"One really needs to assess growth dynamics against previous...

"One really needs to assess growth dynamics against previous corresponding periods.
In that case, you'll find that Zameen's Revenue fell by just 4% on pcp.
And that's in A$ terms, remember.

With the Australian Dollar to Pakistan Rupee exchange rate having fallen to around 145 in DQ22, from around 125 in DQ21 (so around 15%), it meant that Zameen grew by more than 10% in constant currency terms (which is, after all, the thing that matters when it comes to assessing real underlying business performance)."

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Not sure how you calculate a "grew by more than 10% in constant currency terms" I calculate a 28% drop in Revenue offset by the 15% fall in the exchange rate, or a 13% drop overall.

On a pcp basis, 4Q is only a 4% drop from 4Q 2021 but this comes after the pcp outperformance of 1Q (60%) 2Q (63%) 3Q (38%).

So it is hard to argue the Zameen growth story hasn't taken a hit, and needs to recover in 2023.

Given the continued drop in Pakistan rupee (see previous post), it is unlikely we will see any recovery in AUD terms in 1Q 2023.