Zameen was valued at around 15x Annualised Revenue.
ICar Asia has received a takeover offer at around 15x Annualised revenue too.
REA is Trading at 20x Revenue. Domain at 10x
I would say that FDVs top 5 investments are of significantly better quality than ICar Asia's, have a larger population by well over 10x REA (Zameen in Pakistan has 260m people VS REA Australia of 26m people. FDVs portfolio is also made up of mostly the leading (#1) market places in their country of operation, unlike Domain (#2). FDV is also growing at >25% pa VS REA of only 14%.
As such, I see a compelling investment for FDVs portfolio, which is currently trading around 10x Revenue.
I think a reasonable base case target is 15x Annualised Revenue (about $2.03 share price) up to 20x Annualised Revenue (around $2.80) if they continue their strong growth.
This was already my largest holding (Bought at $0.60 a few years back), and have just topped up again today.
Would be keen to know others thought on current valuations
Ann: Zameen Valuation Update, page-52
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Last
43.5¢ |
Change
0.010(2.35%) |
Mkt cap ! $188.6M | |||
| Open | High | Low | Value | Volume |
| 42.5¢ | 44.0¢ | 42.5¢ | $56.66K | 131.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 25981 | 42.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 43.5¢ | 12011 | 1 |
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