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FIPP Frontier Ip Group Plc

21.00
0.00 (0.00%)
Share Name Share Symbol Market Type Share ISIN Share Description
Frontier Ip Group Plc LSE:FIPP London Ordinary Share GB00B63PS212 ORD 10P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 21.00 30,416 08:00:25
Bid Price Offer Price High Price Low Price Open Price
20.00 22.00 21.00 21.00 21.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Agents & Mgrs 358k -1.13M -0.0163 -12.88 14.47M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:16:26 O 5,000 20.00 GBX

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Date Time Title Posts
20/6/202515:39Frontier IP1,190
30/7/201123:11Why have they bothered1

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Posted at 22/6/2025 09:20 by Frontier Ip Daily Update
Frontier Ip Group Plc is listed in the Real Estate Agents & Mgrs sector of the London Stock Exchange with ticker FIPP. The last closing price for Frontier Ip was 21p.
Frontier Ip currently has 68,898,207 shares in issue. The market capitalisation of Frontier Ip is £14,468,623.
Frontier Ip has a price to earnings ratio (PE ratio) of -12.88.
This morning FIPP shares opened at 21p
Posted at 05/4/2025 10:17 by acuere
Right I’ve worked out how my valuation could be wrong. I had assumed that all the Series A backers were paying the same price which is normal. However, Funds can be raised using Rolling Rounds, meaning investors come in at different times and prices.

I’d also assumed they had all coughed up funds after Fipp declared 20% which is why our stake is now lower than that. That is not the case.

This is complex and to give an example I’ve used very approx figures for ease.

Nov 24.
CamGraphic issue Statement of Confirmation showing additional 10% of shares issued. This brings our stake down to 18.71%.
I’ve now seen that new investor Indaco Ventures took half that 10%. That is fact.

Now guesswork.
Those funds probably at a cheap rate and raising maybe £2m in total.

With CamGraphic research now showing positive results, further funds are raised at a higher price with some of the other new backers.

This then brings Fipp stake down to say 16%.

Then with new 2D Photonics being set up, Fipp use the outstanding loan+int to convert into 4% of company taking their stake to 20% as stated.

The remaining new investors then come on board at same, or possibly higher price.

In that example, with Fipp £3.2m buying 4%, you get 2D Photonics valued at £80m and if Fipp stake now maybe 18% for a value of £14.4m.

This feels like a more likely valuation, but could just as easily be too high as too low. There are now far too many unknown variables to get an accurate figure.

I think Oak Blokes £8.33m is a reasonable base point to start. Which is still nearly 2.7 times the current book price and represents half the current market cap.
Posted at 04/4/2025 17:44 by acuere
JW,
Yes technically that’s what they are saying for now. What I read in that paragraph is that the £3.1m figure is unaudited.
Fipp are not revealing the true valuation of 2D Photonics as the new investors do not wish it to be known.
What I do know is that Fipp converted their loan + interest (which would be about £3.25m) for 1.29% equity of 2D. This took them to 20%, but that stake will be slightly lower now.
As per the RNS this conversion was done at the same price as the rest of the Series A funding.
There is a lot of secrecy around the company valuation, but unless I’m being given duff information, I think my, admittedly very high, estimate is a reflection of their importance.

Anyway Oak Bloke has looked at this and come up with a revised estimate of what he believes Fipps holding is now worth.

“Why They Funded: FIPP was an early backer and held an 18.71% stake prior to this funding round. They now hold 20%.
The stake was valued at £2,629,000 per the 2023 annual report. Companies house records show the share capital of 2D Photonics is set at €50m, implying that FIPP now hold €10m worth of stock worth £8.33m.”
Posted at 03/4/2025 21:59 by acuere
I need to make a correction to my previously suggested £209m valuation of CamGraphic. I based this around Fipp converting £2.7m of debt for 1.29% of shares.

I have made further enquiries and sort clarification.

You’ll recall this from Funding RNS:

“As part of the funding round Frontier IP has converted all the loans it previously made to the Company totalling approximately £2.7 million PLUS ACCRUED INTEREST into equity in the Company at the price of the of the Series A Funding Round.”

