I like getting a bit of sell side opinion for shares I own.
FYI below are the quarter on quarter revenue growth figures for the individual businesses as well as the portfolio - putting aside the typical bumpiness in the results from the second string businesses I think it still looks pretty good.
| QUARTER ON QUARTER REVENUE GROWTH | Mar-17 | Jun-17 | Sep-17 | Dec-17 | Mar-18 | Jun-18 | Sep-18 | Dec-18 | Mar-19 | Jun-19 | Sep-19 | Dec-19 |
|
| Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr | Qtr |
| Autodeal |
|
| 12% | 0% | 17% | -6% | 0% | 22% | 2% | 30% | 15% | 13% | 1% |
| CarsDB |
|
| 1% | 25% | 305% | -8% | -67% | 127% | 194% | -10% | -78% | 115% | 140% |
| Encuentra24 |
|
| 18% | -1% | -13% | 16% | 3% | 2% | 2% | 1% | 6% | 4% | -8% |
| Hoppler |
|
| 49% | 8% | -31% | 53% | 63% | 8% | 39% | -18% | -5% | 7% | -33% |
| iMyanmar |
|
| 27% | -7% | 2% | 10% | 42% | -28% | 73% | -8% | 28% | -22% | 16% |
| LankaPropertyWeb |
|
| -9% | 18% | 13% | 80% | -24% | -3% | -9% | 41% | -26% | 16% | 22% |
| Meqasa |
|
| 211% | -64% | 126% | 123% | -40% | 34% | 2% | 15% | 54% |
|
|
| TechAfrica |
|
|
|
|
| 1020% | 37% | 66% | -24% | 3% | 1% |
|
|
| ToLet |
|
| -48% | 38% | 41% | -32% | 29% | 19% | 49% | -49% | 44% |
|
|
| West Africa |
|
|
|
|
|
|
|
|
|
|
| 18% | -4% |
| Zameen |
|
| 7% | 24% | 25% | 27% | -11% | 38% | 0% | 61% | -2% | 1% | 15% |
| Pakwheels |
|
| 36% | 23% | 65% | -39% | 26% | -27% | 39% | -16% | -19% | 18% | 21% |
| Infocasas |
|
| 7% | 11% | 52% | 0% | 21% | 30% | 24% | -4% | 42% | 54% | -11% |
| Propzy |
|
| 33% | 52% | 60% | -76% | 62% | 124% | 101% | -18% | 143% | 41% | 43% |
| Moteur | | | 98% | -45% | 299% | -47% | 60% | -30% | 175% | -22% | -12% | 12% | 44% |
| TOTAL (PORTFOLIO BASIS) |
|
| 14% | 11% | 21% | 11% | -2% | 21% | 14% | 24% | 5% | 10% | 10% |
Other than another good result for Zameen, a couple of things of note this quarter are:
1. Increase in stakes in AutoDeal and Infocasas, at the cost of a dilution to the overall portfolio due to the equity placement. I see this as a positive given both businesses are growing consistently and now EBITDA-positive.
2. The forecast cash outflows for the next quarter suggest FDV is scaling up. These typically run at around $5m per quarter and although there is typically some overestimation in the forecasts, $8.6m would be a very sizeable increase. Particularly notable is the bump in staff costs, which should typically have less fluctuation than advertising etc. and have been consistently around $2m in recent quarters.
(20min delay)