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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Thg Plc | THG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
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|---|---|---|---|---|
| -0.18 | -0.45% | 39.70 | 16:35:12 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 40.40 | 39.60 | 40.40 | 39.70 | 39.88 |
| Industry Sector |
|---|
| SOFTWARE & COMPUTER SERVICES |
| Top Posts |
|---|
Posted at 11/1/2025 10:29 by one_frankel OVMK are one of the most positive investors out there for this tripe yet this is eye opening and shows just how bad its become so good luck folks with all your believing here that it's only a matter of time this shambles of a company is off to the moon and beyond hehe!...'THG plc is the online food and cosmetics company from Manchester that we have told you about several times. Management finally announced the long-awaited split last quarter. This split of the marketing and fulfillment division (Ingenuity) is intended to unlock the value that the group theoretically represents. The idea has always been that the group divided up represents much more value than the current group together. However, the spin-off of Ingenuity could no longer be financed with its own resources and a share placement was necessary to provide this division with sufficient money to finance future investments. This also means that the remaining THG is left with the existing debt burden. The value for which Ingenuity was ultimately spun off is in stark contrast to the glowing stories that management has communicated about this division in recent years. A very negative element of the transaction is the fact that Ingenuity is being spun off into a non-listed entity. This is an undesirable situation. Given the deteriorated operational performance, the lack of cash flows, the debt burden that is almost entirely below the remaining THG and the actions of management, it has been decided not to wait for the situation any further. We sold the THG position in its entirety.' |
Posted at 28/12/2024 15:54 by master rsi THG share price: shareholders vote to spin off ecommerce platformThe Times - Helen Cahill,- Friday December 27 2024, 5.00pm, The demerger is part of a plan to streamline Matthew Moulding’s beauty and wellness group and revive its share price, which has slumped since its IPO The spin-off will leave THG a simpler business focused on retail, with brands such as Illamasqua make-up THG Shareholders in Matthew Moulding’s beauty and wellness business have voted in favour of a plan to spin off its Ingenuity ecommerce platform at a valuation of £90 million. THG, formerly known as The Hut Group, will press ahead with a divestment of its technology platform after 89 per cent of voting shareholders backed the plan at a general meeting on Friday. Ingenuity provides technology to support the online operations of retailers including Holland & Barrett, The Range and L’Oréal. The division has 13 distribution centres and employs about 3,500 people. THG launched a funding round to raise capital of £95.4 million to fund the transaction, and has secured debt funding of £55 million. The company has told investors the money will be used to fund Ingenuity until its operations are no longer lossmaking. The technology platform made a loss of £140.9 million in the year ending June 30, compared with a loss of £227.6 million in the previous 12 months. Revenues for the division fell from £712.3 million to £671.4 million over the 12-month period. Mike Ashley’s retail conglomerate has taken a stake in Ingenuity by investing in THG’s fundraiser in October. Frasers Group, which owns Flannels, House of Fraser and Sports Direct, made a strategic investment of £10 million. THG also brought in funding from new shareholders and longstanding investors. Moulding co-founded THG in 2004 and listed the group on the London stock market at a £5.4 billion valuation in 2020. The company has come under pressure from activist investors to break up its business divisions following a substantial fall in its share price since its initial public offering. The demerger of Ingenuity will help to reduce THG’s debt burden as lease liabilities of £298 million will transfer to the spun-off entity. Announcing details of the transaction in November, THG said: “The demerger simplifies THG’s business model as a free cash-flow generative consumer, beauty and nutrition group, with an improved balance sheet, capital expenditure and cash-flow profile. “The board believes that there is a significant opportunity to create value for shareholders by demerging Ingenuity into a separate private company with no public listing or other trading facility for the Ingenuity shares.” |
Posted at 13/12/2024 07:41 by sellhighandbuylow To be fair and to give a more balanced view, Qube and other THG short-sellers (including us) made a shed load of money, as THG shares fellOver 3 years THG have FALLEN by 72.83% Over 1 year, THG have FALLEN by 34.26% Over 6 months, THG have FALLEN by 25.21% Over 3 months,THG have FALLEN by 0.93% |
