If the businesses continue their current trajectory of rapid revenue and earnings growth there isn't any need for a 'catalyst' as such - eventually the market will catch on to the underlying value.
Revenue growth after the COVID blip has been impressive already: I think it would be over-optimistic to assume that this might accelerate further with "global reopening" but you never know.
As far as one off events go, some possibilities would be:
- Tayara and/or Avito transitioning to EBITDA positive. While these were the most heavily loss-making businesses last quarter, both sit comfortably in the FDV "mid-table" in terms of their size by revenue. I'm looking for this to occur as soon as the next quarter or two - these are supposed to be capital-light enterprises after all!
- Accelerated revenue and earnings growth from additional intermediary services. This is what they have planned for Encuentra24, which has been a laggard compared to the others.
- Acquisition of one or more of the underlying businesses by a competitor.
- One of the businesses starting to distribute cash to shareholders.
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