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Good to see a new APAC partnership/tournament announced on LPL

@blu

Business- clearly the positive change has been with the revenues generation model, away from the initial SaaS one.

LPL is very interesting I think, given their size and targets. Even more interesting could be Googly, because it seems to be growing very fast and it’s India. I wouldn’t really care much I about the 0.6% Blu owns of Googly, the key here is how much it grows as there is a 50/50 revs partnership with Dynasty. And the Dynasty CEO seems the Googly CEO too, which speaks to the fact they regard Googly as their mobile tournament app.

People involved- Tristram built one of the largest gaming platforms globally, so I think it’s fair to say he knows what he is doing. Baxby, the Chairman, has been appointed in the spring 2021 to help lay ground for the Ipo (or a sale). Hes there for a reason only. And he was put there by the funds that invested at $50m pre ipo round. After 2 years the business seems to have more and longer terms partnerships, and upgraded revenue creation. If they invested at $50m 2y ago is because they thought it was worth more than that. Arguably, after 2y, the business is somewhat grown and de-risked. I have no numbers for putting a valuation on the business, but I’d assume something around $100m could be achievable.

IPO market in Oz - Generally speaking, it appears the environment is getting better. Again, Virgin in Q4 will give more certainties, but good to see smaller cos not involved in mining also listing (or planning to) as of late.

Have to correct one thing - pioneer is not a large blue shareholder. They sold all their shares 2 years ago, while keeping interests in Paidia (26%), Googly and Dynasty (and Guild).

They worked behind the scenes for months to launch that JV in April and then officially in May. Target to get from 400,000 users to 1m in one year. If works, that’s a nice amount of revs. Googly uses Dynasty platform with a 50/50 revs sharing, that could also have some large potential given it’s India and apparently Dynasty CEO is now Googly CEO too. Something happening there if true. Would be looking at Pioneers reports as it is 1)a large shareholder in Dynasty 2)a large shareholder in Blue 3)Dynasty is launching Pioneer’s games in Indonesia.

IPO - in case, not a chance before spring next year

I think it's very hard to put any value on SPay. I have no idea, but only assuming it has to be worth (at least?) how much it was in 2019 pre crypto boom. It is all about Dtransfter anyway. They seem to need nabla and amplitude up and running for that to be re-launched. So I am not looking at the pendulum tokens (which have a volume of what ..$4k per day? so any movement has no meaning really). I'm okay to see 50% of our holdings sold at what's in the books. If no director buys at this price it says something..

Blu is a minority shareholder.. you cant expect much activism.

same for spay. we are not meant to receive daily news, wouldnt hold my breath on a daily basis..

in a month time more or less we'll hear more from fabrizi, probably better to wait these 45 days left to 30/sept and then comment?

Alium (they bought a stake in Dynasty in the April 21 pre-ipo round) now expecting some asx ipo wave in early 24 https://www.afr.com/technology/the-us-tech-ipo-tipped-to-reawaken-the-asx-20230809-p5dv91

I think the most important thing is that googly works on dynasty’s platform and they have a 50/50 split of revenues generated on it. So more relevant to blue (13% vs 0.6%). The £59k of book value for googly (from its latest fundraising) could be worth more but it’s very very small anyway

If the IPO happens, it won’t be this year. If Virgin goes public in the winter and the process is positive, that would be a good signal. They were few months too late in 2022, and would guess the business value increased in the last year (although multiples are lower so I’d stick to a usd100m plausible valuation). But it’s a guess. Baxby is chairman for one reason only anyway, to ipo or sell

It seems Lodge became Googly ceo

https://www.cricketworld.com/googly-cpl-launch-ecpl-with-25-000-prize-pool/88769.htm

@ Dave very likely indeed

@ blu in the HY he said they hired for SatoshiPay valuation. Nothing on Dynasty. And I guess that’s because D it’s either IPO in 2024 (likely if ipo market allows) or for another round of funding, so the valuation will be automatically provided then.

So I’m expecting only SPay news on that front this year

Inflection points:

Q4 2023 - Spay valuation update

H1 2024 - Dynasty IPO update

that’s the timeframe I think. And there’s (just) enough cash to get there. Next company update due in a month I think anyway

As mentioned before, I have no idea about spay value. I’m here for dynasty basically, which I think is worth 2x the mcap. Everything else is on top in my view so I’d be supporting Fabrizi to sell spay stake for 5m. Obviously, I’d be really happy to be wrong and spay being worth north of 5m

Spay has to be worth something. Not much, but something.

On Glassdoor, employees reviews are not great, mostly pointing at “lack of leadership” and “pivoting to different things all the times”. And it’s a company that has made 0 revenues . It’s maybe worth more that 5 years ago, but not much more?

Big news being the TR1 seller

@blu

Makes sense. Think they’ll do some sort of update in September so a couple of months to know where they are with Spay.

Googly is D’s partner in India, but is a very young company and wouldnt expect they make large revenues. That said I think the LPL deal has a real potential

Also it really is a matter of: would the board sell say half of its spay holdings for £3.5m (i.e 3.5x the invested amount)? I guess they could. So that’s your potential valuation right there I think

Well I’m just tryna connecting dots here.

Personally feeling much safer with Dynasty than Spay. spay I have no clue what can be worth, nevertheless I do think that probably nobody does. So, to me, Spay is perhaps worth the current market cap (just assuming it’s value increased somewhat in 5 years). Hope to be miles wrong of course. I don’t think they could have ipod given they barely have any revenue… again I have no idea how much is worth, and believe nobody does either. Hope is free, but any value for spay is a hope value atm. to me the company is worth 0.35p 0.40max

Https://www.afr.com/street-talk/bankers-dust-off-ipo-candidates-as-redox-debuts-on-asx-20230703-p5dla8

The stated key goal for 2023 was/is to place an up-to-date value on the two main investments.

But they said in the H1 review they engaged with a specialist firm to determine only SPay value. I think it's highly possible Dynasty will IPO as soon as ASX conditions allow, and so its value will be derived by the market directly (and so no need to pay a specialist firm). And apparently those conditions are improving. Would not be surprised with an IPO early next year, given the new investors from April 2021 pre-ipo round. Hoping for a $90m-$100m valuation then

I wouldnt say there are 12m users on dynasty platforms... LPL has 400k active users. They are targeting to reach 1m users with the new platform (designed, delivered and managed by Dynasty) in one year time.

As a context, Dynasty was expecting to make annual revenues of $10m in Q3 2021, hence the $50m valuation at pre-ipo raise in April 2021 was given based on that projections. With the next Saas+ revenue model implemented since end of 2021, they expect that 85% of total revenues will come from the shared revenues piece of the contracts. So, every new partnership will (potentially) bring in 4x the revenues of the old model.

I believe these deals are currently in place with Googly (India), Paidia (Canada, small), Spark (NZ, small), LPL (Australia).

The Malaysian one (Maxis) lasted 1 year and the platform shut down in June. So no more revs there.

On top you have the distribution agreements (Pioneer create games, Dynasty distributes and publish them; so far in Indonesia) for which we don't have data on the revenue generation. To be precise here, the first game was meant to be launched on IOH by end of 2022, but they took 6 months longer. Not sure about the dynamics there, as Pioneer is a shareholder in Dynasty (and BlueStar), and his CEO acquired a company (carbon capturing stuff) from Dynasty CEO not too long ago.

I suspect there could be a number of agreements which we might not know about, however the new Saas+ model demands a small number of clients as they have to build teams for each partnership.

So Id say the Saas+ deals are those that we know about, and in the background there are a number of "old style" deals (for which we get only a monthly fee), that they do not publicly disclose.