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It’s been lost in the noise at results because of nutritions challenges, but Ingenuity margins showing nice improvement, opex costs coming off nicely with automation, and capex tailing off also. Not to mention a few new 3rd party client wins not yet showing up in the numbers (ie Frasers/Wilko etc l). I wonder what the pipeline looks like given their confidence to demerge now. After all the comments about Ingenuity being a busted flush and a “parasite”, it is all of a sudden starting to look like an interesting business, and let’s not forget with very sticky recurring revenues. Private equity do love the latter.

@specimin, they way I have taken the commentary around the demerger it sounds like not all II’s want to “roll in” and fund Ingenuity due to the longer term “infrastructure” investment horizon. It does mean the there should be II’s fighting for fair value for THG, which should prevent a stitch up of PI’s 🤞

Also not convinced On Evro/THG link in any way.

But what it does demonstrate though is that the capital required by Ingenuity is tiny in comparison to the dry powder big PE are sat on.

Time for the BoD to finally walk the walk and get a deal done and shove 2 fingers up to the naysayers.

It was a safe bet for the shorts as soon as there was:

A) bugger all detail on the demerger (so could dismiss it)

B) LSE transition kicked into the new year.

They have the biggest bat and with no institutional buying they can move the price down at will.

Good luck to them trying to keep a lid on the price when demerger news starts leaking, and they’ve still got to get out

Again liberal with the truth Steve. This is a habit 🤥 . I didn’t question your data, just your interpretation and presentation of it. See below.

Sweet whey and whey concentrate are heavily correlated. Who cares.

Your twisting of data Ste shows your poor character

See below

So from your own source Ste, you chose to highlight a spot price for one month that was up 23% percent … I think you said 25%+. Yet you chose to ignore the same source that shows ytd average whey prices are less than 10% up (and well of the highs which cause THG real problems. VERY NEUTRAL 🤡🤥

Let’s be clear on the “OVMH have sold” poster, he and his multi IDs have a track record of misinformation presented as fact:

1) loss of Homebase Ingenuity contract 🤥

2) closure of every mile 🤥

Basic GCSE history to question your sources for impartiality and propaganda. Say no more

Steve posted it as fact so must be confident of his source?

Rock8, I get your point, but MM has to let go of Ingenuity. If the de merger is to go through, Crane/Ward must own and present the plan to attract new funding in. MM’s input should be as THG CEO and Shareholder, rather than Ingenuity decision maker. Might be hard for him!

Spot on I believe OSG.

Interesting to see what it means for Gallemore though. He seems to be very focused on Ingenuity, suspect he may have to go with Ingenuity on the deal.

In full agreement on all OSG. I own S4 also, so watched their interims. The contrast in approach couldn’t be starker.

MM doesn’t trust anyone with external comms, funny because I doubt anyone could have done any worse.

Anyway, likewise I’m adding, the THG circus is in full swing, but opportunities for those who know their own mind and can see through the noise. Optimistic as ever.

Not sure on hostile, but still believe take private of the whole is possible.

Demerger could end up a valuation exercise for Ingenuity, and then private equity comes along with a bid and takes the whole group. I wouldn’t be surprised if last 12 months hasn’t seen the BoD quietly testing the market value of Beauty and Nutrition. There were murmurs of something for Beauty being turned down.

Because THG’s 3rd party revenues still lack scale, can’t help but think that de merger now inevitably discounts Ingenuitys value. 3-5 years and with a better mix of THG and 3rd Party revenues, mutilples would inevitably be higher.

Anyway who knows, anything is possible with THG.

As for the comms, it is beyond stupid for MM to face up investor calls without a tighter script of what he is or isn’t prepared to say, and control the message better. Naive to the extreme, and they should know better given it isn’t there first stinker (capital markets day).

I suppose he can’t box himself on a date. Negotiations will take as long as they take. Not ideal, but the circular will bring some clarity in the near term. ..hopefully 🤞

For those concerned about an “unfair” valuation of Ingenuity, I am taking comfort from fact that not all II’s

want to continue to fund Ingenuity. Even if they roll in, but don’t inject more capital they will want maximum valuation to avoid dilution. If they don’t roll in, they will want maximum consideration for THG plc. So there will be II’s fighting for a fair valuation. Please correct me if this logic is wrong

@pmh, it appears not all of the 65% are rolling into Ingenuity…that is why the de merger is being put forward, those that want to back Ingenuity are in for a longer hold, more infrastructure time horizons.

Those II’s not going into Ingenuity will be aligned with PI’s interests, and won’t let Ingenuity be “stolen”. IMO

Welcome back crafty: The behaviour of a nugget pmh is holding on to a share you don’t believe in and then moaning non stop on a share chat board. At least crafty holds the share for a reason, he believes in sotp: one step closer this weak IMO even if price action suggests otherwise

Hardwell has been learning off city spy and getting all cryptic. Big cheese Americans, Michigan…anything else?

When building S4, SMS acquired the best talent in the market, and tied them in.

Rates are coming down, spend will ramp up, and S4 is brilliantly positioned to capture more than its fair share of the upswing.

It’s always darkest before dawn, but I can see sunrise peaking over the horizon.

Good luck all shareholders.

Steve would be “concerned” if you were holding a winning lottery ticket

Twice in two days Steve’s got very stroppy if anyone challenges his monotonous doom mongering. Good news is, clock is ticking on capital event here in one form or another.

Don’t see how MM sticks around medium term as CEO of THG plc if de merger happens. He hates the city and the city hates him. Gallemore will have to go with Ingenuity, MM to follow as NED Chair once a City friendly CEO brought into THG plc? No bench strength under MM to be plc CEO