Member Info for Yesimabeliever

@auson your right he didn’t answer that directly, but did talk about them still figuring out the correct revenue model. Sounds like current structure of part retainer, part people/time, part outputs is transitory.

I interpreted it that it hasn’t been tested with enough clients to know what will and won’t be acceptable in terms of fee/revenue structure.

Excellent presentation i thought.

Numbers continue to disappoint in the short term but I still believe S4 is very well positioned with its digital model and AI/transformation market positioning.

Hopefully, sooner rather than later we will see a pick up in the numbers.

Very happy to keep building my position in a business of Monks scale at £130m market cap. Huge change coming to the advertising market, and S4 see it as a growth opportunity with little to no cannibalisation of their current revenue.

Patience required.

Good luck LTHs

Positive as the potential £45m VAT rebate will be in reducing debt, important to note it has fallen into Managements lap. Was also a bit surprised/disappointed to hear that the Claremont sale arose an inbound enquiry as opposed to a structured program to sell assets and reduce debt.

Market still not convinced by the model. Beauty is stagnating and Myprotein is growing by discounting its offline offering at breakeven pricing according to yesterday’s call. We still need whey prices to drop to get this moving up significantly.

Damien Sanders the mute CFO, Matt Rothwell who is Sanders bag carrier, and the. whitehead who used to be M&A and seems to now be general strategy and IR support

Moulding simply has to go. Monumental destruction of value with Ingenuity over investment, which he constantly overhyped and has just never landed any “whales”. Demerger for buttons and the conflict that comes with it should have been the end of Moulding. Founder or not. I simply cannot countenance why the major shareholders haven’t held him to account for that

Kelso been silent here for a long long time now …their reputations down the toilet alongside Mouldng and Iain Mc.

Personally think SMS does a great job keeping a high profile in the media and PRing S4 as he goes along. I do however wonder whether he is more Chairman and less Exec Chairman, and whether S4 would benefit from a hands on CEO who is all over the detail internally 24/7 whilst as SMS does his global thought leadership stuff.

looks like oep had conversions with sms and made a high level proposal, probably without the knowledge/involvement of msq. news leaked, sms had to put out an rns, msq ****ed off with oep and putting out fires internally

I think SMS does the Chair role at S4 well, PRing the business, strategy, governance, oversight of reporting etc. I just wonder whether S4 would have benefitted from a hands on CEO being in place over the past few years, really driving the integration of the acquisitions and performance. It’s not as if mistakes haven’t been made on that front. I don’t think it’s insulting to question whether Exec Chair vs Chair & CEO would be a better structure, most people at his stage of his career have happily relinquished executive responsibility especially in a 24/7 international operation, I’d prefer to see the role split personally in a business of S4s size. If MSQ happens, I expect it will be

On SMS age, surely it’s about time S4 had a CEO and SMS moved to Chair

I’d welcome a transaction like this to diversify S4 client list, with OEP taking an S4 Board seat and supporting integration and ongoing strategy. SMS needs some help to get this moving in the right direction again (think the was mention of a strong ex McKinsey leader at MSQ?) so whether it’s this transaction or an alternative strategic initiative to change the narrative here I welcome it.

Cheers Longfell. Could be some lively debate on relative valuations and %s given current enterprise valuation of S4 is £340m.

Cheers Auson, that was also my thinking on likely deal structure if MSQ deal does proceed. Anyone know what One Equity paid for their stake in MSQ?

@marty thanks for the drum overview of the merits of potential MSQ tie up.

Looks like Nutrition will need to demonstrate both sustainable growth and margin recovery before we will see more sensible SoP valuation - market still seems to be marking valuation down because Moulding is buying growth again.

I don’t think anybody has a crystal ball as to how things will play out the next 12 months. AI will change the industry fast, S4 looks well positioned to me, I’ll just keep accumulating at these levels

Who knows whether this news has legs.

Have long thought s4 capital would end up in the arms of US PE, LSE listing is so wrong for this business.

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You would have thought that Bentley manufacturing should be a valuable/marketable asset given trump tariffs.

C£400m after recent convertible and equity raise.

C£400m after recent convertible and equity raise.