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https://angelhub.io/campaigns/oho8nGTmvCSqVaF1#overviewThe deck provides some new info, but extremely thin on financial details. It looks cobbled together from many previous presentations and fails to provide key performance data. They don't even clearly differentiate between the leadership team and the board/advisors.
Revenue
2020 - A$60m
2021 - A$150m (forecast) (but this is contradicted on the website which states US$167m)
Website mentions profit of USD 7.7 Million and EBITDA at USD 9.5 Million in 2020, but this is not even mentioned in investor deck!
There is a slide about Nasdaq subsidiary - US$160m SPAC (but consistent with the style of Animoca there is no timeline or details)
The idea seems to be spinning out non crypto games/entities. Crazy Defense, Power Rangers, Quidd and nWay are all mentioned as being bundled into the SPAC. This supports my view that the bulk of Animoca's (crypto) operations will not be listed on an exchange in the near-term future. Neither would I assume that a SPAC would be a partial liquidity event for us holders. Ownership is likely to be retained by Animoca, similar to OliveX.
It would be a positive if they spun-out all the non crypto entities, but the devil is in the detail. Quidd and nWay are both engaged in NFTs, so it's not clear how practical it would be.
Grew total Crypto Asset to over $215m - extremely vague and probably refers to SAND, REVV etc. They should have clarified the value of non-Animoca crypto assets and plotted how these have grew over the past 3 years. There's plenty of slides using the logo's of investments, but no financial data. Not to quantify the combined value of all holdings is almost negligent. They mentioned that the AXS token had increased 18.24x, but this is only useful info if you know how many tokens are held.
Realized Investment Portfolio value by $12m (3 IPO’s) - OliveX?
In my opinion, the deck performs a pretty poor job at communicating the size of the opportunity on offer. They don't even clarify what their strategy is and how they have executed to date. There's a single bullet point about generating revenue from transaction fees, but no details about the actual fees, how much revenue this has generated thus far or broad projections about what might be feasible over the next few years. Nothing about future profit margins, economies of scale, sustainable revenue streams etc. There's no slides on what the funds will be used for and no slides describing Animoca's roadmap over the short and medium term. For example, they could've indicated that they aim to launch x blockchain games in the next 18 months.
All in all, my view is that based on the info contained in the slide deck, they've done extremely well to raise at a US$1b pre money valuation. A decent slide deck and they could've possibly raised at US$1.5b+. The major positive is that there's plenty of upside and minimal downside risk for the time being, imo. We might start to see shares trading hands above A$1.50 before the year is out.
