Broker Upgrade, page-33

I haven't seen the UBS report but Motley Fool https://www.**promotion blocked**.a...s-support-the-next-decade-of-strong-earnings/ has referenced some components of the report.

"UBS expects FY19-29E EBITDA CAGR of 26%"

Compounded Annual Growth Rate (CAGR) of 26% equates to 1000% (1.26 to the power of 10) EBITDA increase in 10 years.

i understand EBITDA is not the same as earnings but there is no reason why our SP shouldn't increase 10x in 10 years.

The reason i say this is, NXT is such an asset and capex intensive company. Our Depreciation and Amortization is thus high and our earnings look small as a result. We need to look at our cash flow which is significantly higher than earnings. Valuations of NXT on a cashflow basis would justify a 10x SP increase on the back of 10 x EBITDA increase.