Member Info for Yesimabeliever

THG’s Nutriton model is inherently more expensive to run. International D2C vs predominantly wholesale. Whilst lower margin, I’d argue higher value due to direct customer relationship and the potential for “subscription” model. THG’s model is a good one, but comes under pressure during whey prices spikes. I’d argue the Board has not managed the whey risk properly to give them consistent margins (vertical integration or blend of long term stable priced contracts). Schoolboy error for a plc that needs consistent numbers, let alone one that needed to generate cash to fee ingenuity.

This has to be bad for jobs short term, everywhere. Rate cuts inbound.

Yorek, agreed no one knows what MA view is on Ingenuity. Fraserplus is a partner to it, so not obvious to me MA will be hostile to it. The assumption was MA didn’t go into Ingenuity because no one could figure out how he could get to 6% on his initial TR1 without going all in Remainco. The tracker funds have proven it can be done from the free float. My view is MA is friendly and the plan is for him to hoover up the free float as he can at these levels. Let’s see if there is more to it than that?

Well said @oohaah. Always appreciate your thoughts on the THG circus.

Good statement pearls. This is THG after all.

I believe they do. Disruptive for APN model though

THG have US Nutrtion production I believe

Thanks NigeCo.

I really do think this will come good H2…

Now Ashley has got his hands on some significant equity, I wouldn’t be suprised to see some partnership/venture/rollout for physical retail for THG beauty. JMO. There may be more to this than currently meets the eye.

OSG the convertible date got kicked by to Dec 2025 in the final doc

So @OohAah, big Mike friend or foe?

Sales of Nutriton and Beauty controlled by Mouldings Ingenuity. There is only one buyer. Total stitch up.

Don’t disagree with much of your sentiment Oke, other than not convinced Ashley is hostile.

II’s and Charles Allen been asleep at the wheel here.

I’ll be at the AGM to express my contempt for what has gone on here.

It’s all on whey prices Oculus.. We might as well have taken a levered short position on the whey futures market 😂

@1p the link is from the H1 24 presentation where reference was made to whey prices rising again. Link was to this sweet whey pricing source.

Have noted dry whey futures coming of hard in the US (if you click on the link in this source for US dry whey prices shown coming off hard also).

You would have thought global whey grades somewhat correlated, but no sign yet of softening in European sweet whey spot market, in fact still rising 🤷‍♂️.

it’s very frustrating, the ****tail of adverse whey prices/fx and the rebrand has really cost shareholders in terms of dillution (not to mention the firesale demerger of ingenuity).

nutrition can grow and be very cash generative again, it was 2 years ago the jewel in the crown. but shareholders have to be weary of whey price volatility in the future.

£100m pre interest that is.

I can see a route to c£100m FCF with normalised whey prices.

Beyond that needs growth IMO.

@1p, have been watching the US a dry whey prices drop.

The source that THG have used in their presentations makes Europe look less rosy.

https://www.clal.it/en/index.php?section=whey

Samb69, did you read the post where he posted pictures of himself flexing in front of the private jet, off for his second skiing jaunt in the last 4 weeks? He sleeps fine, in fact he is such a brass neck he moaned about having to chip to the refinancing and the fact that he takes no salary (although that is for tax planning no doubt!)