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
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Last
38.5¢ |
Change
0.005(1.32%) |
Mkt cap ! $166.9M |
Open | High | Low | Value | Volume |
36.5¢ | 38.5¢ | 36.5¢ | $19.18K | 51.22K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 71295 | 37.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
39.0¢ | 14645 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 71295 | 0.375 |
5 | 98451 | 0.365 |
9 | 154133 | 0.360 |
1 | 80000 | 0.355 |
5 | 165642 | 0.350 |
Price($) | Vol. | No. |
---|---|---|
0.390 | 14645 | 3 |
0.395 | 125000 | 1 |
0.400 | 39549 | 6 |
0.405 | 21767 | 1 |
0.410 | 30000 | 1 |
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