Just because an investment is unlisted and private does not mean...

Just because an investment is unlisted and private does not mean we should be afraid to value it fairly.

JB is not a small tech start up burning through cash but rather a quite profitable brokering business with NPAT > $5.5m. There is far less uncertainty in attributing a value to this and I will be looking closely at the IPO prospectus for an idea about their growth outlook etc which will drive the valuation in the listed world.

It's also worth noting that the guys running the show have significant experience in both listed and unlisted markets. They have made an absolute mint through private equity/unlisted businesses.