Even when you value these businesses at a tiny fraction of their Aus / NZ equivalents, FDV has the potential to be a multi $bn company. Here's my crude stab at it from a couple of months ago -
The ultimate values are all over the shop and miss a lot of nuance (transaction volumes, ability to profit as an intermediary, risk factor double counts GDP etc.), but in a broad brush sense what we own here is 15 online market places - the equivalent of CAR / REA / TME in some very large countries - that are going to be incredibly hard to knock off for any competitor. More than half of these are comfortably self-funding and the larger ones (Zameen and Infocasas in particular) should be almost at the point of being able to distribute excess capital.
FDV Price at posting:
$1.66 Sentiment: Hold Disclosure: Held
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