Bells retain 90c target

Hi all.

A 1 page update from BP on NEA after the AGM:
Quote>
No change to forecasts post AGM comments
nearmap held its AGM today and, in our view, the key comments were:
x FY15 has started strongly with continued growth in named users;
x The US expansion is tracking ahead of expectations (110m people have
already been captured versus a target of 100m in FY15); and
x Combined capital and capture costs in the US expected to be around $8m in
FY15 and ongoing capture costs should be a further $8m p.a.
The company also noted its December revenue run rate target of $30-50m in Australia
is on track and reaffirmed the aspirational target for the US business of the same
revenue run rate by December 2017. In total, the comments were consistent with our
assumptions so there is no change to our forecasts.
No guidance for 1HFY15 or FY15
nearmap did not provide any guidance for 1HFY15 or FY15 but LWLVQRWWKHFRPSDQ\¶V
practice to provide earnings guidance for the year ahead. We continue to forecast a
strong 1HFY15 result relative to the pcp and forecast total revenue of $12.2m (up
51%), EBITDA of $3.3m (up 85%), NPAT of $2.4m (up 204%) and diluted EPS of
0.7cps (up 183%). We do not expect an interim dividend to be paid. Note our 1HFY15
forecasts assume some additional operating costs associated with both the Australian
and US businesses.
Investment view: Retain BUY, PT $0.90
We retain our BUY recommendation and $0.90 price target on nearmap. We
determined our valuation on nearmap only recently (in our initiation report early last
week) so there is no change in any of the three valuations we apply in the
determination of the price target. At a PT of $0.90 the expected total return is 22%
which supports a BUY recommendation.

Rev NPAT
FY15 $27m $5.3m
FY16 $41.1m $9.0m
FY17 $60.7m $14.2m

Unchanged.
End quote>

Cheers,