I still can't believe this is trading at below $2.
They have enough cash to continue growing all their current businesses, and most of them are doing exceptionally well.
The pre-covid growth trajectory has been more than restored - it's been smashed out of the park.
Their key businesses in Pakistan, Zameen and Pakeweels have increased 51% and 107% over the PCP and hav been EBITDA positive since December last year.
Record half-year revenue for Zameen and Pakwheels on an FDV % share basis, increasing 51% and 107% on pcp, respectively, with both businesses delivering positive monthly EBITDA since December 2020.
There are a number of other portals that are also doing so well - so what's holding the share price back?
I suspect this being a relatively small market cap, operating in 'frontier' markets and also the messy reports with acquisitions and increase in ownership stakes makes it hard for some of the institutional investors to get interested, but therein lies the opportunity for now.
What I would like to see is Di Gregorio focus on just growing their current businesses for the next 18 months - build up a few more quarters of growth, let the analysts at brokers and instos get more confidence in the growth trajectory of FDV so those folks can be comfortable putting in less risk averse assumptions into their models and this company will very quickly re-rate.
FDV Price at posting:
$1.56 Sentiment: Buy Disclosure: Held
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