Nothing wrong with locking in profits! I don't think that this will go much lower ... it is just a consolidation, and will probably track sideways for a while whilst the accumulation continues.
I would say, though, that the reason for the sp decline in fy2013 was due to one of the points you make: the properties (and associated debt) were stripped out of NXT at that time ... so the lack of those three land holdings has already been factored into the price.
Sure, the earnings do not justify the sp ... but they are accelerating rapidly and they are now generating profit ... and that acceleration will continue. This is still somewhat speculative, but the risk gets lower every year, and it is now a 'growth' company, in which the sp always continues to ramp to match the expected profit level.
At the last half yearly, they held over $200M in cash, which is ample to develop the two new centres; this is what the cr was about last year ... so there is no reason for further debt or capital raisings.
Finally, wouldn't you say that being vendor neutral makes them more attractive, rather than less? I am sure that there would not be any thought of a t/o by a local company ... an international would be more likely. Being locked to a local telecommunications vendor is likely to be restrictive in an international's decision making process.
I personally hope that they do not get picked up (for at least o few years) ... I think that this is a very well run company, and the data centres are the best I have seen ... and I've seen a lot!
NXT Price at posting:
$3.40 Sentiment: Buy Disclosure: Held
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