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-headquartered firm’s share price stood at 67.22p this morning following publication of a detailed research report by Peel Hunt, which specialises in supporting mid-cap and growth companies.

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.

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“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.”

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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.”