To me, this is a fairly good quarter. Zameen has turned the corner and the rest are all growing (albeit exaggerated by currency movements).
Yes, it has been slower than I had hoped for, and frustrating.
But on the positive side, they are now genuinely cashflow positive (just). Further cap raises are unlikely
From now, the beautiful economics of SAS businesses potentially start to kick in. Adding more customers adds very little in costs and profitability grows exponentially. All of the countries where FDV operates are still early in the process of transitioning to online advertising. There are multiple years of potential growth, if not decades.
No doubt, there will be more emerging market disasters in the future and progress will be volatile. But for the patient, things could work out very well from here IMO
FDV Price at posting:
37.5¢ Sentiment: Hold Disclosure: Held
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