I haven't seen the UBS report but Motley Fool https://www.********.au/2018/05/17/...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.
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