For me it’s a sum of the parts valuation and the valuation of each of the businesses is growing rapidly. IMO the valuation of Zameen alone almost covers the MC of FDV and once they list Zameen (which they are starting to hit at) that will represent a material uplift in the total valuation of the underlying investments.
Many of the businesses are now getting 3rd party external funding through new equity which also underlines the value of the businesses. New investors buying equity at 20 times revenue as an example.
FDV Price at posting:
77.5¢ Sentiment: Buy Disclosure: Held
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