Frontier Ip Share Discussion Threads

[acuere] 15/3/2023 23:01

I’m tempted just to say eye watering.

The technology can be used in a huge range of everyday consumer devices such as televisions, mobile phones and laptops, battery chargers and the micro-inverters used in photovoltaic solar installations.

I can’t find a total figure for these but in 2021 there were over 1.4 billion mobile phones sold.
What I like about the solar power micro inverters is that they can be fitted retrospectively to existing panels. So in the UK alone there are 1.2m households with solar panels. I’m not sure, but if you need a micro inverter for each panel, at an average of say 16 panels per household that’s nearly 20m micro inverters in Uk alone plus anything new fitted.

For a similar company, I would suggest it isn’t just coincidence that CEO Darrel Kingham is ex ARM.

[aqc888] 15/3/2023 21:14

Anyone know the profit margin and size of market potentially on offer to Pulsiv? Or a similar company Pulsiv could perhaps be comparable to one day?

[acuere] 15/3/2023 15:57

Agree hastings.
Pulsivs collaboration announcement yesterday was the second with third pending for USA. A look at Where to Buy on their website shows a lot of the world now covered. And it’s statements like this that get me excited:

“Pulsiv is definitely a game changer and clearly possess a leading technology on the Power Conversion Arena. The expectations and enthusiasm at the Industry are massive.” ISMOsys President, Roberto Blanco.

As said in my last post CamGraphic could be coming to the fore as well now.

The surprise one for me is Nandi Proteins. It looked like it was treading water for past 3 years but again it looks like things be starting to happen.

[hastings] 15/3/2023 15:04

Some very exciting investments here as said before, with seemingly plenty of news to come. I think it is also worth noting that not only is Sir Michael Rake joining the board of CamGraPhIC, he is also an investor which perhaps suggests that this, alongside Pulsiv in particular could prove interesting and potentially significantly rewarding.

[seraha66] 15/3/2023 14:43

Thought the results looked decent.

Like the fact there is plenty of cash in the bank.
Quite important in these uncertain times.

[cordwainer] 15/3/2023 14:38

I would not want to fence words much with Dame Julia King, Baroness Brown of Cambridge DBE FREng FRS FMedSci. Glad she is on our side.

[zipstuck] 15/3/2023 09:38

The Excienta share price is still around that at end of December. So NAV is still good IMHO

[rivaldo] 15/3/2023 09:04

Singer today reiterate their Buy and 125p target price.

The CEO's quote about strong upcoming news flow is particularly good to see.

There are so many exciting developments in the portfolio. Quite apart from the many investees at or beyong inflection points and commercialisation, there are now three graphene tech portfolio companies spun out from Cambridge which could be incredibly exciting.

Pulsiv, Nandi, Alucid, CamGraPhIC, Vaccine Group and Celerum all seem to be making excellent progress.

Singer summarise as follows:

"A maturing portfolio

Frontier IP has reported interim results (H1’23) that reflect a period of strong technical progress but without the large revaluations of previous periods. Net assets per share decreased to 88.2p (FY22: 88.5p) while Net Cash increased to £5.8m providing the Group with a multi-year cash runway. H1’23 saw a number of important commercial and technical developments with FIPP’s management highlighting Pulsiv and Alusid as moving beyond inflection points. A £0.5m pre-tax loss reflects no major net revaluations but Pulsiv and CamGraPhIC raised money in the period and FIPP hosted a well-attended CMD that demonstrated the strength and increasing maturity, of its portfolio. FIPP shares trade at a 22% discount to NAV, we remain at a Buy."

"BUY recommendation

We view FIPP’s NAV as a lagging indicator given multiple milestones are often achieved between mark-to-market valuations. FIPP shares already trade at a 22% discount to NAV before we factor in the potential upside from the Group’s maturing portfolio. We maintain our BUY recommendation and 125p target price."

[petrencf] 15/3/2023 08:37

I hope so. US distribution agreement has been announced yesterday, basically they have a presence on every significant market now. Lets see where we are in a year.

