Member Info for Yesimabeliever

It’s not THG that is appealing it is global by nature.

Can see an easy route to the 70’s if for example Bentley was to get sold to take THG to net cash +ve and whey prices were to drop improving nutrition margins.

£1+ requires significant strategic initiatives IMO to get THG growing sustainably again (with healthy margins).

I’d like to see Beauty and Nutrition split. Ideal way forward for Nutrition would appear to be a minority investment from a global FMCG partner bringing their offline distribution/product development capability as per John Goolds recent post.

Beauty looks like it needs to go omni channel, maybe Mike Ashley is already lined up to support retail roll out across key geographies 🤷‍♂️

Come on Matt let’s see some significant moves

Agreed going to be an interesting update CPI.

Hopefully they don’t reduce revenue guidance again.

Think they have guided mid digit revenue declines for YE, after -10% H1. Hoping we’ll see flat or tepid growth in Q3, with positive noises for Q4. Interesting to see what we hear on cost out/margin as they push AI driven model into 2026. Surely less Monks required.

Interestingly grenade doesn’t seem to be going great guns with mondelez. And they paid 40x Ebitda

https://www.cityam.com/grenade-profit-at-protein-bars-brand-wiped-out/

It would be so THG for Moulding to get investors speculating about an imminent partnership with a global confectioner then never to hear anything about it again 😂 😂 A bit like the Ingenuity “whales” that never materialised.

Come on Matt, let it be Mars or Mondelez, rather than…tumbleweed….you are about 3 years late on some decent news

Https://youtu.be/prRYm0y6lMM?si=8VUzpmq2Zh7VvFWQ

Appreciate the input folks. Not expecting £2 any time soon!

Hopefully we’ll get stabilisation of tech client revenues Q3/Q4 and sentiment will start to shift.

Personally believe Monks is very well positioned to grab market share as AI revolution takes hold, just how quickly that happens at the moment is anyone’s guess.

High conviction hold for me.

Cheers Nige.

What is folks view of fair value for s4 once we see tech client spend stabilised and green shoots of new clients trickling in?

Interesting CPI, certainly sounded on the half year call that google had stopped declining, and like you say maybe growth isnt too far off.

Get it them sold Matt 💥

Net cash +ve and start the buy backs

Cheers nige. You can’t fault SMS on being consistent in PRing S4 and getting the message out there.

He always convinces me he knows what he is doing, he is an excellent orator.

Just need to see some improvement in the numbers 😬

Agree @life

I have a friend who has been very successful in tech/ai, or more specifically professional services enabling/implementing emerging tech, and S4 is so well positioned in this respect.

If S4 can successfully adapt/pivot its services, which I believe it is doing ahead of most the competition, then its current valuation is laughable.

S4 is such an interesting conundrum for investors. Oversized declines in revenues the last few years because of too much concentration in tech clients has hammered the share price.

But those same global tech relationships could be the springboard for oversized market share gains as AI enabled services take hold across the industry.

Could still be a bumpy ride for a while, but remain hopeful 2026 will be an exciting year for s4 shareholders if we start to see momentum building.

@prox I believe Matt flashed his knickers at the US markets and found out they weren’t that interested (Iain Mc alluded to THG being too small to register serious interest, and not a big enough US operation on his Selkirk launch)

Further asset sales to deleverage, and partnerships to drive product innovation in Nutrition seems to be the way forward. Would love to see a global FMCG with offline distribution and wanting a piece of the protein trend partner up on product innovation and take a stake in nutrition and then take nutrition out fully in a few years

Hopefully we might start seeing some green shoots in q3/q4 numbers as tech services comparables improve and client wins start kicking in…i still have faith

Think Proxs focus on whey prices is correct.

THGs online model just doesn’t seem to be competitive when whey prices rise as offline stock is at lower cost due to the longer inventory cycle.

Nutrition has had an improved period over the last few months as whey prices declined slightly.

THG needs stable or ideally dropping whey prices, if prices go up again we are likely to see Nutritions growth stall again, and spot high grade whey prices have started heading in the wrong direction again frustratingly

That’s said looking forward to hearing more about myp confectionary tie up

No doubt the protein “trend” is going mainstream, and post rebrand Myprotein is well positioned. About time Matt started creating some shareholder value off the back of it.

Muller/Iceland/Jimmys is a start, but feel like THG should have done, more and quicker

Equity raise? FCF is rising, debt coming down and talk of an enhanced dividend or buybacks.