A big factor of valuation, I feel, is the skill of the players on the roster. That list is comprised of the elites, they reliably either win, or get to late stages of major tournaments. Something I found is (don't hate me, this is just research) Flamengo has never placed in an event or won any prizing. Now Flamengo may be more of a marketing play - they're huge on Twitter and have a large following. Outside of that market, orgs like TSM, Liquid, Fnatic, etc get huge marketing partnership deals because their players are always winning and always getting face time. Let's be honest, Simplicity's proprietary teams aren't exactly all-star caliber, so they're relative unknowns. I watched as much of their PUBG games as I could before they disbanded that team, and they were typically lower-middle tier. Their Smite squad seems to be pretty solid, but they are stuck in the minors at the time being. If they're able to attract bigger talent, perhaps through getting more well known via the Flamengo acq, then they only stand to develop a larger following, and thus better deals and partnerships which will drive valuation quickly.
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