Posted at 28/11/2024 12:36 by master rsi IN BRIEF: THG set to enter FTSE 250 index as changes listing categoryThu, 28th Nov 2024 12:12 Alliance News THG PLC - Manchester-based e-commerce retailer of consumer beauty and nutrition products - Will change its London listing category to 'commercial companies' from 'transition' to clear the way for inclusion in FTSE UK indices. The change in listing status will be effective from January 6. This will allow THG to be part of the March quarterly index review by index provider FTSE Russell. It will miss the December review, which will take place next week. At that review, Deliveroo PLC and Oxford Nanopore Technologies PLC, who made the same change to their listing category, are expected to join the FTSE 250 index of mid-cap stocks. With a market capitalisation of GBP715.4 million, THG would be almost certain to do the same come March. THG previously had planned to move to the 'premium' listing segment in London, with Founder & Chief Executive Officer Matthew Moulding clearing the way to do so by giving up his 'golden share' with its voting special rights back in 2023. Since then, the UK Financial Conduct Authority made changes to UK listing rules, creating the new categories. THG also on Thursday called a general meeting for December 27 for shareholders to vote on its proposal to demerge Ingenuity. The division operates THG's e-commerce platform, so the spin-off will make THG a pure-play retailer of consumer beauty and nutrition products. |
Posted at 28/11/2024 11:47 by master rsi THG Holdings receives Investment Bank Analyst Rating - 1 hour ago--------------- THG (THG) Share Forecast, Price Targets and Analysts ... In the current month, THG has received 4 Buy Ratings, 3 Hold Ratings, and 1 Sell Ratings. THG average Analyst price target in the past 3 months is 76.75p. |
Posted at 07/11/2024 14:56 by grabster Selkirk Group ipo - first day of dealing today. (SELK)So what? So its executive chairman is Iain McDonald, founder of Belerion Capital and former chair of THG PLC (LSE:THG) (Belerion were half-owner Selkirk and will now hold 16.6%). And Selkirk is like a sibling of Kelso which already had involvement in THG. "Selkirk has set its sights on acquiring undervalued companies, particularly those operating as subsidiaries within larger businesses, aiming to reveal their hidden potential through independent stock market listings." It's only an AIM tiddler. And I don't spot any immediate overlap of interests with THG products or services. But is there any tiny little division of THG he might have his eye on? Or a division of some wannabe THG competitor? "Notable investors include Sir Terry Leahy, former CEO of Tesco, who is expected to hold a 10% stake post-IPO. Other backers include Ed Woodward, one-time boss of Manchester United, and Oliver Hemsley, founder of Numis, the min-investment bank" |
Posted at 01/11/2024 23:19 by master rsi Retail e-commerce group THG Ordinary Share - Edmond Jackson– formerly The Hut Group - is a mid-cap where “bargepole treatment” easily comes to mind. Since flotation four years ago, its stock has collapsed from an 800p high to around 47p, and persistent financial losses are expected to drop below £100 million only in 2025. Capitalised development means heavy intangibles, hence £272 million negative net tangible assets. There is £354 million net debt, but at least free cash flow turned positive last year. Indeed, I took a “sell” stance at 195p in November 2021 on the grounds of a worsening macro context into which THG was vigorously expanding. Last November, I mitigated this to “hold” at 62p after the CEO proclaimed each division was delivering improved performance and the stock had initially jumped 30% over 70p. I did, however, caution that there were better choices. Yet the directors have recently bought determinedly. The founder CEO put £10 million of his own money into an equity placing and open offer last month at 49p, which raised around £95 million “for general corporate purposes” with nearly 15% dilution. The CFO put in £75,000, still plenty significant for a professional rather than wealthy entrepreneur; and the CFO’s view counts. Last Wednesday, around £400,000 of stock was bought in the market by a five further directors at market prices of 46p to 47p. Admittedly, Balderton Capital reduced its stake from 8% to 6.4% a few weeks ago, although institutions are not unknown to bail around the low. It is material concerted buying that flags THG as deserving at least another look. The market’s ingrained scepticism meant the stock could not close up even 1% though, at 46.7p, in response to the latest purchases. What might be a trigger from the operations narrative? There seems to be nothing in the 2024 numbers. THG’s main revenue generators are consumer beauty and nutrition products; beauty rose just 5.2% to £775 million in the nine months to 30 September and only 2.3% in the third quarter, while