[best1467] 15/3/2023 07:46

Pulsiv is Potentially the Golden Goose the progress in the last 12 months with several global players is extremely encouraging the 20% ish stake could conservatively be worth 4 times the current MCap

[bomber13] 15/3/2023 07:31

I also liked this line from the CEO -We expect this progress to be reflected by strong positive news flow in the months to come.

[hastings] 15/3/2023 07:14

Interim Results out and plenty to focus on beyond the stated NAV of 88p and solid cash position. In particular, I like this bit from the CEO "In particular, I would like to highlight three companies which took significant strides forward commercially during the period. They are moving beyond their inflection points and towards fulfilling their potential."

[aqc888] 14/3/2023 21:59

Frustrating to see this trading at a 22% discount to nav given the quality of its investments and track record. Good news in the interims out next week should help close the gap

[swiss paul] 13/3/2023 09:54

Cheers - did npt know if it would be dragged down - you know the way some can work by association i.e. being in the same arena e.g. start ups

[hastings] 12/3/2023 12:02

FIPP is with Bank of Scotland, no mention of SVB that I can see.

[swiss paul] 12/3/2023 10:24

Any exposure / or impact of the SVB debacle?

[aqc888] 08/3/2023 19:54

An in depth analysis of the technology of Pulsiv



“To underscore the advantages of Pulsiv OSMIUM technology, let’s compare it to a legacy solution such as a low-line, wide-input LLC resonant converter, used in a 12V at 10A consumer electronics application. Above 20W, and certainly above 40W, the performance is in the high 80% to low 90% range. However, below 20W, performance tends to fall off dramatically, so badly that when drawing under 10W, the efficiency falls to around 50%. This disappointing efficiency profile is typical of consumer products using a legacy LLC solution

The company recently demonstrated a universal input, single-switch 150W flyback design delivering a 97.5% average front-end efficiency, with a 99.5% peak, while operating at 90% with loads as low as 2W.”

The critical components in a Pulsiv OSMIUM circuit operate at low temperatures to extend their expected operating life.

“For example, leading consumer electronics PSU maker Salom is already using OSMIUM MCUs in their new 150W PSU flyback platform. The overall performance of the new PSU runs at 91.5% from a 10% load to a 100% load and can be compared to other flyback designs employed by Salom by looking at the orange line, which shows a still-impressive mid-80% efficiency, but it falls off sharply below 30% loading. Their more complex and expensive LLC PSU solution is shown in yellow, and also falls off from 40% load.

According to Salom’s Andy Richardson, Vice President of Business Development, “The Pulsiv technology delivers an astonishing flat efficiency profile with no inrush current at both hi and low-line input voltage. A single PSU can now be used to support multiple applications - previously an optimised PSU was required for each.”

“The demand for powerful, reliable, and efficient power supplies will only continue to increase”

[acuere] 07/3/2023 15:53

Exscientia collaboration deemed worth announcing.



And another distribution agreement from Pulsiv.

[aqc888] 04/3/2023 08:43

The half yearly report will be delivered in mid March. Hopefully it will exceed expectations again, like others, and see another probably short lived share price rise!

[brucie5] 02/3/2023 17:24

Fair enough.

[hastings] 02/3/2023 17:07

Yes, I've recently looked at that too and interesting. FIPP though, reminds me of a more user friendly Prelude Trust which I did well on many years ago, with Pulsiv possessing similar traits to Alphamosaic!

[brucie5] 02/3/2023 15:35

Always interesting to read your research, Hastings, thanks. Had you also looked at IPO by way of a much larger comparator? The charts on a 2-3 years view look remarkably similar, and of course IPO sits on a cash pile of >200m on a mcap of 680m, with last reported (June 222) NAV of 1414m.

[hastings] 02/3/2023 15:04

Cheers bomber13. Just to clarify I didn't meet in person, both were undertaken through a Teams link. That said, I'm hoping to visit one or more of the Cambridge investments as the stories further unfold!

[bomber13] 02/3/2023 14:09

Many thanks Hastings , I'm hugely impressed that you got to see not only Neil Crabb but , most importantly , Pulsiv , where it would seem FIPP's shareholding has the potential to be worth more than its own market cap .

I also hadn't appreciated what a big percentage of Alusid FIPP owned nor how hugely scalable its capacity has become .