Thanks crystalblue. I also think NEA is lower risk than APT for...

Thanks crystalblue. I also think NEA is lower risk than APT for the following reasons (some also nominated by austted):

• NEA reduces client costs whereas APT increases them (austted)
• NEA has lower competition risk (crystalblue & austted)
• NEA has higher barriers to entry due to long lead times and high costs for data acquisition (another way of talking about competition risk)
• NEA has lower regulatory risk (Governments could regulate the afterpay services)
• NEA has much greater diversity of customers (size, industry group, all levels of government) whereas APT has only consumers.

Makes me realise that NEA may not be overvalued after all.