NEA valuation, page-191

This is the give-away and the reason I kept topping up under 60c.

If NEA said we are pulling out of the US tomorrow, the AU market would then have made NEA a profit generating company.

If you trust they can replicate the AU success in the US, then it's a 'no brainer' investment really, just got to get in, be patient and ensure they keep executing the business plan...

This graph was always the key for me - US vs AU progress - subscription revenues https://hotcopper.com.au/posts/37496931/single