Share Name Share Symbol Market Type Share ISIN Share Description
Frontier Dev LSE:FDEV London Ordinary Share GB00BBT32N39 ORD 0.5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 200.00p 198.00p 202.00p 200.00p 200.00p 200.00p 1,844.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Software & Computer Services 21.4 1.3 4.2 47.6 68.23

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Date Time Title Posts
05/12/201601:43Frontier Developments - Elite gaming.....138.00

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Frontier Dev Daily Update: Frontier Dev is listed in the Software & Computer Services sector of the London Stock Exchange with ticker FDEV. The last closing price for Frontier Dev was 200p.
Frontier Dev has a 4 week average price of 200.48p and a 12 week average price of 199.15p.
The 1 year high share price is 250p while the 1 year low share price is currently 169.50p.
There are currently 34,112,529 shares in issue and the average daily traded volume is 3,891 shares. The market capitalisation of Frontier Dev is £68,225,058.
culford: p1nkfish you are right that this tends to be very illiquid. Interestingly there is stock about at present which is surprising. FDEV now firing on 2 cylinders and has transitioned from making games for others and making a few £m profit to being a self financed publisher of its own games. It has more than 30 years experience of making games successfully for others. In that time it developed a very strong technical platform, Cobra, and has a very well regarded team of people. It now has c£10m in the bank and two successful franchises generating >£20m of cash per annum. This will allow it to step up its growth rate by adding a new game each year. It should also be able to start paying dividends this year. Share price won't be at this level next year.
makw61: Hi culford, Couldn't agree more. Based on the different scenarios I've modelled, the share price could be between 3 and 10 times what it is currently in the next few years. RCT3 sold 10m units so big numbers are definitely possible. Not sure if the sub £100m market cap means some funds can't invest in this, or the fact it is on AIM, or indeed that David B owns such a large stake means it is difficult for institutional investors to acquire a meaningful stake? I guess I will just have to be patient and let the numbers do the talking! Thanks for the point about the Steam reviews; I hadn't realised that my settings were defaulted to English so I had missed those. The positive reviews have remained very high as you say, which is very encouraging. Some negative comments around the management aspects of the game but my view is that that aspect is unimportant for many, and is easily improved as DLC (paid for or otherwise). Also I'm sure additional rides will be offered as DLC / season passes. ATB
culford: hi makw61 At present sales c£20m from one game - 30% distribution costs to steam etc leaves net revenue of £14m which covers all cash costs - cash has been pretty stable at £8-10m over past two years. 1m extra sales of 2nd game PC at £30 is £30m gross and £21m net which should all flow to bank, although profits may be lower as non cash depreciation increases. But the new level of £20m of cash flow with only two games in sales with the company to add one more per year from now suggests a multiple of at least 10x cash flow or £210m or 3x current share price. Looking at the Steam site, 1/3 of reviews are not in English, with many requests for a Chinese language version. The reviews are 90% positive, suggesting there is every chance that this game becomes a blockbuster with sales >10m over next few years, with paid upgrades in due course. The cash flow could thus be a lot higher than the base case above. I am also surprised that market has not woken up yet.
makw61: The market has been very slow to wake up to the potential here. My base case is identical to that above i.e. 1m units of ED and of PC per year for revenue net of Steam fees etc of c.£40m against cash costs of £25m to £30m i.e. underlying operating profit of £10m to £15m (not sure how the amortisation of development costs will impact reported profits but those costs are already spent!). Incremental sales kick in £20 per unit bottom line so another 1m sales of PC would increase profit by £20m to up to £35m. Current market value is under £70m and there is cash in the bank. I feel like I must be missing something? Looking forward to the next trading statement so that I can reconcile my numbers - Steamspy will not include Xbox sales of ED but I'm not clear if it includes PC sales via Frontier's website where the customer activates their Steam key and PC then appears in their Steam account? I thought the share price would be motoring by now, but maybe we will have to wait for the trading statement for the market to wake up. Interested to hear also what the next franchise will be. Frontier have some history in platform games (Lost Winds) but those are not particularly fashionable currently. I would like to see something for PC, Xbox and PS4 to maximise sales. Still waiting to see the PS4 port for ED and I suspect PC is too demanding to port to current generation consoles (they have confirmed no VR for now for the same reason but the hardware will catch up in a couple of years I'm sure). GLA
stegrego: Games - Star Citizen and Crowded Sky are likely to grab the limelight from Elite this year. I'm not predicting the share price going up any time soon, in fact it looks fairly overpriced at 200p
doog1: Not sure if people were/ are selling becuase of the new ISA year but really volume hasn't been much at all. It could very well be a placing as you chaps say. The share price has trebled in a matter a months so would make sense I suppose to raise more capital. I'm sure we'll find out soon enough.
doog1: Elite Dangerous Alpha 3.0 released and share price up over 10% today. So much for a dip :).
Frontier Dev share price data is direct from the London Stock Exchange
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P:31 V: D:20161205 08:36:32