The strong AUD is not helping, the issues in Myanmar are not...

The strong AUD is not helping, the issues in Myanmar are not helping and the risk of contagion from India within Central Asia is certainly not helping. But, FDV have a war chest of AUD from the Capital raise and this is a natural hedge when they make their next purchase as their AUD goes further than it did during the raise. The longer and more pronounced covid is the more we see a channel shift, online. Everywhere, every person, every industry, every sector you cannot underestimate the change that is occurring. The demographics have not changed and the story has not changed. The massive population in emerging nations that will change demographics over time and increase their earning and spending potential has not changed. South and Central Asia alone is ~600 million people, they still want change and access and will vote with their pockets. Has theis been delayed, certainly, has this changed? No. The risk of being in emerging nations has not changed, a la Myanmar it happens, but that is why you have a portfolio with diversification to mitigate and get risk exposure at the same time. The market has spoken and the resulting trend is clearly down. But the quarterly was at or above expectations. Long term the value proposition is improving. Mgmt. are doing what they said they would do. They cut costs, increase the profitability within/across their portfolio and spent some of the money they raised to create new revenue streams in new markets. They have done this amidst an unprecedented time in history. Other considerations; relatively low frequency of ASX updates (negative), free float changed dramatically in the past 2 months (+liquidity +market sensitivity +exposure to negative $ trends), V shaped recovery in equities amidst current pandemic fueled by trillions of central govt spending (+ & -) and a jittery tech market of recent weeks (negative). This is not a short term share from a value perspective, trading opportunities have certainly increased in the past few months and with a larger free float will remain. But this is a value stock. Longer term based on consistent results the market will judge mgmt's ability to pick dominant market leaders in classifieds, curate them, run them and produce improving ebitda profitable businesses. The market will weigh this and determine, in my opinion, that the value is significantly higher than where we are today. I forget who said it but, in the short term the market is a voting machine (popularity) in the longer term the market is a weighing machine (value). Population x demographic shift x channel shift x emerging markets = VALUE. DYOR. Have a great weekend.