Nearmap Ltd (NEA): "We believe Nearmap is well positioned to facilitate a variety of companies to increase their operating efficiency, safety and profitability by utilising Nearmap's technology in the US and incrementally in new countries and regions over time, " Ross Barrows writes in a note to clients released yesterday. "Nearmap's software as a service (SaaS) business model is highly scalable, with its 'Capture Once, Sell to Many' facilitiating considerable operating leverage. As an example, the $1.8 million Nearmap spend on image capture in Australia in first half of 2018-19 generated $27.5 million in customer receipts, resulting in a 'Capture Costs to Cash Receipts' ratio of more than 15 times." "Our proprietary analysis of Nearmap's individual flights (by frequency, location and unique capture) gives us confidence in their rapid rollout." Nearmap is up 6.7 per cent to $3.66, just below a high of $3.83 reached two weeks ago.
