And don't forget that the more area they cover in each country then the more area they have to cover 3/4/5 times every year - flying the same precise tracking. This is an expensive exercise considering the weather and other factors. It requires a fleet of specialised aircraft with appropriate certifications and clearances, etc. It's difficult to see any other company coming close to what NEA provides which means that it has a wide moat.
NEA Price at posting:
$4.12 Sentiment: Buy Disclosure: Held