The commentary on Yapo
the leading general marketplace in Chile across the high value auto and property verticals, recorded revenue of A$4.5m in 1H 2022, an increase of 40% on pcp (100% basis)paints an overly rosy picture of what's actually happened there in the last few quarters, even if it is technically correct. The H1 2021 (pcp) result included a
much lower March 2021 quarter revenue, whereas the last three quarters show a distinct decline since September 2021.
On the EBITDA front, I suspect what's happened is that they've scaled up operating costs to fund growth that hasn't (yet) materialised.
Yapo's revenue being down by more than $300k per quarter since that September peak is, in my opinion, the most likely reason why it's swung into an EBITDA loss.
That gripe out of the way, I'm not too fussed because we're talking about a handful of quarters in just one of FDV's businesses.
Overall I think this is a fantastic set of numbers given the circumstances of the global economy and some of the key countries in which FDV operates. When you strip out the results quarter by quarter, you can see from the quarter-on-quarter growth to March 2022 and June 2022 that revenue growth in June improved across the portfolio compared to March. The strength of this result is demonstrated by the only significant decline being in Sri Lanka.
| Quarter on Quarter Revenue Growth |
| Mar-22 | Jun-22 |
|---|
| 1 |
|
| Qtr | Qtr |
|---|
| 2 | Fincaraiz |
| -4% | 9% |
|---|
| 3 | Avito |
| -15% | -2% |
|---|
| 4 | Tayara |
| -20% | 2% |
|---|
| 5 | Yapo |
| -4% | -5% |
|---|
| 6 | Autodeal |
| -4% | -2% |
|---|
| 7 | CarsDB |
| 18% | 0% |
|---|
| 8 | Encuentra24 |
| 9% | 1% |
|---|
| 9 | Hoppler |
| 182% | 29% |
|---|
| 10 | iMyanmar |
| -28% | 52% |
|---|
| 11 | LankaPropertyWeb |
| 31% | -40% |
|---|
| 12 | Meqasa |
|
|
|
|---|
| 13 | TechAfrica |
|
|
|
|---|
| 14 | ToLet |
|
|
|
|---|
| 15 | West Africa |
| -13% | 35% |
|---|
| 16 | Zameen |
| 28% | 7% |
|---|
| 17 | Pakwheels |
| -13% | 15% |
|---|
| 18 | Infocasas |
| -18% | 16% |
|---|
| 19 | Propzy |
|
|
|
|---|
| 20 | Moteur | | -40% | 0% |
|---|
| 21 | TOTAL (PORTFOLIO BASIS) |
| 1% | 6% |
|---|
Finally, I revisited the Zameen listing numbers for Karachi and Islamabad to get a sense of how busy it is. Remarkably (given recent concerns about the situation in Pakistan) listings are up considerably in both cities over the last 6 months.
I added to my holding in FDV today.
(20min delay)