If the author's estimate of circa 20x EBIT turns out to be...

If the author's estimate of circa 20x EBIT turns out to be correct, then the institutions that have recently joined the register have potentially got a bargain. This is great for us holders, because 20x EBIT is not very demanding, especially when considering all the near-term catalysts.

Agree that on a relative basis, Animoca's valuation looks to be conservative, with plenty of upside (multiple bags) once more new games are rolled-out.

Hopefully Animoca will confirm these results and add some colour, as i'd rather not rely soley on the AFR. Waiting for this to turn super bullish!