Ann: FY19 Results Presentation, page-12

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Smurph

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29/08/19

12:49

Post #: 40218385
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Originally posted by HandsomeDave ↑

You cant pounce on anything in this industry unless you are buying someone. From start to finish you are looking at 3 years to get these DC's built and operating to the point where customers can take racks. Its one of the reasons why Equinix acquires as often as they do.

My concern as a long time holder has been the speed with which they have been building new DCs and how much debt has been taken on to do it. We have also gone from Tier III to Tier IV facilities which do cost more to build. I dont know if they thought they needed the competitive advantage or what it was thats driving this

Lastly this DC in Perth is one I just cant wrap my head around. There are a lot of high quality DC's there and I dont know where they think all the demand is going to come from if they have not come close to filling P1 yet? Thats a DC that was built what, 6 years ago? Its not like Perth is going nuts right now.

I have done very well out of this stock and have always taken a long term view to things with them, but I think they have overcapitalised and overextended a bit which is why we are seeing this result. If they announce that they will be building in Singapore or Japan Ill be exiting completely. You have companies like Amazon and Google building their own DC's there not to mention some enormous facilities they have gone up. Building for the sake of building is not what I want to see, unless they are securing anchor tenants prior to building of course.

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I remember reading somewhere a while ago that stated they were looking at overseas markets but only if they secured anchor tenants from the get go. CS would not make this investment without it

NXT Price at posting: $6.10 Sentiment: Buy Disclosure: Held
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Ann: FY19 Results Presentation, page-12

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