Recent News: Elite Dangerous Odyssey has been announced as launching on PC on 19th May, contributing to FY21 numbers, with the console editions to come in autumn (FY22). Lemnis Gate (the second Foundry release) is launching on PC and console this summer. On April 29th, two new DLC packs for Planet Coaster, Ghostbusters and Studios Pack were released, with the Planet Zoo Southeast Asia pack released at the end of March. Pipeline: the FY21 delays have ensured a strong slate for FY22, which includes the vast majority of Odyssey’s first 12 months, the first in the annual F1 management series, and the as-yet undisclosed world leading IP title. Beyond this, we look forward to the Warhammer title in FY23 alongside the second edition of the F1 title and c.6 Foundry titles contributing to revenue. Our View: we believe the key driver of share price appreciation in the sector continues to be portfolio diversification with FDEV marrying its best-in-class internally developed titles, with the recent addition Frontier Foundry which is set to lead to a step change in the size of the portfolio over the coming years. This excellent management team, with a strong track record in delivery and an impressive pipeline leaves FDEV worthy of a higher multiple in our view, and that’s before the potential earnings upside to come from new releases. Outlook: we recently heard from Sumo CEO Carl Cavers that the only element holding back the release of new gaming content to market is the industry’s capacity to deliver. Whilst positive for Sumo, this is also a clear boost to FDEV in terms of the demand for new titles. Valuation: we make no changes for this update and continue to value the company on an FY23e EV/Sales multiple of 8.5x. The next scheduled announcement for FDEV is its FY results in September.