Frontier Ip Share Discussion Threads

[acuere] 10/2/2023 16:48

Interesting trade of 802634 shares at 71p today.
Is that the last of the overhang cleared?

[best1467] 09/2/2023 18:20

Amazing more posts in the last two days than the last two years
Pulsiv the Ace in the pack

[rivaldo] 09/2/2023 08:57

Nice summary AQC888 - and agreed.

Looks like the overhang has cleared! I'll allow myself a small pat on the back for actually having timed my entry point here rather well for a change (hopefully)!

Exscentia was up slightly again last night to $10.93.

EDIT - good to see you here hastings.

[hastings] 09/2/2023 08:55

Also joined here yesterday, in the main as some of the investments are on my doorstep, so it would be rude not to!

[johndoe23] 08/2/2023 15:49

Thank you for that detailed response.

[aqc888] 08/2/2023 14:13

I think by having so many investments in so many sectors not many people will be familiar with each sector and the potential pitfalls of each investment. Although alucid and Pulsiv just won industry awards this month. I’d say having 20% cash and 20% in a liquid holding in Exscentia provides good backing for all the other investments in the portfolio and this should make any fundraisings very unlikely. Valuations pre ipo are to be taken with a pinch of salt, this will make many investors suspicious. Although the Exscentia stake was undervalued pre ipo.

If you compare frontier to TekCapital for example the portfolio is very diverse with 19 investments compared to 4 with Tek. Tek just had a recent ipo in Bluetooth musical sunglasses company which plummeted 90% at one point since ipo in the first year. Other investments they have are similarly not in the same league as Frontier and very speculative in my opinion. Augmentum fintech has a quality portfolio of 10 or so investments, but all in the same sector of fintech. Although they too have a strong track record I prefer Frontier since the quality here is high and it’s diversified across many sectors with a strong track record.

Frontier has invested time not money in their investments. They get in at a much earlier stage, often via university links, and I feel this approach has allowed them to cherry pick the best opportunities while other similar companies must compete for stakes at more advanced stages with more competition.

As we see with Pulsiv in its last fundraising, priority is given to existing shareholders. Frontier being a founder shareholder in many holdings is in an enviable position whereby it can further invest in promising companies such as Pulsiv and allow others to wither on the vine should they fail. For an outside investor to get a chance to invest in a company such as Pulsiv they’ll face some stiff competition.

Frontier seems to be at a point where much of the hard work has been done and many investments are approaching inflection points. I’d expect a steady stream of ipo’s starting in a year or two. Personally I’m more excited about Frontier than any other share I own at the moment.

[johndoe23] 08/2/2023 13:28

This was on my radar a while back but never pulled the trigger. Can buy at 68p currently.What would be the potential risks here?

[acuere] 08/2/2023 11:59

Haha me too!
Worth noting our Exai stake has increased equivalent of about 6.5p this year, so NAV figure in the ints will look at a bit lower than it really is.

I’ve been looking at Cambridge Raman Imaging. Their value increased from £1.5m in July 2020 to £6.1m in May 2022. Fipp hold 26.8% of that. Just another example of how the value of these stakes can accelerate.

For those interested:

[aqc888] 08/2/2023 11:25

I likewise topped up this morning, I think it’s bottomed now. It’s important to look at how frontier undervalued investments in the past.

The Exscentia stake alone was worth near frontiers entire market cap shortly before the ipo.

It’s also the annual investors chronicle ST bargain shares list this Friday. It usually features a company like this and I believe this has a 20% chance of inclusion, so good time to top up given companies on his list surge by upto 30% on the day.

[bomber13] 08/2/2023 10:52

Ditto Rivaldo , and welcome , I topped up this morning !

Despite its excellent management and proven track record , this little company seems to fly completely under the radar and is now , in my view , completely the wrong price .

[rivaldo] 08/2/2023 09:09

I've built a stake here recently for the first time.

I've met the CEO a couple of times in the past and really liked him - clever, down to earth and obviously knows his stuff as regards this type of investing.

The recent decline strikes me as a good time to get involved. Especially as Exscentia seems to be on a roll again - up 20% last night to $10.80 and then up again in the aftermarket to $11.10.

FIPP have a number of investee companies which look impressive imo and could multibag, but most importantly have been going for a number of years now and are already, or seem to be on the cusp of, gaining substantial commercial traction. So this could be an important inflection point for FIPP.

Thanks to the posters here for making the thread so informative. My buying has been around and just above the mid-price so there evidently is or has been an overhang which buyers might wish to take advantage of.

[aqc888] 07/2/2023 22:57

The historic annual rise in NAV is significant. Even when the markets were falling last year Frontiers NAV increased. It has reliably increased every year.

Many investments are reaching inflection points - so this increase could well gather pace.

A £50m NAV currently could easily increase by another 10-30% next year, making its current market cap even more of a bargain.

I also quite like how the ceo here isn’t making outlandish claims about his investments. Not the typical AIM cowboy ceo. He owns a significant stake himself and doesn’t seem to care what the often psychotic market thinks of his investments. A swing from 60p to 120 to 66p in a little over a year, based on little information is extraordinarily psychotic.

[acuere] 07/2/2023 21:43

I’m assuming cash down to £6.5m.
Exai stake at closing share price £7.0m.
Pulsiv at Jun ‘22 was £9.0m (but have made strong progress since then)
Vaccine Group Jun’22 £5.5m (again progress seen since then)
So that’s at least £28m.
The other 15+ holdings were valued at £20.7m in June ‘22.

