Ann: Infratil Investor Day 2024, page-5

I did some further playing around with valuations in comparison to the hard assets a few data centre players have out there. I am not using this as a sole valuation method just thought it was a different angle to approach it from to see how close to the mark different players are.

Airtrunk has been coined for a $15b sale recently in the media.



Airtrunk
Going off their website they have a total of 11 data centres which total 1393+MW - there is no information on if this is currently built, under construction or planned for future.

$15,000,000,000 / 1393 MW = Valuation of $10.70m per MW

CDC
Going off the Investor Day slide deck, 268MW currently built, 383MW under construction = total of 651MW (built or under construction). CDC's valuation as per the slide deck was $8.97b.

$8,970,000,000 / 651 MW = Valuation of $13.7m per MW

Macquarie Technology
Going off their FY24 HY results presentation, 60MW currently built, 7MW under construction = total of 67MW (built or under construction). MAQ's market cap as per today's closing price on the market is $2.27b.

$2,270,000,000 / 67 MW = Valuation of $33.9m per MW
*Worth noting that Macquarie Technology has other business segments other than data centres which makes this less accurate.

NEXTDC
Going off their FY24 HY results presentation, 140.9MW currently built, 53.4MW under construction = total of 194.3MW (built or under construction). NEXTDC's market cap as per today's closing price on the market is $10.62b.

$10,620,000,000 / 194.3 MW = Valuation of $54.6m per MW

As mentioned in my post above I am reluctant to put in companies' aspirations / planned work into consideration with these sorts of comparisons as what actually happens in the next 3, 5, 10 years isn't guaranteed but it's interesting to see how much can be priced into things. If and when Airtrunk's sale officially happens it will be interesting to see how much this has a flow on effect for the valuations of other data center businesses in the APAC region.