THG plc

Model update – lowering FY23 and FY24 forecasts

  • Sectors : Foods
  • Companies : THG plc

Ratings and price correct at time of issue.

  • THG plc

    Closing Price: 71.1p

  • RATING 29/09/23

  • PREVIOUS RATING 06/05/21



While THG Nutrition’s robust profit performance is expected to continue into the second half, we now anticipate a softer cadence of revenue and margin recovery in THG Beauty and Ingenuity to weigh on full-year profitability and free cashflow generation – we expect this to continue into FY24. We are lowering our FY23 and FY24 adjusted EBITDA forecasts by 3% and 7.4% respectively. We now feel that the pathway to free cashflow recovery has been extended and, as such, we are changing our rating from ‘Outperform’ to ‘Neutral’.

Download full report with analyst certification and important disclosures

Sep 29 2023, 07:00 IST/BST