Good on the whole - and clearly the market reckoned so too.
To my mind FDV's stake in Zameen is its downside protection if everything else goes t.u. So the positive EBITDA was an important milestone, although one I thought had been reached last quarter.
As for the rest of the portfolio, performance will always be bumpy so the negative result doesn't worry me too much as a one-off. If memory serves they have enough cash to sustain the current rate of losses for a couple of years - one hopes long enough to separate the good investments from the bad.
My limited modelling predicts the whole portfolio to be in profit by the September quarter, driven mainly by Zameen.
The main risk as I see it is FDV's cash burn forcing bad decisions - panicked divestment, equity raising or debt. Even if Zameen and one or two others are solidly in profit by the end of the year, it's unlikely they'd spin off much if any cash in dividends for FDV to organically fund the less mature companies.
So it's also important to keep an eye on the cash balance.
FDV Price at posting:
63.0¢ Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)