Camgraphic accounts to Dec 2023 show loan from Fipp £2.752m and accrued interest on the loan at that point of £332k. Probably a further £180k interest in 2024.

So it looks like Fipp have converted £3.25m of debt + int for 1.29% of shares at the price of Series A Funding Round.
This would suggest a valuation for 2D Photonics/CamGraphic of £250m with Fipp stake worth £45m.
Posted at 26/3/2025 17:27 by value hound
Another write-up by Simon Thompson:

This UK tech investor only needs one win to re-rate

Simon Thompson: Shares trade on a 66 per cent discount even though it could get a boost from an IPO this year

- Net asset value of £46.6mn (67.6p)

- Unchanged equity portfolio valuation of £33.2mn

- Net cash of £3.6mn

- Interim pre-tax loss of £1.6mn reflects operating expenses

Shares in Edinburgh-based Frontier IP (FIPP:23p), a technology investment company that provides commercialisation services to university spin-outs in return for ‘free equity’ stakes, are priced on a massive 66 per cent discount to book value. It means you are getting a free ride on £30.8mn (44.6p) of investments, even though the portfolio continues to mature, bringing potential exit dates ever closer.

For instance, Central Lancashire spin-out Alusid plans to IPO and has appointed a broker to explore options. The company has developed formulations to create premium-quality tiles by recycling industrial waste ceramics and glass. The UK’s top tiles retailer, Topps Tiles, has started selling a second Alusid range, and the company has announced its first international distribution agreement with a Dutch sustainable building materials specialist. Frontier IP holds a 35.4 per cent stake in Alusid.

Frontier IP’s chief executive Neil Crabb points out that: “A connecting thread across investee companies is that they offer potential to do things in a much more cost-effective way: they work more efficiently and offer a lower cost alternative to existing technologies, being cheaper to use and often to manufacture.”

A good example is 2D Photonics, a company established to own and manage the UK and Italian activities of Cambridge University spin-out CamGraPhIC. After the half-year end, 2D Photonics completed a €25mn (£21mn) funding round from investors spanning industry (Sony Innovation Fund and Bosch Ventures) finance (CDP Venture Capital, Join Capital and Indaco Ventures), and government (Nato Innovation Fund).

The keen interest is because initial applications for 2D Photonics’ advanced graphene photonics show potential to transform AI and mobile communications by cutting costs through improved energy efficiency and higher speeds. 2D Photonics’ prototype graphene transceivers have outperformed current silicon technologies, work at a greater range of temperatures, and consume 80 per cent less energy. Frontier IP held a 20 per cent equity stake prior to the €25mn fundraise.

Investee companies offer tangible benefits
Accounting for more than a quarter of the £33.2mn equity investment portfolio valuation, the group’s largest investment is an 18.2 per cent shareholding in Plymouth spin-out and green technology company Pulsiv Solar. Its on-chip technology markedly improves the energy efficiency of power supplies, battery chargers, LED lighting and photovoltaic solar cells. Pulsiv has launched an award winning 65W USB-C charger reference design that operates at 94 per cent average efficiency and at ultra-low operating temperatures.

Crabb also highlights the commercial opportunity for GraphEnergyTech, a company that is developing graphene inks and pastes, initially to create graphene electrodes to replace metal electrodes, particularly silver, in solar cells. This could make conventional solar cells cheaper to make and addresses concerns over global silver resources, which are threatened with exhaustion by 2050 because of solar demand.

Backed by funding from Innovate UK, GraphEnergyTech recently announced a collaboration with the Taiwan Perovskite Solar Corporation and the University of Cambridge to drive the development of the next generation of solar technology. Frontier IP hold a 23.97 per cent equity stake.

