GS: Minor revisions, strong growth ahead: We revise FY21-FY23...

GS: Minor revisions, strong growth ahead: We revise FY21-FY23 Rev

+1%/-0%/+1% and EBITDA +2%/-2%/-1%. This reflects the 1H21

result and earlier billing of M3, offset by higher group costs

(insurance premiums and a shift towards SaaS spending over

capex). Consequently, our 12m TP increases +2% to A$13.50

reflecting earnings and the faster M3 ramp. Stay Buy on NextDC,

which we believe is continuing to successfully execute in a

high-growth industry. As a scenario to demonstrate this growth, we

highlight that as NXT converts its contracted (but not yet billing)

MW and previously disclosed options into revenue, this would drive

a +22% 5Y revenue CAGR, and an EV/Sales of 9.6X.