NEA +16.6%: mapping technology company Nearmap announced it was on track to reach the top end of guidance after winning its largest government contract in North America. Previous guidance for Annual Contract Value (ACV) was between $150-160m with their new contract win pushing them over the low end of the range with around 3 months left in the period. As a result, the company has already grown ACV at least 17% on FY21 at $128.2m. They’ve managed to continue underlying growth despite being under pressure around patent infringements. It remains a risky play however the market has been very negative on the stock with shorts at 5.2% of the issued capital. This will at least see some short covering play out.
MM is neutral/positive NEA in the short term
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