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THG Thg Plc

58.70
-1.30 (-2.17%)
16 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Thg Plc THG London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-1.30 -2.17% 58.70 16:35:28
Open Price Low Price High Price Close Price Previous Close
59.00 58.40 60.30 58.70 60.00
more quote information »
Industry Sector
SOFTWARE & COMPUTER SERVICES

Thg THG Dividends History

No dividends issued between 17 Apr 2014 and 17 Apr 2024

Top Dividend Posts

Top Posts
Posted at 08/4/2024 08:27 by hooded claw
Havinthelasttoast7 Apr '24 - 13:22 - 64800 of 64826
0 0 0
Claw I consistently reply to you and get no reply, you make one comment and never reply again.

Therefore you have no real interest in a conversation. You have a rampers agenda. If you wish to debate anything on the company I am here to do so.

===========================

Toast, all joking aside I never meant to seem ignorant. I had a death in the family recently and it has knocked the wind out of me. Family comes first in matters like these but I always maintain an interest in the stock market but it has been once or twice every few days.

I was unaware I have a rampers agenda. I would prefer it to be a long term interest in THG opposed to a traders interest. Bob as Crafty is ramping THG with several posts a day and to me that is just as pointless as several posts a day dragging THG down but each to their own.

Regards
HC
Posted at 04/4/2024 14:49 by havinthelasttoast
Ste says you can’t have read Peel hunts note unless you are an II. What a load of tosh . Here is the first two pages.

THG BUY RETAILERS TP: 141p
DATA
RIC
Price (20/3/2024) Up/Downside Market cap
EV
3m ADV
Index
Next news
Date
Source: Peel Hunt, Refinitiv
SHARE PRICE PERFORMANCE
THG LN
THG.L 58p 144% £769m £967m £2.26m FTSE Fledgling Finals Apr-24
900 800 700 600 500 400 300 200 100
Sep 20
128 108 88 68 48 28 8 -12 -32
Price Close
Sep 21
Rel. to FTSE Fledgling (RHS)
Source: Refinitiv
TEAM
John Stevenson
+44 (0) 20 7418 8859
Sep 22
Sep 23
John.Stevenson@peelhunt.com
James Lockyer
+44 (0) 20 7418 8940
James.Lockyer@peelhunt.com
Ruben Pathmanathan
+44 (0) 20 7847 4763
Ruben.Pathmanathan@peelhunt.com
CLICK BELOW TO LISTEN TO OUR PODCAST
#Corporate client of Peel Hunt
The Huge (valuation) Gap
• Five-for-the-price-of-one – Two market-leading, cycle-neutral D2C ecommerce brands, plus a B2B enterprise tech, operations and marketing innovator.
• Compelling SOTP valuation – Each D2C business is worth considerably more than the group’s entire market cap in its own right.
• Addressing the elephants in the room – We see a turning point for cash generation, disclosure and governance unlocking shareholder value.
