@ashwon, it sounds like you are not comfortable investing in...

@ashwon, it sounds like you are not comfortable investing in not-yet-profitable growth companies. All of these, while making losses, will have reducing equity without capital raises. So, if you do like the underlying business and growth of NEA, I suggest to look at it slightly differently.

Firstly, look at the mature ANZ business as a guide to how it will eventually look in NA. Consider the high margins and large positive cash flows growing faster than revenue due to the slower growing cost base (e.g. capture costs relatively stable, or even reducing with next gen camera system coming next FY).

Secondly, look at the near future in NA. It is not too difficult to estimate when it becomes cash flow positive, and then to predict what is then likely to happen as it rapidly grows and approaches the current ANZ margins. They may even be higher than ANZ due to the higher customer density.

Thirdly, consider the options that NEA will have to either reinvest the surplus cash by expanding into other regions or reward shareholders or both.

IMO, you need a completely different mindset when investing in stocks like NEA.