Ann: AGM - CEO's Address, page-20

Hi @woomp001, my 2 bobs worth on the disparity between Equinix's and NXT's revenue multiple is their relative growth rates. NXT's 5 year revenue CAGR is 20% whereas Equinix's is less than 10%. If you assume a similar disparity going forward (ie NXT growing at ~2x Equinix), this makes a big difference to your NPV valuation and hence your historical price/sales ratio.

In relation to your point on competition, clearly NXT is not the only data centre provider in the world, but I don't really understand what point you are making? NXT has been competing with all of the other operators in the Australian market for many years and its results are there for everyone to see and analyse as they see fit. Certainly the "market" likes what it is seeing from NXT and is valuing it accordingly. I also don't think NXT actually competes with Amazon or Microsoft, but I'm happy to be corrected.