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Good post and reassuring.
THG leadership need now to work on a strategy to get some control back on their share price, to prevent shorts and day gamblers running amok, as they do each and even today, and even as we write
Much happier about my investment after AGM than before. Had a chat with MM at the end he is a very approachable guy.
Shook hands with Lord Allen, IMHO the 3 divisions are in safe hands , the company is not the share price but am confident that will change very soon. :)
Big Mike Buying….
Reports suggest he's going to survive the vote, with only 10% voting against his re-election.
Is the AGM being streamed at all?
Small SP rise since the AGM commenced at 2pm. No coincidence the timing of the meeting closely coincides with US market open imo.
"While it’s unusual for a retailer to offer financing to rivals, Frasers clearly sees an opportunity given how consumers are increasingly using buy now, pay later as a purchasing channel. It means Frasers could still clean up even if people are not buying its physical products."
This is "not going to be an easy battle to win", he said, with Klarna and PayPal (NASDAQ:PYPL) already established partners for retailers around the world in BNPL.
"However, Frasers might still have a chance to muscle in on the market, particularly as its service to retailers is free unlike some of the big-name rivals."
Read more on Proactive Investors UK
end
Proactive Investors - The THG (LON:THG) update and its new Frasers partnership could be important for both sides, said analysts.
Following the news of the tie-up this morning, Liberum analyst Wayne Brown said "things continue to head in the right direction" for THG, while Dan Coatsworth, analyst at AJ Bell, said the Frasers-THG deal could be "strategically important" for Mike Ashley’s empire.
THG provides hints but lacks detail
Brown, who has a 220p target price on THG versus the current 62p, says the trading update from THG showed continued growth in its Beauty arm, along with "underlying momentum improvement" in THG Nutrition and THG Ingenuity were the key take-aways from recent trading.
For the group overall, revenue guidance remains unchanged at 2-5%, but he said the company "will ultimately be judged on EBITDA and FCF progress – we see no changes for now".
THG trades at a less than one times forecast sales and 9.1 times EBITDA, he added, "reflective of the limited FCF generation now".
However, he said there is "a clear path to FCF improvement as profit margins improve over-time and capex demands recede".
"The bears will call out lack of detail in the update today, but this is an AGM update and full details due at the time of the interims."
Frasers eyes BNPL profits
Meanwhile, THG agreed terms on a new partnership with Frasers, the owner of Sports Direct (LON:FRAS), House of Fraser and Flannels chains, including selling its luxury website brands, including Coggles.com.
The multi-year deal also includes providing online and logistical support for Frasers in Australia, and integrating Frasers Plus, a 'credit and loyalty' platform that acts as a buy-now-pay-later system, into Ingenuity's online checkout as its first external partner.
Coatsworth said this, might on the face of it "not seem exciting" but noted that rival retailer Next made £163 million profit from its credit offering over the past financial year.
"That’s a decent contribution to its group profit and certainly something that will have caught Frasers’ eye," he said, with the addition of THG as a partner giving it "a shop window to show off its skills and potentially encourage more shopkeepers to sign up".
Ingenuity is used by THG 's Beauty and Nutrition websites, plus a number of external clients, including Kraft-Heinz, Mondelez (NASDAQ:MDLZ), Coca-Cola (NYSE:KO), Holland & Barratt and Disney.
"Frasers is hoping third party retailers will use its buy now, pay later product as that would provide an additional income stream."
Coatsworth also noted that the many stakes in smaller retailers built up by Ashley and Frasers in recent years, including AO, Boohoo (LON:BOOH), ASOS (LON:ASOS), Hugo Boss, Currys (LON:CURY) and Mulberry, might feed into this.
"As a major shareholder, it should be able to command an audience with the people running these businesses, and that provides an opportunity to try and sell them its buy now, pay later pr
Yes a good afternoon ahead - it's all smoke and mirrors...
Nicely put Hermit :)
Seems to be taking an awfully long time. RNS this morning says that by the end of Q3 80% of product will have been rebranded. This seems to have been going on for a year. How much old stock were we carrying for goodness sake. Also does anyone actually know what the whole rebrand thing actually amounts to. Is it just new packaging. I fear the whole thing may turn out to be an expensive distraction.
