Trump says he will sue Wall Street Journal, NewsCorp, over Epstein letter report
NAGA saw 90% growth in pro forma revenue to €3.7m from trading activities and a 74% increase in total sales to €4.3m in H117, compared with H216. In Q417, management is planning to launch its second product, SWITEX (in-game items trading), and issue NAGA Coins (a cryptocurrency) for up to $400m, with 55% of the total offered to the public by working with a third party. The proceeds from the initial token sale (ITS) and the remaining 45% of the tokens will not be consolidated into NAGA’s balance sheet. The stock is currently trading at 24.3x EV/sales based on annualised H117 numbers. In August 2017, the Chinese conglomerate, Fosun, which owns c 26% of NAGA, committed to invest an additional €3.3m, or 25% of its total investment commitment of €12.3m.
SWITEX: Scheduled for launch in Q417
Exclusively powered by Deutsche Börse, SWITEX is a market for trading in virtual goods from the gaming world. The business model is to share revenues with game publishers currently not benefiting from the secondary trading of in-game items on the grey market. NAGA owns 60% of SWITEX and Deutsche Börse 40%.
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