{"id":111474,"date":"2018-11-25T18:22:19","date_gmt":"2018-11-25T18:22:19","guid":{"rendered":"http:\/\/www.timestored.com\/b\/?p=111474"},"modified":"2020-01-22T17:18:50","modified_gmt":"2020-01-22T17:18:50","slug":"kx-fd-shares-fall","status":"publish","type":"post","link":"https:\/\/www.timestored.com\/b\/kx-fd-shares-fall\/","title":{"rendered":"KX\/FD Shares Fall 30%"},"content":{"rendered":"<p>First Derivatives Shares have fell back to a price last seen in February 2017:<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/first-derivatives-2018-share-price-1.png\" alt=\"\" width=\"609\" height=\"197\" class=\"alignnone size-full wp-image-111479\" srcset=\"https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/first-derivatives-2018-share-price-1.png 609w, https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/first-derivatives-2018-share-price-1-300x97.png 300w\" sizes=\"(max-width: 609px) 100vw, 609px\" \/><\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/first-derivatives-2017-share-price.png\" alt=\"\" width=\"615\" height=\"225\" class=\"alignnone size-full wp-image-111475\" srcset=\"https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/first-derivatives-2017-share-price.png 615w, https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/first-derivatives-2017-share-price-300x110.png 300w\" sizes=\"(max-width: 615px) 100vw, 615px\" \/><\/p>\n<p>One cause of the fall has been a damning article by ShadowFall. Their main arguments are:<\/p>\n<ul>\n<li>First Derivatives was being priced highly as a software company<\/li>\n<li>It is not a software company but a consultancy.<\/li>\n<li>Previously good years were due to outside factors (property prices and government grants)<\/li>\n<li>They have made a <strong>significant investment in KX which may itself have stopped growing<\/strong><\/li>\n<\/ul>\n<p>The 47 page report goes into a lot of detail, to give an idea here&#8217;s one of the charts:<\/p>\n<p><img loading=\"lazy\" src=\"https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/fd-kx-mongodb-peer-revenue.png\" alt=\"\" width=\"460\" height=\"230\" class=\"alignnone size-full wp-image-111485\" srcset=\"https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/fd-kx-mongodb-peer-revenue.png 460w, https:\/\/www.timestored.com\/b\/wp-content\/uploads\/2018\/11\/fd-kx-mongodb-peer-revenue-300x150.png 300w\" sizes=\"(max-width: 460px) 100vw, 460px\" \/><\/p>\n<p>He shows numerous statistics for FD compared to it&#8217;s peers, operating margin, gross margin, revenue, headcount. It&#8217;s worth a read if you have an interest in kdb\/KX\/FD.<\/p>\n<p>Related Links: <a href=\"https:\/\/twitter.com\/ShadowFallCR\/status\/1059772550069260288\">Shadowfall tweet<\/a>, <a href=\"https:\/\/www.independent.ie\/business\/technology\/first-derivatives-catches-eye-of-british-short-seller-shadowfall-37416960.html\">Independent.ie<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First Derivatives Shares have fell back to a price last seen in February 2017: One cause of the fall has been a damning article by ShadowFall. Their main arguments are: First Derivatives was being priced highly as a software company It is not a software company but a consultancy. Previously good years were due to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0},"categories":[99,2],"tags":[90,106],"_links":{"self":[{"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/posts\/111474"}],"collection":[{"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/comments?post=111474"}],"version-history":[{"count":10,"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/posts\/111474\/revisions"}],"predecessor-version":[{"id":111524,"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/posts\/111474\/revisions\/111524"}],"wp:attachment":[{"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/media?parent=111474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/categories?post=111474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.timestored.com\/b\/wp-json\/wp\/v2\/tags?post=111474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}