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Pause deals for a while and get that leverage down. Rest of the business is fine
Have to say I agree with T4G. The comment about no windows is scrapping the barrel of desperate
Ste I think it’s gas prices. Rumours that LNG is sold out for years to come also this weekend being the first cold snap in the U.K.
Agree and I think I am being fair. I just read this thread and it’s as though THG don’t use 3PLs when we use 100’s of them
Using THG or DPD is hardly a USP other than cost and or localisation
Where do we think THG goods go after they leave a THG warehouse?
THG has a roster of amazing clients. That’s never been doubted. The issue is what we are doing for them and if it’s commerce revenue (the high margin part)
Bits like studio and fufilment etc are great but we need that commerce cash engine. This isn’t a billion pound division on studio ads
Sorry what did City Spy say? I’m confused and missed the gosssip the other day
Thanks
Stockbroker in an earlier analyst call Steve Whitehead tells us that the vast majority of capex belongs to Ingenuity. I mean just thinking about it what capex needs do beauty and nutrition have? They have their manufacturing plants, all recently bought
@Joker do some math. Say the nutrition proceeds are paid as a divi. Ingenuity isn’t cash generative and beauty is maybe £50m-60m so given £130m capex how long do you think the lights stay on? They don’t!
How on earth could there be a special divi?
Ingenuity has a c.£130m annual capex demand. You can’t pay that from Beauty (as we don’t cover it from all three divisions currently)
So any sale cash would go to capex and scaling ingenuity
I’ll check my local boots!
With the share price where it is though it becomes a bit like the SoftBank deal. Why buy 20% of MyProtein for £x when that would likely get you 40% of the whole business on current price
I’m not saying MyProtein isn’t worth the revenue multiple I’m just saying if you were say Unilever would you stand in front of your board, job on the line, and say “this is a great deal”
“THG Ingenuity re-positioned under CEO Vivek Ganotra to focus on larger, higher contract value clients,”
So is it or not repositioned Cong? I’m not saying you’re wrong. I’m saying again THG can’t make up what their mind is on Ingenuity
Your point slightly falls down as we lost the KPI table which logged the enterprise client wins. And we know they were being added at a rate well below the 50/ quarter expectation (to Q2 was 10)
My point is we need case studies which match the strategy not just any old noise
@Ocul (and the 8 people that liked it as a response). Yes it would do but 1) that’s never been the plan and 2) wasn’t everyone on this board holding massive erections about the strategy of going for whales?
So let’s see a show of hands of how loved the new going for whales strategy but now loves the idea of taking concept brands on because it just happens to sound positive….no one I bet
Again this is just more confused ingenuity speak. We get told one thing and then the opposite happens
(For disclosure I have pushed the SME angle more than anyone on here and was told it was all about whales)
I saw that on LinkedIn. Two staff and three staff at the parent company. The brand has 2,000 followers on insta
I think I’d rather not shout about that one!
I think it launched over Covid but I think THG are now stepping in
Funny though how you're not a "shorting scumbag" whne you share a link to a new win vs sharing a link to a loss
Some people are in a cult!
I think this plays out one of two ways. Something is brewing and we sustain this momentum or shorts look at this as a re-load and aggressively push back
Either way I think either of those only has a play until the next trading update at which trading and performance will take the driving seat
My view is beauty to miss on targets but nutrition to be back on track
I think nutrition will drive the value now and beauty move to being a cash engine
You could always sell half. So got your capital back and then a free bet
But congrats on your gain
250p hopefully!
Dead easy. Compare Ocados overseas revenue which licensing of their robots and warehouse over decade long contracts. Once a supermarket has that installed they are hugely reliant on that system and won’t be able to switch from it. Ocados revenue then grows through the license and GMV
This revenue is our ingenuity but where Ocados is >£1bln our is £60m
Ocados U.K.business is same as beauty and nutrition (although not the brand loyalty nutrition has). So a customer can choose where they want to buy Olaplex from each time
Here’s Liberum back in the day on why ingenuity was exciting
https://www.proactiveinvestors.co.uk/companies/news/938232/thg-valuation-seems-very-generous-but-analysts-see-huge-opportunity-938232.html