directs them to relevant monetization pages.While traditional SEO is all about ranking high for valuable keywords in search results, RSOC arbitrage brings in visitors through paid traffic and guides them to carefully chosen content or search pages.".

We have known about these changes for a while, why do TIG expect the decline through the whole of 2025? Why weren't they prepared fully?

Still, I'm a buyer and TIG is undervalued even without Search.

Superdry was a failing company with extreme levels of debt and falling revenue. Yougov is not comparable in any way

Well according to them, the Google changes are going to cause a significant slowdown in search until 2026. That's not news I want to hear after all this preparation.

Still, I never fully expected the offers to come through, I said I would buy back when it drops again and see the 60p range a good price for this company even with managements f up over the last 6 months. I only wished I was more active and sold my lot in 120's to buy back now, I guess I didn't want to sell in the chance a deal came through. I'll buy accumulating slowly in my monthlys.

If THG doesn't make the FTSE 250 this time round, its even less likely they will make it in September when the FTSE Index thresholds are changed. "From September, shares which trade in euros and US dollar are to be considered for potential inclusion to the FTSE UK Index Series"

This would mean shares with a lot higher market cap will start taking slots in FTSE100 and 250. Just of the top of my head I can think of Dalala Hotels, Georgia Capital, NBPE, RTW, Cordiant Digital Infra that would easily make the FTSE250 ahead of THG with these listing changes.

I don't know how much we want to blame MM for this recent drop. To me it feels like we have relentless selling by a group or individual that is out of MM's control, sure we need better PR and more active involvement from the board but this dive down from mid 40's to low 30's feels forced and I doubt MM is behind this.

Moniman, The market can be wrong in the short term. Either they were telling the truth and the market should re-rate at some point or there is something else going on behind the scenes that we don't know about thats causing this market reaction. I just find it strange how the market is valueing THG at P/B 0.45, P/S 0.23 when they aren't a shrinking or business and their FCF is going to be positive. Its like China shares valuation.

I can't see a reason its going bankrupt but the market is pricing it like an extremely distressed shrinking business, not a business with a solid cash balance and positive FCF in the coming years. I mean we are nearing Equity = Cash in balance sheet, its got a Price/Book of 0.45, a price to sales of 0.23. I mean its either criminally undervalued or its being priced at extreme duress.

Do you think we see the 20's now? Its obvious we have some big sellers, probably funds and no one stepping up to buy. A £400 mill market cap for Beauty + Nutrition is starting to feel like its getting priced for bankruptcy

Where are all these shares coming from