So why read our note? The PH Retail & Tech teams have joined forces to investigate the reasons behind THG’s weak share price. Ultimately, we were driven to initiate as we believe THG is fundamentally undervalued. We commence coverage with a Buy rating and a 141p TP.
No sugar coating it. There is no doubt that the market has strong views on THG, and most of them are negative; “It doesn’t make money”. “Trading has been terrible.” “The disclosure/governance is concerning. “I just don’t need to own it”. We found that progress has been made everywhere, but there is no doubt that there is still more to do. However, we believe now is the right time to start taking a look at this unique UK asset once again.
Why we like THG. We like the combination of: (1) a leading global Beauty ecommerce pureplay tapping into a $100bn online market; (2) a leading global D2C nutrition brand tapping a $30bn market; and (3) the end-to-end ecommerce technology, operations, and marketing solution trusted by global brands like L’OrĂ©al, Coca Cola, and Mondelez. However, more importantly, years of investment look to be paying off: THG is now moving into a period of underlying free cash flow generation as profits increase, capital intensity reduces, and its B2B pipeline builds.
Valuation. Our strictly ‘public market’ valuation for THG comes out at £1.8bn, significantly ahead of the group’s current market cap of c.£0.8bn. In essence, you can pick up THG’s Nutrition Division on a 20% discount to its ‘public market’ valuation and get Beauty and Ingenuity thrown in for free. We initiate with a Buy recommendation and a 141p target price. This implies a 1.1x FY24E EV/sales multiple, which is actually a 50% discount to our more rounded ‘global view’ valuation. That valuation leads to our aspirational 24-month view of 272p, but this hangs on THG continuing to address the concerns we discuss in this note.
VALUATION & PERFORMANCE
Dec 23E Dec 24E Dec 25E
PE (x) - adj EV/EBITDA - adj (x) Dividend yield (%) FCY yield - adj (%) EPS - adj growth (%) ROIC (%)
n.a. n.a. n.a. 10.9 9.5 7.5 - - - 12% 6% 9%
(59.0%) (11.9%) (10.3%) (6.5%)
(28.9%) (4.8%)
SUMMARY FINANCIALS
£
Sales (m)
EBITDA - adj (m)
PBT - reported (m)
PBT - adj (m)
EPS - adj fully diluted (p) Total DPS (p)
Dec 21
2,180 170 (186)
(57) (0.8)
-
Dec 22
2,239 79 (550)
(193) (15.7) -
Dec 23E Dec 24E Dec 25E
2,044 117 (243)
(106) (6.4)
2,149 134 (167)
(94) (5.7)
2,252 168 (129)
(66) (4.0)
---
Source: Company accounts, Peel Hunt estimates, Refinitiv
This document must be treated as a marketing communication for the purposes of Directive 2014/65/EU (as enacted into the laws of England and Wales, Scotland and Northern Ireland by regulations made under the European Union Withdrawal Act 2018) as it has not been prepared in accordance with legal requirements designed to promote the independence of research; and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. 1

