Ann: Quarterly Activity Report and Appendix 4C, page-19

Thank you for that table. Very useful. Really the company should be providing something like that in it's financial results, rather than just a comparison to 12 months ago. And a lot of spin

@EarlyRetiree Nice pic. I understand where you are coming from, but I am personally not as negative. The company does not have to shoot the lights out every quarter to justify the current market cap of only $275 million. If it can continue to grow revenue at even half the rates it has averaged in the past 5 years, we will do fine in the medium-long term.

For me, the original investment case is still intact. I still believe that online advertising can be highly profitable in third-world countries (as demonstrated by Zameen). And that FDVs diversification across multiple countries and regions mitigates the emerging market risks. They only need 2 or 3 "home runs" to be worth multiples of the current valuation. Even if they fail in most markets.

However, as always I would love to see things happen a bit quicker. I am concerned about the lack of growth in the Latam region in recent quarters. Plus they are definitely vulnerable in the event of a crisis in Pakistan, at least in the short term.

Still a long-term hold for me