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Unfortunately FDEV just broke the game with a defective update but has rolled back part of already.
FDEV just dropped the F1 Manager PC price by 15-25%. Should lift sales slightly, more importantly lift the cripplingly bad review score because it raises the perceived value for money. If FDEV heed the many players which rate game as worth around £20 and drop it to that, could make some dent in the big F1 project deficit.
Unfortunately
Well played Swedbank, or whoever else concealed that £800K trade at 300p. Interested to see what they do today...
Good call on a bounce.
90% of shares traded today were at 300p. Tomorrow should be most interesting ...
No disrespect but if you think the SP closed at 300p you should not be investing , 325p was the close
£276k delayed sell printed at 300p
Should see a bounce tomorrow 😎
What really is the current share price? Google says 300, this site says 325, the LSE site says both - figure v. graph - and the actual list of trades shows both very near last market close.
Cascudi, I will just say that no your Morningstar page does not show any recent buys by institutions.
No not huge but there is not a lot of free float and to sell they need a buyer. When you see the sp dropping like it has thought someone is selling. Maybe they won’t sell more but does anyone want to catch a falling knife. Better to wait until good news comes out.
18/8: swedbank that is the major holder (6.09%) reduced their holding by 0.81% (0.3m)
so not a big selling going imo by institutions
But that Morningstar page show no institions buying recently.
Zeus
Aaa1.. you have opened an account recently and you are only posting about FDEV. how much are you shorting this company?
Which is the broker that pencilled in 2025 before they go back into profit? What I'm reading is talk of 18% earnings drop per year for next 3yrs. That means loss not profit, unless the CEO reverses on his plan to expand staffing.
Some institutions have sold and some have bought
you can see in here
https://www.morningstar.com/stocks/xlon/fdev/ownership
What is happening is bad news and no good news. People were probably hoping for FD to announce the next game at annual event Gamescom last week, but that didn't happen.
It is at good support level now so would be a good place to buy. The problem is broker has now pencilled in 2025 before they go back into profit and the Warhammer game does not sell as well as expected then revenues and profits will miss their targets. If you go onto forums for the warhammer game, players do not seem to think the game is good enough to warrant the game price. Last TR1 showed an institute selling, with their holding down to 6.9%. If they have decided to completely sell out then the share price will drop more. So buying now at a decent support level is really a gamble. Imo there are better companies out there to buy that are not as risky. It could go either way.
It seems to me overdone.
balance sheet seems ok to me.
I think, but maybe I am wrong, that someone is scooping up.
there are only 38m share outstanding ...
SP dropped 50% in one month 630 to 315. What is happening for it to drop so fast.
Https://twitter.com/F1Manager/status/1694630681383411736
Hopefully the delay is to fix some of many bugs.
The theory that they are releasing crap cos "they are deliberately driving down the equity value so it can be taken private for a pittance". Not likely, given much better ways of them destroying share value like restating the dodgy accounts around the last auditor resignation or fessing up to the humongous losses they're hiding on the asset register. Better because both would leave the game brand value mostly intact.
No, my theory is they are trying to make the best games they can. And they are succeeding. The only problem is their best is now fit for sale only at a price much lower than can cover costs, and they can't face this truth.
I've been thinking same about your last part, thought I was overreacting, does seem to be something going on here.
Or, its what AAAA1111 said about designing pc games for console, strategy games should 100% be PC first.
Going for the full market has ended up with games that should only be available on App Stores, not sure they've even figured it out themselves yet...
Or, we go back to ShearClass's last comment and they don't actually care how poor these products are with the option of going private.
Either way it's a mess & another Tr1 on its way, imo.
Jan 2023 headcount 845 and "We expect to continue to grow our team in FY23 and beyond" (last interim results). This is likely a factor ln the recent analyst talk of need to raise capital.
And regarding an II selling at these levels, I suspect it's because they don't have a clue what is going on.
Headcount & staff costs over the last 5 years at 31st May;
2018 - 345 - £16.2m
2019 - 420 - £23.5m
2020 - 496 - £27.5m
2021 - 584 - £31.8m
2022 - 716(!) - £37.7m
Their last own IP game, Planet Zoo, was released in November 2019 and was a massive hit. The 4 years since have seen them release a luke warm follow up to Jurassic World Evolution that significantly missed forecasts & then their F1 & Warhammer efforts.
In that time, research and development headcount has more than doubled, from 300 in 2018 to 610 in 2022...
Bear in mind that the £5-10m adjusted EBITDA loss they are forecasting for FY24 would in fact be a substantial profit had staff headcount been kept under control. To grow headcount without a commensurate increase growth in game development is simply bizarre.
It almost feels like they are deliberately driving down the equity value so it can be taken private for a pittance?
Ah so that's what has driven the further decline this morning - the below youtube review informs us that they've diverged from traditional RTS gameplay - the idea of enemies constantly spawning with no way to stop them doesn't sound enjoyable to me, certainly not for $60...
https://www.youtube.com/watch?v=Im7w-YV6eec
The medium term direction now appears to hinge on the "own-IP creative management simulation game" they have planned for release next year. It surely has to be Planet something... until they provide more detail I'm staying well clear.