A further comment to those who believe NEA is way overvalued:I...

A further comment to those who believe NEA is way overvalued:

I suggest that you do your valuation on the profitable Australian business, separately to the early stage US and Canada business. If the Australian business is valued at $X, it would be reasonable to expect the US/Canada business to reach > 10 times $X within a few years, due to the size of that market and the even better trajectory than we had in Australia. Then of course there is an option (which also has some value) to expand into other territories.