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.
For example, I've been building a position in NZM which owns OneRoof, a realestate portal they established just a few years ago and has very quickly grown to be the #2 player there.
NZM actually has a main media business in radio, web and print with the combined businesses delivering 20%+ free cash flow. Pretty crazy that stock is trading closer to $1 than $2, so I am not surprised FDV is not getting the attention it deserves either.
It might take another two or three more consecutive quarters of great growth to attract more investment from the big end of town.
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