oh dear what can the matter be? The proof is in the pudding or price, page-47

Nearmap looks undervalued to Morgan Stanley given the aerial mapping company's potential for 25% on-year growth in annual contract value and increased customer retention. Morgan Stanley thinks Nearmap could achieve about A$200 million in annual contract value within the next 12 months with a 78% gross margin and decreasing cash burn. That could double the value of the stock without additional catalysts, the investment bank says. It also thinks Nearmap's transition from selling images to selling insights and answers should drive deeper customer engagement and increase retention. MS maintains an overweight recommendation and A$3.20 target price on the stock, which is down 0.3% at A$1.915.