NEA going gangbusters, page-115

Good set of results, impressed with transparency - some encouraging progress. To be honest surprised at share price reaction today ... based on figures would have expected slight retrace - thinking below. - For past three years revenue in half pretty static at 46% of prior half closing ACV. Assumes 2H revenue of 27.7 and full year revenue 52.1. - Comments made to effect now at scale they want and don't see expenditure increasing. Therefore assume same on 2H (could be less as some one offs) giving total expenditure of 58.8 - Indicates net loss before tax of 1.7, after tax loss of 3.7 for 2H. Full year loss of around 11m. - While would expect to see cash burn slow, above indicates will still be cash flow negative in 2H. - While healthy cash buffer, unless becomes cash flow positive soon this will act as a chain on their ankles, slow growth unless they raise more $$ (think given income could go for debt over equity). The above explains to me why in release loads of comments around cash / churn as clearly they know it raises questions. Also surprised they expect US ACV growth to stay same in 2H as expected to increase (which is what happened in Australia in early years). Know too soon to value tech / growth company in this way, but find helpful to see what earnings justifies PE at current price. Even earnings of 10m (which based on current results would say is still 2 years off) gives PE of 33 at current price. Believe in Nearmap, will continue to hold, but do think it's had a good run, is fairly valued, and questions still exist over revenue to profit timelines! But big caveat to this is they have new products which could completely blow what I said out of the water!