Finally some whale potential and I have said it on here before that a MyProtein tie up with Sports Direct would be an obvious and ideal scenario because at the time I mentioned it they only had Everlast protein powders in store and they have some real state of the art Gyms. You really need to dyor on the vast scope of the Sports Direct Estate and Frasers Group from America, UK, Europe and all the way across the world to Australia.
" Sports Direct and Everlast Gyms will also work with Myprotein to create assorted ranges in stores and across our gyms. Finally, we will also be launching MySale Australia on THG’s Ingenuity platform.
This is just the start of an exciting partnership."
The market will eventually wake up once the last 10 days shenanigans sorts itself out or Mike Ashley and Co will either take a stake or put a large Contract for Difference across a rise in the THG share price.
Yep. Algo's in control. Probably holding it for their US masters. See what happens mid afternoon.
Did I miss a poll on here? I thought rizzel couldn't form opinions without being told what to do by others, i.e how to vote at AGM.
Matthew Mouldings whole life is run by shorts. They must really hate him.
The only thing he can hope for is a folly of offers for his business to raise the SP.
It may be slightly more interesting with the Fraser partnership in place.
But Matt, word of advice, don’t let the price sit here for too long, as you can see today it becomes habitual and will never rise while shorts have control.
You are a stupid CEO to allow it to get to this position.
Frasers
After todays annoucment of a partnership. The city devlares the winner and the runner up as always is THG
I dont’t how you lot like Yorek and others that I’ve been reading for two years on here drumming the THG this and THG that
SOTP, true valuation, city at fault and all other irrelevant BS
How do you feel ?
Like idiots ?
Probably but you will never admit it
Have a good day
In normal circumstances the diehards would be along to police such blasphemy and tell you how makeup retailers deserve Nvidia type multiples, but you're probably safe with it being AGM afternoon. Board policework will have to take a temporary backseat to opportunity of being in presence of our Dear Leader.
The CFO must not have a clue what he’s doing either considering he paid higher than this a few weeks back. Doh!
Once again serial disappointer THG sends even hard core fans running for the hanky drawer.
Short of another fake bid (surely we are due one) this stock is stuck fast sub 65p for who knows how long, all the while the debt climbs and seemingly the very basis of THG gets sold off along the way.
Should have binned them this am at 65p. Where was that 90p?
These city institutions own the share price and decide when to take it up and when to take it down. They only seem to move things when there’s negative news to hit the SP with.
Moulding can only break the cycle with a significant capital event or bid offer.
In the meantime the city will continue to largely ignore any attempt to suggest some proper valuation here.
Crikey - this is hopeless! I see the price is now actually unchanged.
Again, sums up how the City Institutions computers are programmed........to put off rather than grow investments.
I suppose we are all waiting for the US response. Lets hope US investors 'get' the deal as UK investors clearly don't appreciate it or think it adds anything to the company's market cap. It's like a market refusal to accept good news.
They are up 3-4 percent on the news and then there is us .
“It’s been a pleasure building a new strategic partnership with THG and Matthew Moulding. It’s very rare to find a like-minded business who want to turn talk into reality.
We are launching Frasers Plus, our consumer credit and loyalty programme, across the THG Ingenuity platform, marking a significant milestone in our ambition to expand Frasers Plus across third-party platforms. We have also acquired THG’s luxury brand, Coggles.com.
We will benefit from THG’s global courier management services across Frasers Group, supporting our international expansion. Sports Direct and Everlast Gyms will also work with Myprotein to create assorted ranges in stores and across our gyms. Finally, we will also be launching MySale Australia on THG’s Ingenuity platform.
This is just the start of an exciting partnership.
Frasers Group 🤝 THG”
The markets don’t reward ‘guidance reaffirmed’ or ‘current trading in line with expectations’ . The markets reward upped guidance and improved performance.
A5wab, I can’t find a link this year. We will all have to hope that Crafy will be kind enough to enlighten us after the event, as they may be the only one on here that’s attending in person.
I think it is sniffing around. It'll give him a better understanding of the constituent parts of a company that, value-wise, is already 'on the cheap'. Sounds like Ashley to me.