2023年5月4日

業務電報5月4日,布隆伯格2023 THG衰退問題的可行性阿波羅收購Sharecast——THG(經度:)上個月宣布,它已收到一個高度初步和不具約束力的收購提案說明從阿波羅。私募股權公司現在直到5月15日宣布公司有意出價或走開。但彭博情報說,THG似乎不太可能將從阿波羅接受收購,後者返回,基於其整體的估值,這低於任何可接受的場景THG股東。“這讓我們阿波羅的收購意圖的可行性問題,”它說。布隆伯格的研究表示,THG可能30%分解更有價值。“THG估值表明它整體市盈率30%的折扣,”它說。“使用同行的比較數據美(0.8 x 2023 EV /銷售在線專家平均),營養(1.9 x EV /銷售折讓50%營養專家)和智慧(1.8 x 2023 EV /銷售-商務部分的30%的折扣應用軟件的同行和基礎設施與在線專家),我們得到的估值溢價£27億。“建築美和營養部門增長和低盈利能力一分手。”布隆伯格說營養類別是一致的複合平均銷售增長率(CAGR) 2022 - 27日的8.3% 5.9%,運動營養之前,據歐睿信息谘詢的數據。其結構性增長的美麗可以加快如果在線簡曆,與美電子商務擴大年複合增長率為5.1%,2022 - 27日。 It also said that THG and Apollo are unlikely to agree on price. It argued that the PE firm’s offer would need to have a substantial premium – above 157% to the 14 April closing price – for THG to even consider selling, given prior bids were rejected. “Our sum-of-the-parts valuation suggests the offer is below the lower-end scenario, implying Apollo wouldn’t see a profitable exit,” it said. “THG shareholders could consider a bid at the higher-end scenario, with the stock price down 88% from its peak (80% from the IPO),” it said. “The THG board has the ability to block the bid, with the Moulding family holding about 26% (listed and unlisted) of the shares and Sofina about 9%. In addition, CEO Matthew Moulding retains his golden share until September, granting him the right to veto a takeover.” Bloomberg also pointed out that last year’s unanimous rejection of Belerion Capital’s 170-p-a-share takeover by THG’s board underlines management’s conviction that the market has mispriced its controversial Ingenuity division. The board said at the time that the bid significantly undervalued the company, despite a 46% premium to the pre-offer price. “Management says Ingenuity is its key revenue and profit driver, yet the lack of visibility on how the segment could achieve critical scale has evaporated what was a £4 billion valuation at IPO and led the market to assign the unit an implicit zero value,” Bloomberg said. It added that Japan’s Softbank also lost conviction in THG’s fundamental value, when it sold its 8% stake in October 2022 for 39p a share, taking a £450m hit. At 1330 BST, THG shares were down 15% at 98.98p.