Ann: Quarterly Activity Report and Appendix 4C, page-35

It's still a great price.

People underestimate the pricing power this company has. Many people and many funds blacklist stocks that operate in "frontier markets" because they don't want the risks, but I see this is a huge opportunity with the risk/reward balance heavily stacked in our favour.

Just looking at Pakistan where FDV owns Zameen, this could potentially be an even bigger source of revenue than Realestate.com.au. There is a very high level of distrust in these markets, and there is an opportunity for a market leader like Zameen, to really step in an eliminate the middle-man. They can facilitate the whole buy/sell process and settle the transaction.

If they can succeed in this and make it the primary way in which people buy and sell property - it will be a massive, massive revenue opportunity that will generate gushing rivers of cash. I can see this happening, because people hate having to find trustworthy people to deal with in Pakistan. So if you have an international company, with a leading market reputation - that will be a far more reliable, trustworthy option than finding your own lawyer to manage the transaction and dealing with counter party risk.

Using Zameen will eliminate this counter party risk. If you want to understand how important this is, just do a google search on how to buy property in Pakistan. The results are littered with warning after warning about scams, dodgy lawyers, people trying to rip people off during the settlement process - the whole thing sounds really scary to me.

Why would you want to deal with that risk if you can have a market leader like Zameen to facilitate transactions to minimise that risk?