Team17 Share Discussion Threads

[turbotrader2] 14/12/2023 08:50

trying to bounce back

[strawberry alarm clock] 11/12/2023 10:14

Share price fallen over 7% since you reported those "chunky buys"You gotta larf

[strawberry alarm clock] 11/12/2023 10:12

Down another 3% today I didn't see that coming ... said no one ever

[tsmith2] 07/12/2023 18:55

sounds like you suffer from behavioural issues.

[strawberry alarm clock] 07/12/2023 18:38

Another RED day You got larf innit BWAHAHAHA

[fuji99] 07/12/2023 14:36

GAW results didn't help.

[tsmith2] 07/12/2023 09:07

some very chunky buys

[se81] 05/12/2023 16:42

someone still trying to offload 50k at 160 in the closing auction but an improvement over recent sessions!

this just looks too extreme where price becomes purely a function of where the institutional liquidity can be found- XPP, CLX some other recent examples

[philly cheesesteak] 05/12/2023 16:35

Yep, potentially the last of the seller cleared at 1.475?

Both Octopus & Liontrust added significantly in the last couple of months at over double the current level, I'd be amazed if they weren't in the market again down here. Does an £8m EBITDA miss (and revenue beat!) justify £250-300m being taken off the market cap? Not a chance.

[dunns_river_falls] 05/12/2023 16:30

Just thinking the same se81. Might be the bottom....

[johndoe23] 05/12/2023 16:03

110-160M cap then it looks interesting...

[philly cheesesteak] 05/12/2023 15:44

Has anyone actually done any proper research here? 4.25x EV/EBITDA is crazy for a company that has been strongly profitable every half since it's May 2018 IPO.

FDEV, DEVO & TBLD are utter basket cases, TM17 is a company that is profitable & has so many strands to it;

- Original own IP games from pre IPO that remain valuable; Worms, Overcooked & Overcooked 2, The Escapists, all of which have PC revenues of >$15m

- Own IP games which have been acquired since IPO; Golf with your friends & Hell Let Loose ($84m PC revenue since release in 2021, $22m in the last 12 months, unknown on PS5 +XBOX).

- IP owned via the €100m Astragon acquisition, financed via a placing of 11m shares at £7.14 - their only dilution since IPO. Given today's share price the decision to fund it via a placing looks very smart indeed. Astragon own the rights to dozens of popular simulator games + published rights to the most popular PC game in Germany, Farm Simulator.

- Many additional games which have had success like Marauders, Blasphemous & 2023 favourite Dredge.

- There also own Storytoys, which is a subscription service for children's 'edutainment', 320k subscriptions as of 30/06, these are ~£5 a month so annual recurring revenue is likely approaching £20m. Purchased a couple of years back when subscriptions were only 130k...

Headcount has got a little high post covid - from 265 at the end of 2021 to the 439 reported at 30/06/22, 53 of which were from acquisitions. Get this rightsized and EPS should benefit materially.

But overall this looks exceptionally good value down here, I expect we'll see >£2 in the near future once some sanity returns.

[apad] 05/12/2023 13:04

ROE of 8% is not a good reflection on management. I suppose the question is whether their shake-up works. So, not cheap if they carry on being inefficient, certainly.
apad

[strawberry alarm clock] 05/12/2023 13:03

Down another 6% today You just gotta larf

[elsa7878] 05/12/2023 12:01

Thanks both of you.

It's not obviously cheap yet. £220m market cap with a forecast £11m post-tax profit. On my watch list though.

[phowdo] 05/12/2023 09:45

TBLD trading update today

"The outlook for FY24 remains cautious. The Company expects continued pressure on discounting in a crowded market for new releases."

Of course they are a PoS compared to TM17 and were floated during the pandemic euphoria at over 200p a share. Now 5p a share and needing to raise money. However it does show that it is a very competitive market out there.

[podgyted] 04/12/2023 23:55

They're just not as profitable/ growth orientated as they once were.

M&A used to happen mainly to get the programmers in many cases - now we hear of redundancy programs. AI good/bad???

Recent experience shows big write-offs of development expenditure against titles which are just not going to recover costs/ make a reasonable profit which is calling into question the accounting in this sector.

I'm not sure Indy is a badge of honor anymore - mainstream high cost blockbuster is all that is working in the main. The streamers will charge as suits them.

(But, here at least, it looks overdone. Don't hold at present but watching. Worth bearing in mind I sold out in March at 442p - its down two thirds since then - momentum totally rubbish - perhaps one of those to not look for the bottom but buy on the way up after some solid consolidation.)

[elsa7878] 04/12/2023 14:20

Out of curiosity why is the games market so in the doldrums. A couple of years ago (with Covid and at home demand I guess) it was booming. Is it that people have moved on from games or like my sons do they just play the big franchise games (FIFA, COD, Fortnite etc). Has the cost of developing them become so high that the risk is hard to justify for the independents? Or anything else. Not a holder here but interested to know as the purple-haired one (and others) could do no wrong until recently. Thanks

[strawberry alarm clock] 04/12/2023 13:36

Down another 3% today I didn't see that coming .... Said no one ever BWAHAHAHA

[wallywoo] 01/12/2023 11:56

With £45m in cash and a very cash generating business, we know the share price movement has nothing to do with the business continuing as a going concern. We also know that acquisition activity is still high in this sector. For these reasons, this is one to put on the shelf and forget about until it wakes up again, imho. Downtrend don't last forever in these scenarios.

[tsmith2] 01/12/2023 09:23

Forced seller cleared?

[tsmith2] 30/11/2023 11:10

At this stage me toov v attractively priced though

[strawberry alarm clock] 30/11/2023 10:45

The directors losing their cash You gotta larf

[strawberry alarm clock] 30/11/2023 10:23

All the spotty faced gamer investors losing EVEN MORE cash You gotta larf BWAHAHAHA