THG
COMPANY SNAPSHOT 22 MARCH 2024
REVENUE BY SEGMENT
3000 2500 2000 1500 1000
500 0
2023E Ingenuity External Sales
2024E 2025E Nutrition Sales
2026E
2021 2022 Beauty Sales
EBITDA MARGIN - ADJ (%)
9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00%
Dec 21
Dec 22
Dec 23E
Dec 24E
|
REVENUE BY GEOGRAPHY
UK USA Europe ROW
EV/EBITDA (X)
21.2 19.2 17.2 15.2 13.2 11.2
9.2 7.2 5.2
Dec 21
+1 SD Mean -1 SD
Dec 22
Dec 23E
INCOME STATEMENT
Dec 23E Dec 24E Dec 25E
2,044.1 116.9 (50.2)
(56.0)
(106.2)
26.5
(79.6) (6.4)
2,149.1 133.9 (38.5)
(55.0)
(93.5)
23.4
(70.1) (5.7)
2,251.8 168.0 (16.5)
(50.0)
(66.5)
16.6
(49.8) (4.0)
---
BALANCE SHEET
Dec 23E Dec 24E Dec 25E
364.6 362.4 1,279.1 1,268.9 1,940.1 1,907.6
306.5 281.5 270.0 275.0 421.8 340.8
1,001.2 900.2 2,941.3 2,807.8
356.7 1,252.9 1,865.9 256.5 280.0 333.0 872.4 2,738.3
---
640.0 670.0
724.0 754.0
600.0 550.0 5.0 5.0 956.3 875.2 1,261.0 1,178.6
680.0
764.0
550.0 5.0 846.7 1,127.6
CASH FLOW
KEY RATIOS
Dec 23E Dec 24E Dec 25E
63.9 78.9
(125.0) (109.9)
3.9 (31.0)
105.0
(112.8)
(7.8)
(1.5) - --- ---
(9.6) (178.2) (483.6)
(36.0) (209.2) (488.4)
-
(7.8) (217.0) (472.7)
Dec 23E Dec 24E Dec 25E
(8.7%) 48.5% 5.7% (63.9%)
6.9
38.4% (14.3%) (10.3%)
(1.5)
5.1% 14.6% 6.2% (23.2%)
(1.8%)
(11.9%)
(11.9%) ---
(2.5%) (45.0%) (59.0%)
(0.7%) (28.9%) (28.9%)
3.3
41.4% (10.3%) (6.5%) (7.3)
5.3
41.9% (8.4%) (4.8%) (10.1)
4.8% 25.4% 7.5% (57.3%)
(£)
Sales (m)
EBITDA - adj (m)
EBIT - adj (m)
Net interest (m)
PBT - adj (m)
Taxation - adj (m)
PAT - adj (m)
EPS - adj fully diluted (p) Total DPS (p)
(£m)
Tangible fixed assets
Total intangible assets
Total non-current assets Inventory
Accounts receivable
Cash and equivalents
Total current assets
Total assets
Total short-term debt Accounts payable
Total current liabilities Total long-term debt
Other long-term liabilities Total non-current liabilities Shareholders' funds
|
Dec 21 2,179.9 169.6
(8.2)
(48.8)
(57.1)
48.2
(8.8) (0.8)
- Dec 21
335.6 1,506.3 2,153.6 466.8 263.9 536.8 1,270.2 3,423.8 0.8 676.6 783.7 491.7
-
886.9
1,753.2
Dec 22 2,239.3 78.7
(139.1)
(54.2)
(193.2)
9.8
(183.4) (15.7) -
Dec 22
360.0 1,275.8 1,974.5 373.3 264.9 473.8 1,114.7 3,089.2 31.0 636.4 749.0 623.4 4.2 1,013.4 1,326.7
(£m)
Cash flow from operations
Total capex
Free cash flow
Acquisition of subsidiary
Shares issued/(repurchased) Dividends paid
Total cash flow
Net (debt)/cash ex IFRS16 leases Net (debt)/cash inc IFRS16 leases
Sales growth (%)
EBITDA - adj growth (%)
EBITDA margin - adj (%)
EBIT - adj growth (%)
EBIT margin - adj (%)
PBT growth - adj (%)
EPS - adj growth (%)
FCF -adj per share (p)
FCF ex growth capex per share (p) Net debt/equity (%)
ROE - post tax (%)
ROCE (%)
TNAV per share (p)
Dec 21 (38.0) (189.2) (227.2) (769.9)
760.2 - (245.1)
44.4 (304.8)
Dec 21
7.8% (0.4%)
-
(8.9)
17.4%
22.5
Dec 22 (36.9) (176.4) (213.3) (5.7) (0.1)
-
(233.6) (180.6) (514.8)
Dec 22
2.7% (53.6%) 3.5%
1,588.5% (6.2%) 238.6%
1,973.8%
-
(8.4)
38.8% (35.1%) (25.2%)
4.1
Source: Company accounts, Peel Hunt estimates, Refinitiv
Source: Company accounts, Peel Hunt estimates, Refinitiv
Posted at 27/3/2024 17:53 by meleforgothisbongo
THG make us rich. No stopping THG till it reaches 500. Then back over IPO in 2025.Next stop 80, then 120 then 250Matt is running a super slick growth ship and it will be the next best thing to Amazon in years to come. Stupid idiots going to loose sh1t loads trying to stop it. THG = bullet in the gun In PH we trust Hope this is helping
Posted at 25/3/2024 22:54 by one_frankel
Paddy I used some of your commentary on my LinkedIn post today as I thought those questions being asked were pretty bang on!

