Interesting that the share price is up today. I suppose maybe...

Interesting that the share price is up today. I suppose maybe that report was slightly positive, compared to the very low implied expectations

i don't like how management cherry pick whatever performance metric looks the best (or the least bad, I suppose). Big emphasis on "statutory revenue" this time around, because of course it excludes Zameen. And even statutory revenue is only up 7%. Not good enough.

it is easy to present the counter argument:
Total revenue (incl equity accounted entities) is down significantly year over year and the business made a statutory loss of over $10 million in 6 months. But let's not talk about that.

On the positive side, they seem to have done a reasonable job of controlling costs. They are not burning cash. Other than Zameen, the rest of the business is not disastrous. But growth is disappointing.

is the investment case still on track? Maybe. It is not dead, but certainly progress has been slow and bumpy.

Maybe Zameen has bottomed out and maybe the Latam business continue to improve. Maybe transactions revenue will save it.

But it is also easy to see scenarios where things go badly. Emerging markets are volatile, FDV doesn't have a lot of cash, and yet another capital raising would be very damaging

i am holding. But with trepidation