NXT 1.19% $17.79 nextdc limited

NXT results were, IMO, quite good. There are some impressive...

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    NXT results were, IMO, quite good. There are some impressive metrics and good momentum in the company and it is in business that is experiencing phenomenal growth. Below is my take on the results

    The Good

    Revenue up 33%,
    EBITDA up 76%, but what is really impressive is
    Rev to EBITDA margin of 40%. This is getting close to RIO at 45% and is better than CSL at 30% (RIO and CSL, are IMO, two of the best blue chips on the ASX – so to be on the field with these two stocks is impressive.)
    36% cash flow from revenue. – Again excellent cash conversion. Still not enough to pay for the CAPEX, but it is getting there.
    Guidance for next year is double digit growth – there are not many stocks able to do this.
    NXT are making the assets “Sweat”, with both impressive figures on contracted customer utilisation at 88%, and billing utilisation at 82%. Both of these are big improvements on previous years and at these numbers it shows why they are building more data centres.
    Revenue per sq m of data centre continues to grow
    Excellent balance sheet with enough cash to buy APDC and do the CAPEX spend for this year.

    The bad

    There is a small possibility of another capital raising or more debt to continue the data centre build as potentially $200m of cash is swallowed up in APDC purchase, although their debt facility and cash flow will probably be enough.

    The Ugly

    P1 and C1 still continue to be the data centre dogs in the portfolio of assets. Their metrics, when compared to the other data centres certainly stand out.

    HT1
 
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