Here's my post anyway buddy!

...Well folks, it was only a matter of time before the renowned 'Donkey Kong of the North' or better known as Matthew Moulding would commit to writing one of his 'Expendable' LinkedIn posts for the masses in relation to his pride and joy or better known as THG!

But firstly, to be clear Peel Hunt may have zero connections to the tripe currently but they certainly have a responsibility to their clients who may have an underlying interest in some company called THG or what they unfortunately like to call an investment sadly and hope for that 'Get out of Jail' card because if the tripes forthcoming results in April are anything to go by with those 'Live' metrics, it will be a rather tragic turn of events and then you have to work twice as hard to recover those unfortunate losses with the MarketCap so great timing hey Peel Hunt!

By the way Peel Hunt, I see you're a relatively small outfit yet you really do like churning out an abundance of analyses on various companies but is it a case of one size fits all and hope for best!

Secondly, what's even more bizarre and rather concerning is that the review has been compiled by a host of multiple analysts with various specialisms ranging from tech to consumer brands who believe that the inherent value of the tripe should be around the 300p and within two years supposedly!

On what basis exactly, Its growth of the previous years?...Its lack of discounted cash flow?... Its lack of profit earnings?...Its lack of future growth potential?...Its lack of low debt?...Its lack of a fantastic balance sheet?...Its lack of any free cash flow?...Its lack of great leadership?...Its ongoing dilution?...And that list firmly goes on folks but at least THG sorry i meant the tripe can shout from the rooftops about some redundant metric called EBITDA which has thus far given them an excuse of how best to disguise their 'Real' financials hey!

...But one thing I've surely realised is that brokers targets are just meaningless and have very little value to any investor large or small in future because they 'Always' seem to have a hidden agenda to all their hoopla so trust nothing of these incredibly deceitful firms and question everything they like to state because unfortunately they have very little integrity whatsoever and are consumed by the thoughts of the highest bidder and their ulterior motives!
Posted at 18/3/2024 09:37 by bigt20
Havinthelasttoast 14 Mar '24 - 16:25 - 64235 of 64342


Did you see how much the USA company that was turning 300m got sold to THG for out of insolvency. In case you missed it 20m! Yes 20m.

When lenders take control and auctions are involved don’t pretend to know what things will get. The intangible assets that THG have are what they paid, and they are THGs estimate, it isn’t what will happen in a firesale as evidenced.


---> Exactly, its what somebody else is prepared to pay.
Posted at 15/3/2024 19:08 by one_frankel
Courtesy of GTC on LSE and so insignificant that THG press released winning it except it got stopped by HomeBase 3 years into a 10 year digital transformation partnership hehe!

...

...Matthew Moulding, Founder and Chief Executive Officer of THG, said: “We are incredibly excited to be working with one of the UK’s biggest players in the home and garden retail sector and there is huge potential for us to grow Homebase’s D2C capabilities with our proven infrastructure and services.

“The global retail landscape is changing and the current climate has accelerated digital plans for many businesses. This partnership is testament to the strength and reputation of THG Ingenuity to deliver a world-leading ecommerce solution that can power businesses of all sizes, in the UK and globally.”
Posted at 09/3/2024 17:28 by money mad
STE2000STE20001. I said a lot of businesses lost growth . We were growing 50-100 percent YOY and then only grew 10 percent last year but back up to 50 percent this year. We already had the contracts last year so they were built in to the sales price and we aren't just social! Plus tech companies pay a good multiple. Me being successful is unrelated to THG though. So I have nothing to prove. Believe me or don't. 2. However my business and clients are. related to THG as we manage dtc ecom brands and growth in their marketing spends in 2024 is due to rebounding performance in the market which could infer the same at THG. 3. This is a global market estimate not THG specific . I agree we want to be aiming to grow above this number to win market share and things start to get interesting again. 4. 85 percent churn isn't scary. If it dropped below this would not be great but maintaining 85 percent is good. But agree would be good to identify why they are leaving to try and improve this number 5. In conclusion I agree we want higher that 3.3 percent growth. I do think you need to stop quoting web stats though as I repeat they moved a decent number of people into app and so you won't see the data from web. But out of interest why don't you post the monthly web traffic for last 14 months including Jan and Feb as you quite they look terrible but what are you comparing them too?
Posted at 09/3/2024 15:08 by ste2000
Hi Money mad,

1. Your information is interesting, but a fact check is necessary. It's hard to believe a business that wasn't growing garnered a £20 million-plus price, especially when claiming 50 percent growth within two months. This rapid growth seems improbable, and it suggests it's based on a very low initial base. It makes me doubt your credibility.

2. Comparing THG to social media agencies may not be apt, as THG has millions of clients. Many successful companies, including Sephora, Boots Beauty, ULTA, and Glanbia, experienced significant growth in the past year.

3. The projected 3.3 percent growth in beauty revenue appears subpar. For a company to be considered a growth company, double-digit growth is usually expected. A growth rate lower than inflation and annual dilution is concerning for addressing debt and company growth.

4. The 85 percent return rate of customers suggests market saturation. Online-only businesses often plateau unless they diversify channels. THG's management appears lacking, and the current situation of rising ad costs without substantial growth is precarious.

