I don't know, but I know the industry well (I work in it) and it's one where there's no shortage of cash and consolidation is rife. With Evolution announcing their takeover bid for NetEnt last week, I think we'll start to see a lot of movement from other players looking to shore up their position in the market.
The acquisition of Red Tiger last year by NetEnt was at a p/e of around 11. Leap is obviously nowhere near as big as RTG so there's no point looking at the £value, but once we have an idea of Leap's profitability we'll be able to take a decent stab at what it's worth. Until we know that, there's no point pretending to even have an educated guess. Anyone trying to attach a value to our Leap holding other than what's in the latest NAV report should be ignored entirely.
Added about 50% to my holding today. I don't see anything inherently wrong with the RNS on Friday personally. We invest in this company because we trust management to invest our money in stuff. Flexibility is going to be key to capitalise on the cheap assets that are going to come out of this crisis. Worth the dilution IMO, but time will tell.
As for the portfolio: No interest in Vemo/DBC/Yooma. Don't see them returning any value in the forseeable future. Market probably values them in the same way.
Emmac - loads of potential. We saw what happened with Nuuvera. Market's even bigger now and with more retail investors than ever, can see it absolutely flying on the inevitable IPO/buyout. Just a case of waiting on this.
LEAP - Can see a buyout soon, especially if there's another lockdown and sports get cancelled again. Their slots are good too. Much better than some of the incumbents in terms of overall quality. Valuation is anyone's guess really.
Portage - Would have preferred for us to hang on to Intensity but it looks like there's some other good stuff (and some trash, mind) in Portage's portfolio so we'll have to see. Will only really take one of them to succeed and we'll be laughing.
Juve - Just a shame we don't have a bigger slice of this. Only requires a £1.5bn valuation for this to be worth more than the current NAV. Not impossible.
Who knows what will happen with Factom. Market was always sceptical about it (and rightly IMO). Expect someone will swoop in and buy the tech for dirt cheap which is fine by me. Any penny we get out of Factom is a penny not currently factored into the SP.
Keeping a close eye on this. P.e. is insane and balance sheet is very healthy. Going to email the company and see if they'll impart how badly inventory has been affected by corona. Seems like crazy value down at these levels.
It is quiet here, yeah. SP is frustrating but nothing more - still very confident in the long-term here. Communications from the company has been pretty poor, here's some recent news on holdings, some of which should probably have been RNS'd:
So now we have to wait and see how much of a hit our Zopa investment is going to take from this fundraising. We also have to wait and see if we're taking part in the fundraise to help soften that blow.
Hopefully nothing drastic, but either way the bank licence is worth the slight NAV hit in the long term. Ideally some of our other holdings (esp. Tide) will absorb the impact and then some.
That's interesting. Guy seems to be a normal PI with links to Velocity Trade (https://velocitytrade.com/global-home/). Looking at his twitter he's been in PREM for quite some time so has likely put in 100s of £ks here.
Strictly anecdotal, of course, but tried to go see the new Spider-Man on Saturday (nearly three weeks after release, on the weekend Lion King came out). Hour and a half before the showing, only two seats available (not together so didn't end up going).
Finding some of these reactions incredibly bizarre.
Obviously this whole thing is a bit ridiculous, but blaming GR is very odd. Claiming that GR misled the market months ago when the currency was only made sole legal tender this week? You’ll have to try harder than that. This is unequivocally a complete swindle courtesy of Zim. For once, GR does not bear the responsibility here.