True, it has been an incredibly difficult environment for early-stage technology markets, but it would only take one highly profitable exit from more than 20 investee companies to improve sentiment and narrow the deep share price discount to book value. It could happen this year, as I previously noted (‘This deep value tech investor is eyeing up exits’, 28 November 2024). Buy.
Posted at 11/2/2025 17:33 by bobs84
The share price decline is hugely frustrating and they clearly need a major exit/fund raise in the portfolio this year. Bear in mind that option vesting is based on three year NAV and share price performance so a falling share price will likely mean that options that have been allocated will not vest.
Posted at 18/10/2024 15:40 by jimmywilson612
FIPP has been on a slide for a longer time than just today.

AIM Shares / IHT / Companies tightening belts / Government reigning in spending (therefore fewer grants)? Who knows.

I wouldn't worry about daily movements of FIPP share price, but this is the type of share that I've invested into via my Pension and will hold for decades or go bust....

Lets see if I'm eating Steak or Tins of Beans come my retirement.
Posted at 17/10/2024 11:57 by pugugly
JW_ Agreed- so why is the FIPP share price so weak?
Posted at 13/8/2024 10:23 by jimmywilson612
Lets see what tomorrow brings - I don't think it'll materially affect FIPP share price short term....

but if its a product release date/improved etc then why wait until tomorrow and not just make the announcement, unless it needs to be tied into an agreement elsewhere with another company....
Posted at 09/2/2024 10:19 by acuere
I share your frustration at the lack of news on ustake. The trouble is I’m not fully au fait with how long discussions, testing and product designs take. When we hear they are in talks with majors and then hear nothing for ages we just don’t know if talks are still ongoing or if they walked away. For now I’m happy to accept they are still on track with discussions etc.
I’d also add that if I was invested in Pulsiv PLC and they were valued at say £200m then I might be more concerned. But at a value of £50m, which as Fipp share price at 40%+ discount to Nav effectively makes their value £30m I am not concerned. And remember that £50m value is from November 2022. They have made huge progress and strengthened the board since then.
The other thing I’d ask is have you spoken to Pulsiv about your concerns? At least 3 posters on here have done. It might provide you with some reassurance.
Posted at 23/5/2023 13:47 by acuere
A lot of the AI pharmas jumped sharply yesterday. Exai presenting at SLAS this week and sentences like this from us,
“ We believe that within this decade the design of all new drug candidates will be augmented with AI.” would surely stimulate investors appetite for these stocks. Hopefully Exai can hold these share price gains. Not that it seems to make any difference to Fipp share price Exai are up about 50% this year and yet Fipp over 20% down.

I think we need a juicy Pulsiv announcement or confirmation of Allusid IPO to get things moving in the right direction again.
Frontier Ip share price data is direct from the London Stock Exchange

Frontier Ip Frequently Asked Questions (FAQ)

What is the current Frontier Ip share price?
The current share price of Frontier Ip is 21.00p
How many Frontier Ip shares are in issue?
Frontier Ip has 68,898,207 shares in issue
What is the market cap of Frontier Ip?
The market capitalisation of Frontier Ip is GBP 14.47M
What is the 1 year trading range for Frontier Ip share price?
Frontier Ip has traded in the range of 20.00p to 39.50p during the past year
What is the PE ratio of Frontier Ip?
The price to earnings ratio of Frontier Ip is -12.88
What is the cash to sales ratio of Frontier Ip?
The cash to sales ratio of Frontier Ip is 40.38
What is the reporting currency for Frontier Ip?
Frontier Ip reports financial results in GBP
What is the latest annual turnover for Frontier Ip?
The latest annual turnover of Frontier Ip is GBP 358k
What is the latest annual profit for Frontier Ip?
The latest annual profit of Frontier Ip is GBP -1.13M
What is the registered address of Frontier Ip?
The registered address for Frontier Ip is C/O CMS CAMERON MCKENNA NABARRO OLSWANG LLP, 78 CANNON STREET, LONDON, EC4N 6AF
What is the Frontier Ip website address?
The website address for Frontier Ip is www.frontierip.co.uk
Which industry sector does Frontier Ip operate in?
Frontier Ip operates in the REAL ESTATE AGENTS & MGRS sector

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