It's shaping up to be a cosy and profitable oligopoly in North America, and indeed this will be replicated across the world, as only few companies have the capacity to compete with the vast technological advantage that NEA (and possibly EV) have. The industry can only be disrupted by technological step changes in imagery tech.
I agree with you on expenses. NEA as a private company will be forced to rationalise. IMO the hard work has been done and shareholders should now be seeing share price appreciation in line with EBITDA. Unfortunately it looks like shareholders will miss out on the next phase.
