Frontier Developments’ FY24 results to May were broadly in-line with our forecasts for revenue, adjusted EBITDA and gross cash after a comprehensive trading update issued in June. The major Warhammer RTS game release disappointed in the first half, but there was a solid performance from the back catalogue, supported by console ports of old titles and platform subscription deals, leading to a profitable second half. We update model assumptions including revenue per certain titles and edge up FY25 ....
