Ann: 2021 Half Year Results Presentation, page-43

No, the discussion was about why there was such a muted response to the excellent result delivered by FDV (which at the time of posting was only about 4%+).

I highlighted NZM to illustrate the issues growth businesses in this sector are facing with regard to the low valuations given to it by the market, and to highlight that FDV operating in emerging/frontier markets was unlikely to be the only issue.

NZM owns a real estate portal that is in the early stages of growth - is that not relevant as a company to compare? (particularly to illustrate the point about low valuations for both developed and emerging markets)

People highlight comparisons all the time, with iCar Asia. being recently one used a lot - despite the fact that iCar Asia operates only only classifieds for automotive, while FDV has both automotive and property - with property easily the most valuable.

We all have our own approaches to valuing a business, but a key step I often take is to compare what a business is priced at vs what the market is paying for other businesses in the sector to identify differences in risks and opportunities or common issues at play.