I don't think your TAM figures are correct:Aerial imagery...

I don't think your TAM figures are correct:

Aerial imagery market: $10bn globally and north of $1bn locally

LiDAR market: c$1.3bn globally and >$100m locally

US 3D Market: c$2bn

I'd also add that EV/EBITDA is more useful if you forecast a few years forward and exclude one-offs (like that $2.5m off-the-shelf sale). Nearmap is only just gettting to c$25m EBITDA implying a mid to high 20's multiple. Otherwise trades at ~4x revenue, AMX should trade at the same multiple?

Pre-covid and capital raises on the NEA side, a crude measure of value was direct SP as NEA trades at a forward EV/EBITDA premium like in the old Taylor Collison reports (obviously not dumb and know that shares outstanding x price is MCap).

NEA $1.18, AMX 3x? or at least 2x?

Also AMX listed at $1 (c$100m MCap) and hasn't tapped the market since.