Great result. I think the market is underestimating how quickly...

Great result. I think the market is underestimating how quickly this business can grow, and the potential size of the market.

While we are all familiar with online classifieds businesses like Carsales and realestate.com.au - what most people are less familiar with is transaction based marketplaces.

It's really exciting to hear that FDV already has one business making 5x revenue from transactions compared to fees from classifieds.

Shaun thinks that the end game is somewhere around 15-20x revenue from transactions vs classifieds which is enormouse.

Zameen has already facilitated over 7,000 property transactions in 2021. Infocasas facilitated 1,445 property transactions, an increase from just 185 in 2020. 85% of Zameens revenue in 2021 was already from transaction revenue.

The way I think about it, if they can just do well with fees from their online classifieds, it would be a good result, but 'cracking the code on transactions' would result in some pretty amazing returns.

There was a concern that the slowdown in growth for 2020 was going to persist into 2021, but it has not been the case and the growth rates across their key businesses has been accelerating.

Overall, a fantastic result.

Full year revenue was $60.2, but the current annualised revenue is already $78m, so they are well on track to break through $100m of annual revenue very soon.

Shaun has a lot of experience from his time at REA, but he is doing a lot more than just imposing an old business model into new markets - he's innovating to create even more value for users and shareholders.