THG: Strategic Partnerships and Licensing-Led Growth Create Attractive Buy Opportunity After Share Price Decline

In a report released today, Andrew Wade from Jefferies maintained a Buy rating on THG, with a price target of p60.00.

Andrew Wade has given his Buy rating due to a combination of factors, including THG’s ability to unlock further value from its Myprotein brand through new strategic partnerships. The recently announced collaboration with Greencore to launch protein-focused food-on-the-go products in Sainsbury’s broadens Myprotein’s reach into mainstream retail and creates optionality to extend into additional formats and channels.

This deal reinforces offline and licensing as important growth pillars for THG Nutrition, where Wade anticipates substantial expansion in licensed product revenues by FY26. He views the recent sharp share price decline as disconnected from the company’s prospects, given expectations for a solid year of top-line progress and strong cash generation, and therefore sees the current valuation as an attractive entry point for investors.