So potentially £50m NAV at a market cap of £34m.

[aqc888] 07/2/2023 20:47

Plus £7.4m cash - another 20% of market cap.

You’d think by looking at their cash and Exscentia holdings that the rest of the portfolio must be rubbish. Yet it holds some remarkably strong, maturing and relevant companies.

Extraordinarily undervalued.

[bomber13] 07/2/2023 18:32

Various new points of interest -

1) Exscientia over $10 tonight , Frontier's holding now worth 20% of their market cap , last sale of shares by Frontier was made @ $11.97 in August , 2022 .

2) Pulsiv newsflow is very active and constant on their website , the latest being a prestigious award announced yesterday -



3) Technical indicators look rock bottom in RSI , slow stochastics and MACD . Frontier's interims to end December , 2022 are due in 4 to 6 weeks .

[swiss paul] 03/2/2023 02:03

Thanks acuere the infor is very much appreciated

[acuere] 02/2/2023 14:25

This from original Exscientia announcement of BMS collaboration.

Exscientia announces multi-target, AI-driven drug discovery collaboration with Bristol Myers Squibb

Upfront and potential milestones of over $1.2bn in addition to tiered royalties

Exscientia, the clinical stage, Artificial Intelligence (AI)-driven pharmatech company, announced today that it has entered into a collaboration agreement with Bristol-Myers Squibb Company (NYSE: BMY). This expanded collaboration has the potential to add to the Bristol Myers Squibb drug pipeline whilst enhancing Exscientia's portfolio of shared assets. The collaboration will use AI to accelerate the discovery of small molecule therapeutic drug candidates in multiple therapeutic areas, including oncology & immunology. The agreement includes up to $50 million in upfront funding, up to $125 million in near to mid-term potential milestones, and additional clinical, regulatory and commercial payments that take the potential value of the deal beyond $1.2 billion. Exscientia will also receive tiered royalties on net sales of any marketed drug products resulting from the collaboration.

[acuere] 02/2/2023 13:55

Exai News out.

[acuere] 01/2/2023 14:46

Yeah, I’ve been trying to find the catalyst for that jump. The price jump happened in last 30mins and after hours. Touched $8.66 on open just before. Can’t find any specific reason behind the move though.
As I’ve said before I think it will recover to IPO levels when sentiment returns.

[bomber13] 01/2/2023 07:15

Exscientia closed at US$7.75 last night , up 29% , making Frontier’s residual holding worth £5m or 15% of the current market cap .

[aqc888] 26/1/2023 22:39

Great summary of the potential here and how quickly valuations can surge. Frontier has a history of undervaluing investments - unlike some similar companies who hugely overvalue their stakes, only to see valuations collapse by 90% upon ipo. I believe this will continue to drift lower in the absence of news.
Good chance of it being included in Simon Thompson’s bargain Portfolio on 10th Feb - which would see the share price surge by 20% on the day.

[acuere] 26/1/2023 13:30

As an example of how the value of Fipps stake in these companies can accelerate if they get to IPO take a look at Exscientia.

30 June 2020. £4.4m
30 June 2021. £13.2m
1st Oct 2021. $34.4m (about £25.8m at time)

That’s roughly a 450% increase in 15 months.
Pulsiv current valuation £9m
Vaccine Group current val £5.5m.

[acuere] 26/1/2023 12:36

No Trading Update from Fipp, so in absence of News, share price may well continue to drift until HY results in 6/7 weeks. NAV could be lower as Exai share price on 31st Dec was just $4.99 compared to $10.89 at end June. It has recovered a bit this month to $6.25 and I’m confident when general market sentiment improves it will return to IPO price.

However, like others I believe it is Pulsiv that will be the driving force in the next 12/18m. For this reason I recommend regularly checking their website.
There are 2 new distribution agreements announced in the last week.





These agreements all seem to be putting in place the building blocks for what should be a very profitable company that could attract a generous IPO valuation. The valuation of Fipp 18.3% stake in Pulsiv more than doubled to over £9m last year. It’s easy to see that stake being worth far more than the Groups current £34m market cap when Pulsiv floated off or sold.

[jimmywilson612] 25/1/2023 11:41

To interesting posts around Pulsiv from their Linkedin, showing the potential of their technology

Phone Chargers;
This EU deadline for universal phone charger standardization represents an opportunity to minimize the power consumed by billions of devices. Pulsiv OSMIUM can be used in USB-C adaptors/chargers to deliver an unrivalled efficiency profile from no load to full power. This will save money for consumers, reduce global CO2 emissions and enable OEMs to prove their green credentials.

Laptop Chargers;
Laptop power supplies are one of the most recognised products in the market, yet they are notoriously inefficient. (Have you noticed how hot they are to touch? That's the energy being wasted and lost through heat which is costing you money!)

Typically around 130W, they're often developed using a combination of LLC + PFC circuit which impacts on size, weight, cost and efficiency.

Pulsiv's unique switching method achieves PFC without the need for an inefficient PFC inductor. By using capacitors in parallel, we have more control over the grid which directly influences and improves the front-end efficiency. In doing so, it enables the use of a more cost effective Flyback DC-DC converter.

Our 150W reference design is almost ready and will:

• Significantly Improve Efficiency
• Add 15% More Power vs Existing Solutions
• Reduce Cost, Size & Weight
• Simplify Design with One Solution
• USB-C Option Available

[best1467] 17/1/2023 07:24

Pulsiv will be the game changer in valuation hopefully within IPO later this year or Early 2024