nutrition fell 11.6% to £434 million over nine months and by 13% over the third quarter. Management still proclaimed “improving trends” from nutrition during the quarter, so you may excuse me a sense of déjà vu. The directors appear to have conviction that a demerger of the group’s digital commerce solutions side Ingenuity will be transformational – at least to some degree. It can seem like THG is divesting its growth engine given Ingenuity’s revenue rose 13.5% over nine months to £124 million, advancing to 15% in the third quarter with £44 million. Yet a strategic and operational review last September concluded: “The demerger of Ingenuity facilitates the simplification of THG’s business model, as a cash-generative global consumer beauty and nutrition group, with an improved balance sheet, capital expenditure and cash-flow profile.” A prompt £95 million capital raising implies nothing special about cash flow in the near term. Ingenuity is expected to have an equity value around £100 million, although it could be better explained how such a divestment is to be accounted for – to the benefit of THG. A 17 September announcement states clearly, the group will, post de-merger, consist of the beauty and nutrition products, rather than, say, a legally separate e-commerce logistics business that is equity accounted for. It’s unclear quite how the alleged £100 million equity value of Ingenuity is to be credited to THG as a group, hence its shareholders. Perhaps that was in a specific circular. Anyway, this strategic change asks us to look forward, to a scenario where capital expenditure on Ingenuity is no longer absorbing cash generated by beauty and nutrition, albeit premature to offer any pro forma scenario. Ingenuity is said to be better able as a standalone business to win customers in the wider e-commerce market beyond THG beauty and nutrition. But what is the point of teasing with this if it is no longer part of THG group? It is not hard to appreciate why THG has generally lost the confidence of investors, if only by its communications alone, but the facts are that this does look like a watershed moment and the THG directors are backing it firmly with their cash. Consumer outlook for beauty and nutrition is also key Director dealings do not guarantee anything; they only reflect belief. What they cannot reflect – beyond this strategic change – is consumer discretionary spending where THG derives half its revenue from the UK followed by Europe, the US and the rest of the world. Call me cautious but my reaction to this first Labour Budget is wariness. Greater taxes on the wealthy combined with higher national insurance contributions for employers – affecting private sector wage rises – seem unlikely to boost confidence. Budget 2024: what it means for your money Budget 2024: AIM shares no longer IHT exempt, and ISA allowance frozen Independent forecasters also say the tax rises so far do not support Labour’s spending plans. Consider also what extent of debt the financial markets will allow the UK to pursue. So, while the domestic consumer situation might not be so bad, it is the agile value operators who seem likely to thrive best – cue the Chinese operators Shein and Temu, where the Budget failed to address their advantage in terms of VAT. I have no sense of how their beauty products compete on quality with THG, or whether price will be more critical in the next two years. The second half is ‘the most profitable and cash generative’ THG was profitable in the first half of 2024 only in terms of £52 million adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) on £911 million revenue. This is quite artificial given around £80 million annual development spend, capitalised then written off, but should reduce with the divestment of Ingenuity. Yet the statutory interim loss was £84 million before adjusting items, on £934 million revenue. The net loss was £121 million after a £33.7 million net finance cost on £352 million net debt. This charge seems particularly high even considering £335 million leases. Around £2 billion annual revenue is the big opportunity here, given the stock trades on a price/sales ratio of just 0.4. Can margins be recouped? In 2015, THG achieved a 5.3% operating margin on £334 million revenue. Revenue grew substantially to 2022 then slipped, but it’s not clear if this involved any loss of marketing edge – or Chinese competition, like I considered in my last piece on Boohoo Group . Has a headwind for margin recovery vs cheap Chinese prices, at least on beauty products, set in? A strategic partnership was declared last June with Frasers Group, which made a £10 million strategic investment in THG, hence is implicitly on-side with the e-commerce logistics demerger, and Frasers’ involvement should benefit beauty and nutrition. THG sold its luxury products websites to Frasers at an undisclosed price, having achieved only a “broadly breakeven” outcome on £43 million revenue in 2023. Again, it is premature to figure the upshot for revenue and profit. Leads to a ‘highly speculative’ conclusion From their dealings, insiders clearly believe the demerger is a watershed moment and positive for value. The consumer environment remains uncertain, however, and THG will need to show further how it is going to recoup margin even if divesting Ingenuity helps. There is a case here for speculators to consider a starter position and see what evolves. Follow the directors. However, there’s a way to go before an investment “buy” case can be substantiated, therefore overall I retain “hold”. |
