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And topped up with more. Very hard to get a price, however, very easy to get one on the sell side!
Oh. Obsession by... Calvin Hanson
Preorder? Ah, you're one of the gullibles who believed Frontier PR.
Yes Frontier claimed it would offer preorder on Steam but it failed to do so. Very few Steam publishers have the status required to be allowed preorders.
Frontier instead has been selling it on Steam for six weeks as prePURCHASE. If you don't know the difference, go do a little bit of research. While you are at it, see Steam warns publishers against prepurchase, especially for extended time, unless the title is heavily anticipated and heavily marketed.
Tbis is why Frontier are now offering REFUNDS. If you don't know what a refund is, again, research. This is because Frontier have actually been selling the game for 6 weeks, taking money for it. So them dropping the price now forces them to repay the difference from the money they've taken.
Do your research.
Pre-order my friend... Remember when you said that a month was too soon to tell whether "positive" steam reviews would prove consistent (actually I think you said positive didn't really mean positive!), and that pre-order sales were misleading? so let's wait few weeks for it's actual release to see the sales numbers eh?
Anyway - what brings you back here rather than staying on ADVFN board? Nice to see you all the same. Your nitpicking and grumbling has been a source of mirth and a guilty pleasure of mine for 10 years now!
What would you like to actually see FDEV do? Get over this struggle and excel, bringing back the shareprice, or drop a piano on Dave Braben's head because Elite Dangers was not available offline?
I swear you do more research than any investor I have come across!
News for you and anyone else not paying attention. It has been on sale for the past six weeks.
You do realise it doesn't come out for another 6 weeks, right?!
Now now Biglittle/YankHamson/AAAA1111, less cherry-picking
This is part of
"An exciting week awaits from October 9th
as we proudly announce today that Warhammer Age of Sigmar: Realms of Ruin will be featuring as part of 'Steam Next Fest' celebrations in a BIG
way..."
"To carry forth the celebrations until launch, a 10% discount for Warhammer Age of Sigmar: Realms of Ruin will be available on Steam from October 9th until November 17th!
Those who have already pre-ordered Realms of Ruin at full price
will receive a partial refund of 10% of the value already paid via Steam."
What do you hope to achieve in this 10 year history of posting? You are not invested (well, not financially!) and don't appear to be a gamer, yet you dive into research and find apparent misdleains in the company, have now psted under at least 3 names... This is not normal behaviour! What DID FDEV do you?!
Is it still the Elite Online mode?
So this Warhammer price cut has had no meaningful effect on sales so far. Game is still not even in the Steam chart top 1000. Perhaps there'd be more sales if more players were hearing about it, but for some reason the game is getting very little press coverage.
Why is this import to you Biglittle/YankHanson/AAAA1111?
Did you actually get ditched for the company, or is this still about Elite:Dangerous (ten years ago now)?
Or more accurately, to its lack of customers.
Warhammer Realms of Ruin.
Following dismal sales performance and criticism that the game does not deliver enough to justify the high price, Frontier now announces discount and refunds for the game.
"10% discount for Warhammer Age of Sigmar: Realms of Ruin will be available on Steam from October 9th until November 17th! Those who have already pre-ordered Realms of Ruin at full price will receive a partial refund of 10% of the value already paid via Steam."
https://store.steampowered.com/news/app/1844380/view/3738606975166981547
In the end I bought Nacon instead, at least they make money...
Yeah it's all a bit strange, he's so wound up about the company lol
BigLittle123/YankHanson/AAAAA1111
Have you got both hands on the keyboard while you write all this?
Just kidding, I'm not impressed either but your 10 year vendetta does worry me
This is a major point some people have overlooked. F1 2023 was likely a bigger disaster than we see, Frontier concealing the sales numbers, and its model is one Frontier is now steering away from. But.... Warhammer, which has cost even more, is on the same model! It shows all the same blunders such as casual audience targetting, and with only a month before release, is much too late to steer away. Anyone expecting Warhammer to be a less of a disaster is simply not being realistic.
