The point I'd add to this is that NZM owns a real estate portal in a developed market in NZ. It has media assets that it has successfully used to drive traffic towards OneRoof real estate which in around three years has come from zero to being the #2 player.
If a business like NZM operating in a developed market that is delivering free cashflow of 20%+ with OneRoof digital revenue growing 145% can't attract the attention of the market, then FDV which operates in Frontier markets is going to find it even harder.
What it means is we all need patience, but it gives people more time to build a position if needed.
FDV Price at posting:
$1.57 Sentiment: Buy Disclosure: Held
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