- @jbull: "If you look on Zameens website and news articles from...

- @jbull: "If you look on Zameens website and news articles from Pakistan, you will see that they are more than just an REA equivalent. for example, they have recently partnered with huge property developers to launch the sale of off the plan properties for multiple multi-story complexes EXCLUSIVELY through Zameen, with in person tape cutting ceremonies and big press announcements."

That's what they mean by transactional (rather than classified/ad-based) revenue model. A lot of similar things are being done in the Latin American businesses. This channel includes a lot of educational stuff on what is happening in this space and Shuan/Zameen are regualar speakers. Latin American businesses of FDV speak there, but in spanish/portuguess language.
If the price is right, I strongly support selling the Zameen and taking the money elsewhere (in businesses that are earlier in their life cycle). That's where FDV can add value.

Valuation:
- Zameen’s last internal funding round was conducted at a US$400m pre-money equity valuation in December 2020, which in that quarter recorded revenue of A$12.4m and EBITDA of A$1.2m (100% basis)
• Zameen reported revenue of A$22.3m and EBITDA of A$5.0m in 3Q 2022 (100% basis),
increasing 38% and 52% on pcp respectively, and continues to be cash flow positive.

Is Shuan implying that the 400M valuation should go 2X (based on revenue) or 4X (based on Ebitda). He is a great negotiator (both on buy and sell sides): most things he sold (e.g., iPropoerty) have been overpriced at the time.

Puttig the bar at 2X of 400M USD is great: 1.2 AUD per share. And if you sell please (please) do not return the capital to moody shareholders: I want the capital to remain with you.