"I am also surprised at the very moderate response to what I thought was an excellent quarter.There are some parts of the market that just can't seem to attract enough attention and online classifieds business don't seem to be the flavour of the month.""@Sojourner,
The "problem" here is that the various portals that FDR owns happen to be in countries of the world which are different to the country in which the stock is listed.
So - unlike CAR, or REA or NZ's TradeMe when it was listed - prospective shareholders in FDV are not the same people who are users of those portals.
[I say "problem", but to me it's a nice problem to have because it means that - while the intrinsic values of FDV's various online portals grow - competition for FDV stock on the ASX is low.]
Some of the pushback I get from some people when it comes to discussing FDV is that they worry about not having sufficient ability to track developments in all the emerging markets in which FDV's investments operate.
But I feel that misses FDV's "multiple shots on goal", portfolio approach - whereby, even if just one of the 15 or 16 online portals, in which FDV has invested, becomes a multi-billion dollar business, that would more than justify FDV's $550m Market Cap.
And if 4 or 5 of them make it on any reasonably sizable commercial level, FDV will easily be a multi-billion dollar company itself.
Sure, what the ultimate picture looks like is unclear, but one doesn't need an overly vivid imagination to see FDV being a materially more valuable company in 3 or 4 years' time.
Huge amount of optionality value, for what looks to this little investing chipmunk to be pretty modest cost.
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