Posted at 31/10/2024 22:43 by qantas Top Director Buys always a good signThg (THG) Director name: Allen,Charles Amount purchased: 542,000 @ 45.74p Value: Thg (THG) Director name: Jones ,Helen Amount purchased: 104,084 @ 47.56p Value: £49,502.35 Thg (THG) Director name: Farr,Susan Jane Amount purchased: 104,346 @ 47.00p Value: £49,042.62 Thg (THG) Director name: Kent ,Gillian Amount purchased: 53,500 @ 46.39p Value: £24,819.72 Thg (THG) Director name: Moore,Dean Amount purchased: 53,143 @ 46.57p Value: £24,748.70 |
Posted at 21/10/2024 05:52 by imjustdandy Sum of the parts now being realised. Kelso's investment thesis is that the valuation of the sum of the parts of THG is significantly greater than the market capitalisation. During 2023, we made several statements supporting this view urging management to demonstrate this value. The independent city broker Peel Hunt released an investment research note on 22 March 2024 in which it set a price target of 141p but referred to a potential value of 280p based on a sum of the parts.We believe that each of either the Beauty or Nutrition division is worth at least the current market capitalisation. We hope during 2024 that THG will demonstrate this value through a strategic or corporate transaction relating to at least one of its three businesses. Separately, we believe that one of the most impactful and positive actions THG can implement is to move its listing on the LSE from the standard list to the premium index. THG currently has very few passive indexed holders and most UK active fund managers do not have to consider an investment in THG as it is not in their performance benchmark of the premium index. We hope that this change of index happens in 2024 either naturally through the FCA changes or that THG is proactive and makes the change of listing itself.As at 31 March 2024, our holding was 6.0m shares with an average in price of 61p, valued at £4.1m, which represented 46.4% of our portfolio. |
Posted at 20/10/2024 19:17 by cielos Good research from Peel Hunt 6 month ago >>>>>"Posted on March 27, 2024 by staff - Report finds THG is ‘wildly undervalued’ Founder Matt Moulding said the report by UK investment bank Peel Hunt was the most comprehensive review of THG he had seen since their IPO The share price of eCommerce giant THG is at a one month high on the back of a positive report by a UK investment bank. The Manchester-headquart THG’s share price was 58p at the time of the report’s publication, which looked at a range of issues including governance, transparency and valuation. One of the standout conclusions of the report was that company was undervalued and probably worth four times its current market cap. Founder and CEO Matt Moulding said it was the most comprehensive review of THG he had seen since the firm’s much publicised IPO in 2020. Writing on LinkedIn, Moulding accused their former advisors on the IPO – Numis (now renamed Deutsche Numis) – of leading a ‘bitter and negative campaign’ against THG. “You’d need to have spent the past three years at a yoga retreat to have missed a steady flow of news towards THG and me,” he wrote. “The narrative has been nothing if not consistent – painting me as some sort of charlatan, building a ‘bag of spanners’ company from Manchester. “Our response has been to respectfully disagree (sometimes less respectfully), remaining undeterred in building three global giants from the UK.” THG has become a global leader in beauty, nutrition and technology. Moulding wrote: “The Peel Hunt report tackles any media issues head on, starting the report by saying senior staff at the bank initially told the research team ‘don’t touch THG with a barge pole’. “This report is the most comprehensive review of THG I’ve seen since IPO. Peel Hunt used multiple analysts to compile the review, from tech to consumer brands – recognising THG has three large, global businesses with different specialisms. “Many banks write research on THG, but it’s rare multiple analysts with different specialisms come together like this. But for THG it’s the only way to ensure a true understanding of our group.” He said the report proved THG’s strategy made sense and that the company was ‘wildly undervalued’ on the LSE. Moulding added: “This may not change THG’s journey on the LSE, but it’s put a smile on the face of some THG stakeholders. It’s nice to see some proper research.”" |
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