In conclusion, the quoted 3.3 percent growth lacks supporting data, and tying your company to THG seems irrelevant. Lookfantastic's site has performed terrible over the last two months , and the anticipated growth in beauty revenue might be overly optimistic, considering the company's current trajectory.
Posted at 12/2/2024 10:21 by hooded claw
A digital entrepreneur has been installed as chair of Ingenuity, the complete commerce business of Manchester-based online retailer THG.

Technology and payments entrepreneur, Alistair Crane, is Ingenuity’s first chairman and will support plans to accelerate growth in core markets, including the US.

THG chief executive, Matt Moulding, insists that Ingenuity is the secret sauce of the business and can grow the revenue and value of the group in the long term.

Alistair, who joined THG on January 2, 2024, is currently chief executive of digital career coaching business Bloom, has extensive experience working with brands and a proven track record in founding, scaling and exiting e-commerce businesses in the UK and US over a 20-year career.

Before Bloom, Alistair founded Grapple, a developer of mobile apps for brands acquired by Monitise, and HERO, a social shopping platform bought by Klarna in 2021.

His appointment supports the next stage in Ingenuity’s development following its pivot towards more complex, higher-margin Enterprise clients, which gathered pace in 2023.

As chairman, Alistair will support Ingenuity’s senior leadership team, using his experience and contacts to help scale the Ingenuity business in the US.

Ingenuity’s complete commerce solution, which offers a one-stop-shop to brands spanning technology, marketing and operations, is targeting further expansion in the US.

It will seek further major Enterprise partners in core categories including nutrition, wellness, prestige beauty, retail and food and beverage with its complete commerce solution under its growth plans. Its current partnerships include L’Oreal, Knowsley-based Matalan and Asda.

Matt Moulding said: “I’d like to welcome Alistair to Ingenuity and the wider THG business and we’re looking forward to benefiting from his drive and experience. He has spent his career building digital brands and scaling high growth businesses, so he is the perfect candidate to help Ingenuity expand across core markets.”

Alistair said: “Ingenuity is a great business with a superb end-to-end offer across digital marketing, technology and operations, so there is a real chance to seize a bigger share of the market. There are major opportunities to grow the business and I’m really looking forward to supporting (the senior leadership team) in taking Ingenuity to the next level.”

hxxps://www.thebusinessdesk.com/northwest/news/2128552-digital-entrepreneur-installed-as-first-chair-of-thgs-ingenuity
Posted at 12/2/2024 09:42 by mirabeau
A digital entrepreneur has been installed as chair of Ingenuity, the complete commerce business of Manchester-based online retailer THG.

Technology and payments entrepreneur, Alistair Crane, is Ingenuity’s first chairman and will support plans to accelerate growth in core markets, including the US.

THG chief executive, Matt Moulding, insists that Ingenuity is the secret sauce of the business and can grow the revenue and value of the group in the long term.

Alistair, who joined THG on January 2, 2024, is currently chief executive of digital career coaching business Bloom, has extensive experience working with brands and a proven track record in founding, scaling and exiting e-commerce businesses in the UK and US over a 20-year career.

Before Bloom, Alistair founded Grapple, a developer of mobile apps for brands acquired by Monitise, and HERO, a social shopping platform bought by Klarna in 2021.

His appointment supports the next stage in Ingenuity’s development following its pivot towards more complex, higher-margin Enterprise clients, which gathered pace in 2023.

As chairman, Alistair will support Ingenuity’s senior leadership team, using his experience and contacts to help scale the Ingenuity business in the US.

Ingenuity’s complete commerce solution, which offers a one-stop-shop to brands spanning technology, marketing and operations, is targeting further expansion in the US.

It will seek further major Enterprise partners in core categories including nutrition, wellness, prestige beauty, retail and food and beverage with its complete commerce solution under its growth plans. Its current partnerships include L’Oreal, Knowsley-based Matalan and Asda.

Matt Moulding said: “I’d like to welcome Alistair to Ingenuity and the wider THG business and we’re looking forward to benefiting from his drive and experience. He has spent his career building digital brands and scaling high growth businesses, so he is the perfect candidate to help Ingenuity expand across core markets.”

Alistair said: “Ingenuity is a great business with a superb end-to-end offer across digital marketing, technology and operations, so there is a real chance to seize a bigger share of the market. There are major opportunities to grow the business and I’m really looking forward to supporting (the senior leadership team) in taking Ingenuity to the next level.”

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