NXT 1.19% $17.79 nextdc limited

Macquarie rates NXT as Outperform (1) - With strong results...

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    Macquarie rates NXT as Outperform (1) -

    With strong results across the board, NextDC delivered 1H21 underlying earnings (EBITDA) of $65.7m, 10% better than Macquarie's forecast, with data centre services revenue of $121.6m, 6% above the broker’s estimates.

    On the strength of that confidence, FY21 guidance was upgraded, with underlying earnings (EBITDA) of $130-133m ($125-130m prior), and data centre services revenue $246-251m ($242-250m prior).

    The broker also observes S2 data centre (in Sydney's north) revenue is ramping up quickly, and on initial estimates beat its revenue/EBITDA by over 20%, with M2 broadly in line.

    While it appears only around 1MW of retail was contracted in 1H21 (typically 2-3MW pa), Macquarie notes NextDC now has inventory available across all markets to drive further enterprise and network opportunities.

    The broker retains an Outperform rating and target of $14.75.


    Target price is $14.75 Current Price is $11.18 Difference: $3.57


 
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