Yes, I agree that the levels of disclosure are a bit frustrating (not just limited to NXT but across many ASX companies). Quite a good proxy/sense check can be found in the Equinix reporting. They report that "recurring capex" (which includes maintenance capex) have historically trended between 2% and 5% of revenue. In FY22 their recurring capex was $189m and revenue was $7,263m (2.6%), however annual depreciation was $1,531m. What this indicates is that accounting standards allow these DC companies to depreciate their assets at a substantially accelerated rate compared with their useful life. Hence the reason why the market focusses on EBITDA (or even revenue) when valuing these companies.
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Yes, I agree that the levels of disclosure are a bit frustrating...
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