I agree. The value in the underlying business continues to...

I agree. The value in the underlying business continues to improve. If they can maintain their #1 position in each market and those markets continue to develop FDV could be very valuable.Just on the Zameen valuation i'd be cautious with using the quoted $220m USD valuation. My understanding of that raise was it was funded by existing shareholders at the same % splits so there was no external pricing mechanism. FDV maintained their 30% and Emerging Property Markets Group maintained their 70%. They could have valued the business at whatever value they wanted too and it wouldn't make a difference to the funding round. If anything, there is an inherent bias for both parties to overvalue the company. Until they raise funds for Zameen from outside investors, there isn't an observable valuation.One thing that does provide some buffer against a potentially aggressive valuation is the fact that Zameen has continued to have strong revenue growth since then.