I am making an assumption that you are actually interested in...

I am making an assumption that you are actually interested in the answer to your question (which may be a bit of a stretch).

The key point about NXT is that the majority of NXT's businesses (looking at each data centre as individual business units) are extremely immature (particularly when analysed in light of the amount of capital which has been invested in recent years ($1.2b across FY22 and FY23) on data centres which are generating very little revenue currently).

The best way to get a more accurate gauge of the value of NXT's businesses is to look at the fully mature data centres in the portfolio. If you look at M1 (which has a relatively tiny capacity of 15MW), the $266m of historical capital expended on land, buildings and fitout was fully recovered (from Facility EBITDA) in less than 7 years from the start of operations. The centre is currently generating in excess of $50m Facility EBITDA per annum at a return on assets of ~20% pa. I haven't come across a local cafe that can generate even a fraction of that. M2 will be 100MW when mature, M3 150MW and S3 80MW. What will the steady state EBITDA of those facilities be - based on M1, you are looking at Facility EBITDA of in excess of $1b per annum. Then you have S4 which has a planned capacity of ~300MW+.....

I also agree that NXT looks very expensive based on backward looking metrics, but IMO, it has one of the strongest long term growth runways of any large cap company on the ASX.