DCF valuation $0.08, page-81

There are 3 data centres in Tasmania. Two of them are full.

The DXN purchase has massive expansion opportunities, that can be taken to 100 racks. NBN data usage in Tasmania grew 25% last year. What about this year? Incredible.

The $450,000 EBITDA is inclusive of all costs - no dep or amort. So, that $450,000 goes to the bottom line every year.

The Sydney Olympic Park Data Centre is the closest available data centre to the Parramatta CBD in NSW. 725 racks are available - huge opportunity.

The CEO has got this expansion downpat. Forget the hypercentre competition in Sydney and Melbourne.

Focus on those market where companies are having latency issues with use of their applications.