From Breakingviews - UK tech bid frenzy will be over before it starts
THG shares, which were valued at 500 pence in a 2020 initial public offering, are pricing in a heavy dose of scepticism. On Friday, the stock was trading at 146 pence, a 14% discount to Belerion’s offer. The measly return buyers would pocket at the offer price may be partly to blame.
THG is forecast to deliver just 32 million pounds in EBIT by 2024, as per Refinitiv forecasts. Once 19% worth of tax is deducted, the return on invested capital would be just 1%. Without a sale, Chief Executive Matthew Moulding would be lumped with delivering the governance reforms he promised, like applying for a premium listing and scrapping his so-called golden share.
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