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Wise increased the headcount massively according to the last report.

I think it was like 1000 people within the last 6 month which resulted in increased administrative cost of +27%.

So there is some uncertainty that the accelerated investment in headcount and marketing actually also leads to accelerated growth in user/revenue

Did Damian Sanders said that they are expecting FCF to be 20-25 million NEXT YEAR when asked about FCF? Can someone confirm? Or did I misunderstand that part in the Q&A.

MM really accidentally said that Nutrition isn’t profitable currently lol

The "cash generative" is the important part.

A company can be profitable on paper, but cash flow negative

Any "one-offs" which could surprise us negatively for FY2025 results?

Even if THG Nutrition doesn't make any profit on offline sales currently, FY2025 should be profitable, right?

Well, MM said "just don't lose money" on MP offline sales - i hope they actually didn't lose money on it...

MM said in the interview with Peel Hunt that they want to become category leader in the retail stores they are in now and "just don't lose money" on it.

So they are sacrificing margin in hope to get more shelf space later. After becoming category leader they want to increase prices. Are the products or the brand still competetive in the long run after a price increase? That's the question.

On the Snickers Protein Bars are no MP logo. So Mars just use the MP website as distribution channel.

Surprisingly the new Snickers MP Impact Whey is only slightly more expensive than the normal Impact Whey:

27,99 vs 25,99 (without discount)

The Snickers Protein comes in a tube instead of bag - so MP sell them basically for the same price.

Good for us consumers - i will try it as soon as its also available in Germany.

I would guess that they will rise the price in the future, because margin on Whey Protein is already quite low. Now imagine you also have to give Mars a share for licensing.

@Rian

Yes, i also hope that the Mars x MP Collab products will be more succesfull than the already existing Mars Protein products.

About the pricing i am the most curious about, because existing products are really expensive.

I would guess that the Mars x MP products are defnitely more expensive than the regular MP products, because MP has to pay a licence fee to Mars probably.

With the information available so far, I am personally quite disappointed of the Mars Collab news.

I don't know about UK, but in Germany there are Snickers / Mars Protein powder already available big supermarkets.

So the only difference is the MyProtein logo on the packaging...

Mars/Snickers protein bars also exist already, but they are really expensive compared to other brands

Totally agree with Ancaren.

Revolut subsidizes their cross-border money exchange with their subscription model.

They can't offer that service for insitutions like wise does.

Revolut and Wise are competing in the personal and business banking field, but not cross-border money transfer field.

Never heard about Warrington Wolves, but i'm also not into Rugby and from Germany (Rugby is not a thing here).

I don't know why people are getting excited about becoming a Sponsor of someone...

I would like to see some profit / cash flow positivity for the first ever time before increasing spendings...

THG plc or THG Ingenuity should consider changing names.

Make a clear cut.

Solid results - revenue wise at least

Unfortunaltely no information about margins. No re-rate until THG reports profit/FCF.

The low margin is wanted to keep the SP low so he can steal MP for peanuts as he did with Ingenuity.

He hinted (was it an instagram reel?) that he would be glad to take THG RemainCo also back ;)

Correct me, if i am wrong.

In December MM can convert his loan into shares, right? He would exceed the 30% mark and is eligible to make an takeover offer which has to be at least the highest price he bought shares for within the last 12 month?

Yes yes, either he's preparing the biggest short squeeze in LSE history or he's preparing to steal THG RemainCo somehow .

I bet on latter one.

He said the 400-600million Selkirk bid for Myprotein undervalued the business.

But don't forget what he also said back then about Ingenuity (Apollo bid ) :

"Their latest view on Ingenuity had it as being significantly more valuable than the whole of THG the day before the bid leaked." (1.70 pounds/share)

Didn't hold him back to steal Ingenuity for 25m...

I'm still betting on that MM takes Myprotein private (for cheap!) or somehow steals it away like Ingenuity.

Is the just announced adjusted EBITDA of 24m artificially lowered in order to lower the valuation?

Dude, they just announced lower margins because of high whey prices. That's gonna change within one month.

About possible more disposals:

David Berryman Limited acquired in 2020 for 7,5m. A fruit-based ingredients supplier and canned drinks manufacturer based in Luton.

Both!

THG massively overpaid for those acquisitions (that's why they had huge write offs). But also agree that THG's assets are more worth than current market cap.

THG Beauty own brands revenue is neglectable. I think it was mentioned somewhere that it is about 10% of THG Beautys revenue. So that indicates that brands like ESPA barely grew revenue since acquisition a few years ago.