Macquarie20/08/20201Outperform$2.47 2.754.22%COMMENTARYNearmap's...

Macquarie	20/08/2020	1	Outperform	$2.47 2.75	4.22%
COMMENTARY Nearmap's FY20 results outpaced consensus by double digits, although churn rates were elevated and new business slowed marginally in the second half, courtesy covid. The company exited FY20 on a cash flow breakeven run-rate basis and is aiming for the same in FY21 after accounting for temporary salary cuts of 20% and permanent headcount cuts. EPS forecasts are shave -9% In FY21 and FY22. Target price rises to $2.75 from $2.47 on a roll-forward basis. Outperform rating retained, the broker noting the in-line result, a narrowing of annualised contract value, sales momentume, stabilising of key operating metrics and continued growth in key verticals post covid.
Citi	20/08/2020	1	Buy	$3.00	26.58%
COMMENTARY Citi upgrades FY21 operating earnings estimates by 11% to reflect operating leverage from stronger ACV growth in FY20, the results of which were in line. The company has reiterated a goal to break even on cash flow over the year. Citi is cautious about the short-term outlook but acknowledges a better-than-expected start to the year. Buy rating retained. Target rises to $3.00 from $2.75.