Ann: FDV LATAM strategy update, page-19

The Zameen valuation figures that usually get thrown around are taken from internal funding rounds - e.g. this December 2020 announcement.

A couple of key points are (1) they are valuations decided at a point in time and (2) they are valuations agreed by Zameen's shareholders, of which there are only 2. There isn't an ongoing liquid market for Zameen shares.

Not sure how reliable any NPV calc could be; you can get enormous variances depending on the assumptions about revenues and costs.
The contrast to this would be something like AZJ, which has very predictable and relatively static cashflows and it's difficult to get anything outside $3 and $6.