Possible read across from recent #SFR downgrade?

Interesting, although I'd still argue that there is a history of wasteful capital allocation here given the multitude of acquisitions culminating in substantial cash burn and dilution. As you suggest, there is likely to be further capital required even if things have changed.

So you expect a natural reduction in those development costs as the cadence of releases falls?

Further, if they are not using cash flow for acquisitions, then what are they using the cash flow for? They don't pay dividends. Yes, cash flow has moderated from the covid years which should be expected. Personally, I don't see any significant change in how they execute.

Not only would this help to solve the cash burn issue but, more importantly, it would demonstrate that management is focused on shareholder returns

If you are saying they are becoming more selective in the projects they fund, then that is half way towards what I'm saying. However, this should be accompanied with a reduction in headcount with the people involved in the less successful projects let go, or some other process to retain the best.

It still holds for #DPLM, #HLMA, #JDG and as I recall, they actually used expensive equity in the early days. Much prefer debt as long as the balance sheet isn't too stretched, which it isn't.

I can easily believe that there exists loads more than 20m of intellectual property in #TBLS, but those software development costs are eye watering. Would need to see some ruthless cutting here to get interested.

Some conviction that they will have the answer based on today's reaction

Unloved, yet the strategy which catapulted it to darling status among retail holders is not broken. Held.