@40 - 50 cents, 650 million SOI fully diluted, gives MC $250 - $350 million.
NearMap is a relatively mature company @ circa $700 million MC
The SP in late 2017 early 2018 was a mix of pro-ramp and market-wide over-exuberance. Nothing to do with company fundamentals which were underwhelming revenue-wise during 2017, hence the selldown.
Agree that company fundamentals are now superior to what they were 12 months ago.
Notwithstanding external global market dynamics, with steady growth in ACV towards CFP/BE - maybe even profitability as a result of some "significant value uplift events in 2019" - we could easily hit $100+ million MC - say 20+ cents.
One significant value uplift I'm looking for is around the IP strategy, granting of the two patents currently under application review, plus more lodged.
Others would be momentum from AutoDesk and Bentley, further gains in ADAS/Autonomous Driving industry, and penetration in SE Asia and Western Europe as indicated in AGM presentation.
Once we see proof of wide market acceptance and global scalability of the platform reflected in ACV - especially in the US - re-rate will follow.
3DP Price at posting:
4.3¢ Sentiment: Buy Disclosure: Held
