Why ignore the rest of the capex?Total capex to date is over...

Why ignore the rest of the capex?

Total capex to date is over 3.5B

So here are my "back of the envelope" calcs.

It looks like they are deploying about $20M in capital to put in 1MW of capacity.

This 1MW in capacity leads to circa $4M in revenue per year (net of power pass through)

That translates into $2M in EBITDA (it was less than 50% last qtr, but let's be generous)

Now out of your $2M, u need to fund/finance the $20M you spent.

Even at 5%, that's $1M of your $2M gone, just in interest.

Then we have the small issue of replacing all of the fit out every 20 years, and the building, what ever 50?

So a depreciation charge of 6-700K is probably real, leaving you with maybe 350k a year.

That means under 2% return per year on your $20M before tax...