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@Sojourner I'm not so keen on your NZM holding, print and radio is a sinking ship, and the lesson from emerged markets is that online classified is a winner take all business, a number 2 player can't make any money. Reminds me of Fairfax a lot. So yes, trade it, but I wouldn't put it in a locked box."
I don't think print and radio are going to be great businesses, but if you're getting 20% fcf and those old media businesses are still growing revenue (albeit at a moderate pace), I think it is a decent moat to have with a free option for OneRoof to become a realestate.com.au or domain.
Bear in mind that Domain while still a long way behind REA, it is valued at $3.3 billion, so I wouldn't say a number #2 player can't make any money as you suggest. Domain is very Sydney/NSW centric, but is still making a lot of money - why else would it have a $3 billion+ market cap?
At the very least, I think OneRoof can play that role in Auckland, but with also a possibility of emerging in future as the #1 player. Don't underestimate the synergies available with them being able to drive traffic using their media business.
I just thought NZM should have got more support given they operate in a developed market, compared to FDV - but I do think the market holds similar views to you about the old media assets, but people have not taken the time to look more closely to see behind those old media assets is OneRoof which is performed superbly so far.
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