1) Valuation of AMX is at a 1/4 of NEA based on earnings. It should be at a maximum be at a discount of 50%. As a high level rule of thumb, our SP should be similar.
2) NEA has market share to give up regardless. AMX has been growing very quickly since IPO in Dec-19. It was unfortunate that COVID-19 hit or it’d be >$2.
3) AMX has superior technology and offerings such as in LiDAR and 3D modelling. The 2D interface and user interface is on par. I’d add that AMX has more coverage than NEA and is at least 50% cheaper. Supply demand equilibrium dictates they will lose market share regardless of brand recognition.
4) Management team is no bs and has significant skin in the game. Register is very good at present.
5) AMX is actually a takeover target at sub $100m EV. If I were an equities analyst at Goldman’s my M&A rank would be #1 on AMX.
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