Member Info for Yesimabeliever

Agreed Poker, growth needed here. Market positioning and expertise looks right, time for SMS to execute!

Thanks 1msn for the flag, not sure it’s a whopper in terms of £, but a nice case study with a good brand. it’s going to take time, but convinced s4 has the right expertise and networks to win in delivery of AI enabled services.

Be nice to see Iain Mcs bullishness reflected in the Nutrtion Q1 numbers

Cheers 1p, thanks for flagging it

Suggest you have a proper read of my posting history before you accuse me of “incessant negative posting”. Thanks

😂 😂 ste4k

I’m a long term holder so not certainly not peddling anti THG agenda, just a bit cynical after what has been a bit of a bumpy hold

IMO Moulding will want to preserve excess cash for M&A to fluff up the growth numbers due to lack of organic growth.

Don’t believe either Nutriton or Beauty are sub 5% margin businesses in normal market conditions. That said Moulding deserves all the criticism he gets for failing to deliver transparent reporting and numbers, and leaving an open goal for those who want to throw bricks at the business. The demerger document had so many “exceptionals” in it, using it as a basis to forecast remainco future cash flow was pretty much impossible. That said, I do believe £100m+ FCF is deliverable in the short term if whey/fx moves are friendly

I too would prefer buy back/debt reduction vs dividend. Hopeful of a positive update

I'd happily to sell a sensibly priced minority stake in nutrition via Selkirk if that brought in a strategic trade partner to facilitate offline growth in the US (Moulding has spoken about pureplay d2c being tough in the US due to geographical size). If it was purely a financial transaction to separate nutrition/beauty and refinance the group/pay down debt I would be disappointed. Good luck LTHs

With net debt declining, I think we might see a statement of intent from SMS around dividends/buybacks in 2025 at the March update, subject to continued satisfactory trading of course. He hinted at in interviews post Q4 results.

Licker, the tax loss allocation was approved during seperation work earlier in the year, which was approved by HMRC. The bulk of the losses were allocated to Ingenuity (which was where the historic losses occurred). The equity value and share split isn’t relevant. I’d assume 2 full years of corp tax offset which is what group finance guided at the time.

Don’t know exact figures, but Matt Rothwell said c2 years of Remainco tax losses on a call. That would be sub £100m. Rest went with Ingenuity

Trying to remember but think they said 2 years of tax losses

Fully concur Oke, it’s doesn’t require a massive leap of faith for THG to be a £100m FCF business in the not too distant future, and that doesn’t require massive growth, just friendly whey prices. Also believe dropping whey would return Nutriton to growth. Growth in beauty looks a bit more challenging without store rollout IMO

Pearls, isn’t 3-5m just a typical day for THG? Good to see a rise, but not sure any serious buying has started yet. US or UK. Good luck all, hopefully the good days will come thick and fast

Low volume, but not seen THG up on a “market down” day in a long, long time

IMO We are largely as we were pre demerger, except Moulding has lost 6%, and Mike Ashley has come in for 6%.

Mouldings grip on THG has loosened.

For me the the big question is what is QIA/Balderton/Sofina (and Ashley’s) ongoing support like for

moulding like given they don’t appear to gone into Ingenuity. Interested what they think of Moulding being CEO of plc, yet owning 50% of Ingenuity. I know what I think.

Not sure a 2p move on zero volume warrants bid speculation. Good to see someone’s got the defibrillator out and given s4 a jolt. Criminally undervalued.

From his (many) interviews, SMS doesn’t strike me as a man in a hurry to sell.

FWIW I’d like to see then free float get taken out here in public to PE, and list in US in 3-5 years. Would hate to be missing out on strategic M&A because of a sun £200m market cap

GLA likes Matt’s muscles and topless snaps. It’s a pet project for him