Great work. You can add the fact that Neamap will never have provisioning for losses. Coming from the finance industry I can assure you that Afterpay will rapidly increase provisioning for losses gong forward as their book matures.It’s already hidden in the their latest numbers if you look closely enough and is the reason they are not profitable.
NEA will not have this problem as customers pay upfront.
One possible NEA BlueSky Valuation $3.73, page-4
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