May 1, 2020Michael Tonon: Nearmap Ltd (ASX: NEA)
Nearmap provides aerial imagery to a diverse range of business sectors. It managed to grow its annualised contract value by 23% in 1H20, despite the loss of two large enterprise customers.
Growth in its newer and larger market, the US, far exceeded that in the more mature domestic market. And with the average revenue per subscription in the US more than double that in Australia and New Zealand (ANZ), I can’t see it taking long for its US portfolio to over take the ANZ portfolio.
Pleasingly, Nearmap recently noted that it has not seen a material impact on its current trading conditions with relation to COVID-19. And with its shares significantly lower, I see now as a great buying opportunity.
MF contributor Michael Tonon owns shares of Nearmap Ltd.
