NXT remains in the ramp-up phase, with two new developments B2 and M2 not due to come online until FY18 (then allow another 12/18mth of sales ramp up to break even) - ie these are drags on consolidated earnings until FY19/20E
EV is currently $883m according to Capital IQ (ie factoring in net cash position at last balance date)
Market's look forward.
Analyst Consensus Estimates (EBITDA) of $46.1m (FY17E) and $69.6m (FY18E). Note comments above re B2 and M2 developments.
Market multiples: EV / FY17E EBITDA of ~19x and EV / FY18E EBITDA of ~13x
Cost of capital continues to fall across the board, particularly for a data centre operator with hard assets...as cost of capital falls, values by definition go up.
NXT Price at posting:
$3.92 Sentiment: Buy Disclosure: Held
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