On the back of record half year revenue growth it's probably a good time to try and determine the value of Zameen as a standalone business.
PropertyGuru which is S.E Asia's largest real estate online classifieds business will be listing on the ASX some time this year with a valuation of around A$1-1.2B or roughly 10 times revenue. Interestingly PropertyGuru is not a dissimilar sized business to Zameen if you extrapolate out our growth 1 year. Please see below:
All in AUD
1
PropertyGuru
Zameen
2
REVENUE
100m
40m
3
Revenue Growth
20%
100%
4
EBITDA
10m
750k
5
Valuation right now at 10x sales
1b
400m
6
Valuation in 2020 if growth metrics persist
1.2b
800m
7
Valuation in 2021 if growth metrics persist
1.44b
1.6b
Obviously I've made a few assumptions, however PropertyGuru IPO has the capacity to draw attention to Zameen and FDV by default and perhaps positively re-rate the value of both businesses substantially higher.
FDV Price at posting:
71.0¢ Sentiment: Buy Disclosure: Held
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