I think growth from S1 & M1 will be very good, I remain...

I think growth from S1 & M1 will be very good, I remain sceptical on B1, C1, P1.
B1 - We know was already constrained. Size wise is much less significant also.
C1 - Your major customers are going to be directly or indirectly Government, which I think will mean very long lead times. Harder to make and break relationships too.
P1 - The economy isnt doing as well, I also think you will have a harder/slower time there convincing some of those businesses to adopt outsourcing.

So I think its going to be a case of just how good growth is in S1 & M1.

The other issue is you do have to smooth growth out, we know they have already signed some large contracts previously, still waiting for them to filter through the pipeline. But they arent signing those mega contracts every month or even every 6 months. Need to figure out the organic and inorganic growth rate.

Faster growth also means faster capital spend. It takes 2-3 years to really see those capital investments begin to pay off.

All that being said is that regardless of what you pay today for NextDC its growth rate is going to see it get there in atleast the next few years. And I guess a lot of people are happy to "overpay" for that security.

There is still the risk of uncoverable events along the way though. Fires, power outages, etc.