Credibility I haven’t seen the report and would love to know what the Analyst’s rational was for the PT cut. However, I have had some thoughts at this time of year when TH has tended to trade at its lowest levels, and those thoughts echo others’ concerns with management. Last year my posts were very frustrated by the apathetic attitude and silence from the company, but this year is a different story. The company does appear to be making more of an effort and is getting better at actively engaging investors. Unfortunately, when you get a report with a garbage PT it makes you wonder what is going on. I was first frustrated again with the lack of a proper IR team, but TH is making strides on that front. So, then my thoughts turned to the Analysts perceptions of the management team, and their ability to execute on their proposed plan. That is where I believe TH still struggles. Management has a huge credibility issue in my eyes, and it is not one that is easily fixed. They can either earn the credibility back through improved performance and execution, or they can “buy” credibility by hiring a new CEO with the resume and the connections to get the wheels turning. The first option is a long struggle and where we are at now. The latter could be a quicker fix but would be a costly endeavor to attract the right talent.
The company can and will keep trying to attract investors with the “new” story, but the market has heard such things before and is going to play the wait and see game. The question going through each investors’ head is “Why should I put my money behind these yahoos? I have seen them a dozen times or so over the last 10 years and each time they talk a big game before flopping out on the field”.
So while I agree Luc is a brilliant mind, it may be time to get a salesman at the helm instead of the same old yahoos.