From the MF August 4, 3:48pmNearmap Ltd (ASX: NEA)Another mid...

From the MF

August 4, 3:48pm

Nearmap Ltd (ASX: NEA)

Another mid cap ASX share Nearmap. It is a leading aerial imagery technology and location data company.

Nearmap gives businesses instant access to high resolution aerial imagery, city-scale 3D datasets, and integrated geospatial tools. This means that users can undertake site visits from the comfort of their home or workplace. This provides significant time and cost savings for users.

While Nearmap’s growth has been a bit up and down in recent years, management appears confident that it is heading in the right direction again. It is targeting annualised contract value (ACV) growth of 20% to 40% per annum over the long term, with underlying churn of less than 10%.

Morgan Stanley continues to be positive on the company. Last month it retained its overweight rating and lofty $3.20 price target on its shares. The broker was pleased with the company’s strong performance in the North American market which led to stronger than expected growth in FY 2021.