I see your point but then that £1.5m to pay plus the £1.6m already paid does not add up to the £3.3m total.
Anyway, the difference is just one month respite before cash runs out. Even including that, how do you come to the conclusion they have plenty cash and will not hit zero?
On headcount, they have declared growing the teams a major pillar of their recovery plan. I can't see why would you think they won't do it.
"£36 to £2 indicates the ‘train went over the cliff’ is pretty old news."
The train to which I refer is the business rather than the share price, as I thought was clear. The wise investor understands they are very different things, often connected only indirectly. In this case, the business news of this video has yet to reach most investors.
"Plenty of vultures will be considering their opinions at this price."
I find vultures rarely attempt to catch falling trains, or perch directly under one. They await the crash then pick through the remains. Hence my comment about buying shares at cash value.
Regards.
Agree Spacerat, a good time to be bearish on this would have been any time before it dropped 50% in a few months. I was in early August when I clocked poor F1 Manager user feedback and posted as such at the time, while exiting that earlier trade - before company announced corresponding weaker outlook.
Now with the benefit of hindsight every man and his dog seems to be saying the end is nigh. This kind of retail despair can be a pretty good contrarian indicator.
What these calls at the lows miss is that it's no longer a growth play but a recovery/sum of parts one. Yes it may well fall further from here - momentum is currently against it - but if this was on someone's radar as an acquisition target, the dramatic drop in enterprise value will only have made it more attractive.
£36 to £2 indicates the ‘train went over the cliff’ is pretty old news. Plenty of vultures will be considering their opinions at this price.
Fillipo. You are welcome.
Your question about share price influence, cascudo"s answer says it all.
Your question about the Warhammer game development cost, £20m is the figure from the CFO in the results presentation video call. Plus £3-4m for marketing.
If you might buy FDEV at any price above cash value you should view that video taking close note of the info the CEO and CFO is witholding and the analyst questions they refuse to answer. There are more red flags than I can count. I did think this share was a train speeding towards a cliff edge, but able to stop.. The video tells me this train has already gone over the cliff and is on its way down to the ground. Time will tell, sooner rather than later.
Best wishes and good luck.
Note 6 is pretty clear that only £1.5m deferred consideration is payable in FY24 so that's what i've included in my estimate of annual cash burn:
"Deferred cash consideration of £1.6 million was paid during FY23, with a further £1.5 million due for payment during FY24 and is included within trade and other payables. "
I would be surprised if they add much if any headcount this year. Certainly if they were to add 200 plus heads then they would deserve to run out of cash. Given they've signed the accounts on a going concern basis that doesn't seem likely.
ATB
Where did you get £1.5m remaining payable for the aquisition? Financials explicitly state £3.3m, plus conditional £7.5m over five years.
I got £26.4m cash burn for this FY completely from the current financials' figures and declarations. Take Q1 burn from Current Trading add additional spends such as costs of the aqusition, EBF, staff increase to 1100+, etc.
This consevatively assumes the declared "headcount growth plans" do not exceed the current rate of 230 heads added per year.
Their is nothing that suggests a future improvement in ROIC, margins or revenue.
Company is destroying shareholder value consistently.
This is a classic value trap in it's current form imo. Shares are worthless until new management comes in or they pivot away from this f1, warhammer crap.
This share has been absolutely hammered since I was last in but has now dropped too far imo, so I'm back in.
They unquestionably dropped the ball on F1 manager but now believe all the bad news is more than priced in and having dropped this far makes it absolutely ripe for acquisition - especially while industry is consolidating.
GLA
Fair point on deferred consideration, but if i add in the remaining £1.5m payable then the company still has plenty of cash through to the end of next calendar year.
Can you give me a flavour at how you arrive at your figure for cash burn? Thanks
Crypto, we have no need for the CFO's so-called proxy for cash flow because we have the actual cash flow.
£26.4m is the true cash burn for this FY, projected from the given figures including the next two payments for the Canadian aquisition which you left out, assuming unchanged rates of earnings and hiring.
From starting cash of £28.3m leaves year end cash at under £2m.
Looks like quite a problem.