It’s been a profitable year for geospatial map technology company Nearmap Ltd, with its share price up 114% from 74c per share at this time last year to open today at $1.59 – a 52-week high for the stock.
Nearmap has clocked some impressive portfolio growth, as per its recent trading update, faring particularly well in its US operations with 143% growth in the segment with the group’s overall Annualised Contract Value as at June 30, 2018, up 41% to $66.2 million.
Nearmap’s growth potential is hard to ignore and while the building and construction sector slowdown may impact its customer base in that segment, Nearmap has plenty of market share growth in the rail, solar and government space.
I think there still might be time to snap up some Nearmap shares if you’re looking medium to long-term, but don’t expect much of a dip in price any time soon for your buy-in because any fall back looks unlikely.
Nearmap Ltd (ASX:NEA)
Nearmap Ltd’s share price is sitting 2.39% higher at a 52- week high of $1.59 early on Tuesday.
The aerial imagery technology company has seen its share price climb 160% in 2018 alone, and earlier this month it demonstrated why after announcing that it had exceeded its own guidance for Annualised Contract Value (ACV) growth in FY 2018.
Nearmap saw 41% growth in closing Group ACV with a 30 June 2018 balance of $66.2 million compared to $47 million as at 30 June 201 and both the US and Australian operations exceeded H2 FY 2018 guidance for ACV growth as follows:
Australia ACV growth was $5.5 million (guidance was $3.3 million)
US ACV growth was US$ 4.4 million (guidance was US$3.2 million)
Over the past year, the Nearmap Ltd share price has traded as low as 57 cents and as high as $1.59. The Nearmap Ltd share price has gained around 106% in the last 12 months, compared to a gain of just over 10% for the S&P/ASX 200.
