Excerpt from UBS Analysis... ... "Melbourne ramp-up a major positive catalyst and de-risking event NXT announced today contracted commitments at its Victorian data centres have increased +6MW to ~21MW, with another potential +7MW to >28MW including contracted expansion options. In our view, this is a huge positive for the story given: 1) Investor concerns around lack of Hyperscaler activity in Melbourne and M2's location / suitability for Hyperscalers; 2) Hyperscalers typically follow each other, which in our view increases the likelihood of further activity / contract wins in Melbourne; and 3) The wins de-risk NXT's earnings profile. We continue to highlight potential catalysts through further contract wins in S2 (in next 6 months), as a reasonable portion of the 16MW contracted becomes activated. If both major markets in Australia are firing, we continue to see scope for an accelerating earnings growth trend over the medium term." ... "Valuation: PT $9.10 unchanged – maintain Buy"
NXT Price at posting:
$8.53 Sentiment: Buy Disclosure: Held
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