Another day another 52 week high, page-182

So your basing your sales assumptions on the size of the Data Centre's and having them fill at the same rate as the previous generation?

Even if S2/M2 took 8-10 years to fill, that isn't a bad thing as there is a lot of incremental capex that can be deferred.
The final facilities would still end up with a better operating leverage because 80MW (70MW?) across 2 facilities are still more efficient in terms of land, building construction & OPEX than say 4 facilities to provide that 80MW (70MW?). Plant & Equipment, Fitout are also major component's of the Capex that can be deferred.

Why is there an assumption that S2 & M2 should be fully utilised in 5 years just like clockwork? Utilising historical trends and adjusting for any outsized new contracts seems like a more accurate way to forecast. It's important to note that the historical trend already accounts for a number of outsized contracts over the years, e.g. Australia Post, Microsoft, Google.

The best part of 24 months will be taken up with design, planning approvals, construction, initial fitout. Even assuming it's vacant land that they acquired, there is still also the chance for appreciation in the land value to offset the holding costs. As long as the value of the option ~= holding costs, it's worthwhile.

I'd prefer to see the change in the underlying trend or announcement of major contracts before making to many assumptions.