Member Info for Yesimabeliever

THG should publish one, then we wouldn’t all be guessing.

It might make their IR look a bit more organised, and

MM look more like a CEO in control of his p&L

Can forgive him the vacancies, but corporate profile and IR should have changed day1 post demerger. So sloppy.

he’s finally made ingenuity disappear off the corporate website.

can he conjur up some decent results, or will he be serving up his well rehe****d illusion of underwhelming results dressed up as “exceptional”

come on matt, us shareholders need a rabbit out of a hat here please

who’s that ****? makes mm sound humble

I suspect change isn’t that far away. Kelso are embarrassingly underwater and very quiet, and I am sure QIA/Balderton/Sofina didn’t elect remainco to watch the share price continue to drop…

Good luck all holders. Painful as this is, still think we’ll see some good returns from these

Ingenuity’s first bit of new business post demerger, to rewrite THG’s corporate website with a big fat mark up!

It is laughable that they don’t seem to have had a work stream to have got this done, but we probably shouldn’t be suprised.

Big online marketing spend, would like to know what is managed and purchased via Ingenuity? Hence why I am not keen on MM being THG CEO and majority shareholder of Ingenuity

I would have thought they’ll report on Ingenuity Q4 for the last time, but no forward commentary.

I’ll really only be looking at Nutrtion (top line primarily as elevated whey prices cant be controlled) and Beauty top line and EBITDA.

Also listening with interest for plans around THG plc balance sheet moving forward, gearing whilst

serviceable looks too high in this higher for longer environment, and both Beauty and Nutriton need to start investing for growth again having diverted so much of their FCF into Ingenuity for many years.

I’ve said many times, I favour a sale of a minority stake in one of the divisions to seperate and generate valuations for each division, and recapitalise both in doing so. I prefer that over another fund raise in combined plc to deleverage.

I’m in Ingenuity as well Prox for those reasons, but let’s move the debate on here, it’s gone and one for a few years down the line

It’s prob time to move the debate on from Ingenuity on this BB, whilst many of us didn’t like the deal, it’s gone.

Remainco currently valued as a low growth/high debt retailer, discounted after very erratic trading in both Nutriton & Beauty over the past 3 years.

MM has pointed to changes in the business models for Beauty (2023) and Nutrition (2024) for mixed performance as well as blaming the macro conditions.

He really is out of road for excuses now. Beauty and Nutrition are in good sectors and competitors are growing. It’s a critical trading update.

Well even just not entirely rubbish numbers might see a bounce, we are after all coming off -13% in Q3 and sentiment is as bad as it’s ever been. Come on Matt, deliver some out and out good news for once, rather than the usual polished turd

Sorry beauty and ingenuity traded ok.

Nutrition car crash. You get the point,

“Bigger worry is if they are/ have tried improving it in 2024 and what we have seen is the output”

Really Steve? Beauty and Nutriton have traded pretty well.

Nutrition has been a car crash, but pretty clear there has been a big rebrand going on. Now you can question the wisdom of undertaking that rebrand in 2024 with investor sentiment already in the toilet after 3 year of miss after miss - personally I think it was a crazy decision.

But let’s no pretend it wasn’t a conscious decisions to take down Nutriton numbers this year

If I was QIA/Balderton/Sofina and I wasn’t taking up Ingenuity, I’d have been pushing for MM out of Remainco as the price for my support of the demerger.

FWIW I expect Beauty to have performed solidly. No excuses given online Beauty has performed well elsewhere.

As for Nutrtion it’s anyone’s guess, but market expectations could be quite low coming off -13% in Q1 and analysts questioning structural issues. A return to form could see a decent rally

Scratching my head as to why major II’s rejected Apollo, to then agree Ingenuity demerger for next to nothing 18 months later, but not take up their allocation..

I’m sold on it Oke, hopefully MM is a well. Now Ingenuity is “out”, see no need to keep Beauty and Nutrition together. MM won’t want to cash his chips fully at this point in the cycle, but a partial sale to seperate and recapitalise Beauty and Nutrition makes sense. Only question for me is should it be Beauty or Nutrition that does a partial sale? I’d argue makes more sense to sell a stake in Beauty off the back of solid trading in 2024, use Leahy/Munro expertise to roll out selected hight street presence to support online core. Also puts a value on Beauty. Then Nutrition rerates as growth returns post rebrand and the mispricing vs APN becomes too hard to ignore.

Hopefully you are right Oke, It also potentially provides a solution to the MM vs Ingenuity governance issues if MM becomes a NED across Ingenuity, Nutrition and Beauty as separate businesses 🤞

Would be suprised if Beauty doesn’t continue 2024 progress. Online Beauty numbers elsewhere are positive, see no reason for THG to buck the trend.

Whilst MM can’t control Whey prices, Nutrition top line NEEDS sharp bounce back for BoD to retain a last thread of credibility post rebrand. MM says it’s not structural, time to start demonstrating it.

I’m hoping sentiment can’t get any worse than post Q3 trading statement and shocking nutrition numbers. Improved Nutriton top line and hopefully we might see a SP bounce…of course have been wrong on this share many, many times

I understand what you are saying I think cong. If THG goes and refinances Remainco now through selling a minority stake in Nut or Beaut, why didn’t they do this earlier and retain Inegnuity (given Ingenuity capex is almost done and now funded until cashflow breakeven), and let plc shareholders retain the value of Ingenuity rather than essentially give it away for £25m (unless of course you

took up Ingenuity).