Allow me to take an investor's view. FY16 NXT earns NPAT margin...

Allow me to take an investor's view.
FY16 NXT earns NPAT margin of 1.89%
Let's say at the end of the next 5 years, it will be able to triple this margin to 5.7%

Last 3 years average sales growth rate is 37%.
Let's say in each year of the next 5 years the growth rate can do much better than history and maintain at 47%.

Then in 2021, the revenue could increase six-fold to $632m and the NPAT should be $36m.

I assume that after the most recent capital raise $150m, shareholders equity is $483m. Say from this day on, if NXT stops asking for new funding, in 2021, Return on Equity is a very mundane 7.5% (=36/483)

The revenue growth rate and net margin could be both achieved considered the cloud prospects seems so bright and the management is so talented but NXT's intention to keep asking for fresh capital heavily and frequently from shareholders is already demonstrated in terms of track records and company self-defined profile as "capital intensive".

A mundane return 7.5% doesn't seems that easily achieved. Also even the current market cap stopped growing from now on with NPAT increasing 20-fold five years later, PE by that time will still look very lofty at 25. (market cap $900m/NPAT $36)