I don't think you can say this is a good company (I think a good...

I don't think you can say this is a good company (I think a good company has a strong competitive advantage, generates high ROE, strong FCF, strong balance sheet etc).

But I think you can say it has a lot of potential and has a reasonable position in a booming market. But buying NNW is a complete punt with a lot of unknowable unknowns.

One of the big issues with any booming sector and particularly ones where scale and network effects are critical and technology changes are very fast, is if the small cap disrupter you're punting on doesn't get traction quickly they end up getting marginalised and disrupted themselves. Everyone remember how MNW was flavour of the month in 2013, now it is a dog that is behind the times. ESV is another.

Don't get me wrong, I don't think NNW has been marginalised or disrupted yet, but they better start really monetising their platform soon or BABA or JD or some new company will kill them.

At least we can safely say NNW is not a well held darling like 1PG and if it does start to get some traction there is significant upside. Clearly the $400m listing valuation was way too high.