{"id":17139,"date":"2018-10-08T07:46:17","date_gmt":"2018-10-08T07:46:17","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=17139"},"modified":"2018-10-10T06:05:25","modified_gmt":"2018-10-10T06:05:25","slug":"nextdc-limited-nxt","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/10\/08\/nextdc-limited-nxt\/","title":{"rendered":"NEXTDC Limited (NXT)"},"content":{"rendered":"<p>Stock: <strong>NEXTDC Limited<\/strong><br \/>\nSymbol: <strong>NXT<\/strong><br \/>\nExchange: ASX<br \/>\nLatest Price: <strong>$6.13<\/strong><br \/>\nMarket cap: $2.1 billion<br \/>\nCurrency: AUD<br \/>\nFinancial Year: 30 June<br \/>\nDate: 8 October 2018<\/p>\n<p>Sector: Technology<br \/>\nIndustry: Data Storage<\/p>\n<p>Investment Theme: Long-term Growth<br \/>\nStructural Trends: Rising connectivity and online services<\/p>\n<h2>Company Profile<\/h2>\n<p>NEXTDC is an Australia-based and Australia-focused technology company providing data center outsourcing solutions through a nationwide network of Tier III and Tier IV facilities.<\/p>\n<h3>Markets &amp; Competitors<\/h3>\n<p>NEXTDC provides enterprise-class colocation services to local and international organizations. Clients include:<\/p>\n<ul>\n<li>Government agencies and private enterprise concerned as to whether off-shore data storage meets Australian Privacy Act and\/or requirements for the protection of sensitive information;<\/li>\n<li>Global cloud providers such as Google, Amazon, Microsoft, IBM and Oracle;<\/li>\n<li>Large IT service providers such as Wipro, Tech Mahindra, NEC, Dimension Data, Fujitsu, NTT and Data#3; and<\/li>\n<li>Telecommunications providers such as Optus, Telstra, AAPT, Vocus, TPG, PCCW, Superloop and CenturyLink.<\/li>\n<\/ul>\n<h3>Financial performance<\/h3>\n<h4>Revenue Growth<\/h4>\n<p>NEXTDC shows steady revenue growth over the past 5 years as it expands its data centers across Australia.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/nxt_revenue_2018-10-08.png?w=525&#038;ssl=1\" alt=\"Revenue per share\" \/><\/p>\n<p>Net assets expanded to $1.2 billion in FY 18 from $282 million in FY15, funded by a mix of new equity and debt. Further expansion is planned for FY19:<\/p>\n<blockquote><p>NEXTDC recently announced plans to acquire three new sites in Australia for additional data centres in Sydney, Melbourne and Perth: S3 80MW, M3 80MW and P2 20MW \u2013 these new facilities in Sydney and Melbourne will be the largest ever built in Australia. That takes NEXTDC\u2019s total future capacity to over 300MW.<\/p><\/blockquote>\n<h4>Return on Assets\/Equity<\/h4>\n<p>While revenue growth may appeal, return on assets is low at 0.64% in FY18 (FY17: 3.33%*). Return on equity is not much better at 0.95% for FY18 (FY17: 5.48%*). EBITDA\/Total assets fell to 5.06% in FY18, from 5.75% in FY17.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/nxt_roe_2018-10-08.png?w=525&#038;ssl=1\" alt=\"Return on Equity and Return on Assets\" \/><\/p>\n<p>Utility Origin Energy (ORG) earns similar rates of return at 0.88% (ROA), 1.88% (ROE) and 11.9% (EBITDA\/TA).<\/p>\n<p>*FY17 results were inflated by a $10.2 million tax credit.<\/p>\n<h3>Weaknesses<\/h3>\n<p>Development of new and existing data centers is capital intensive and sometimes undertaken without pre-sales commitment from customers, and there is a risk that there is not enough demand to achieve a sufficient return on investment.<\/p>\n<p>According to various recent industry cyber risk reports, cyber incidents and their financial impacts are increasing significantly year on year and cyber criminals are targeting small and large businesses alike. To mitigate these risks, NEXTDC has implemented an information security management system based on ISO 27001 as well as undertaken ongoing penetration and vulnerability tests.<\/p>\n<p>Catastrophic failure or equipment malfunction at a data center could result in NEXTDC not being able to provide power and cooling to support customers\u2019 equipment, thus breaching service agreements and incurring contractual liabilities. To address this risk, NEXTDC\u2019s data centers are designed and built with significant redundancy in place.<\/p>\n<h2>Technical Analysis<\/h2>\n<p>Twiggs Momentum has declined to a still-respectable 67% but 50-week Trend Index crossed below zero after a bearish divergence, warning of strong selling pressure.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/nxt-lt-2018-10-08.png?w=525&#038;ssl=1\" alt=\"Twiggs Momentum and Trend Index (50 week)\" \/><\/p>\n<h2>Conclusion<\/h2>\n<p>Do not buy. NEXTDC earns utility-level rates of return on assets and does not justify its current high forward price-earnings multiple of 78. Long-term revenue growth will require significant investment in new data centers, funded in part by new equity issues which dilute returns to existing shareholders.<\/p>\n<h4>Disclosure<\/h4>\n<p>Staff of The Patient Investor may directly or indirectly own shares in the above company.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stock: NEXTDC Limited Symbol: NXT Exchange: ASX Latest Price: $6.13 Market cap: $2.1 billion Currency: AUD Financial Year: 30 June Date: 8 October 2018 Sector: Technology Industry: Data Storage Investment Theme: Long-term Growth Structural Trends: Rising connectivity and online services Company Profile NEXTDC is an Australia-based and Australia-focused technology company providing data center outsourcing solutions &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/10\/08\/nextdc-limited-nxt\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;NEXTDC Limited (NXT)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,3799],"tags":[3936,3937],"class_list":["post-17139","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-asx-growth","tag-nextdc-limited","tag-nxt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NEXTDC Limited (NXT) - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEXTDC Limited (NXT) - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Stock: NEXTDC Limited Symbol: NXT Exchange: ASX Latest Price: $6.13 Market cap: $2.1 billion Currency: AUD Financial Year: 30 June Date: 8 October 2018 Sector: Technology Industry: Data Storage Investment Theme: Long-term Growth Structural Trends: Rising connectivity and online services Company Profile NEXTDC is an Australia-based and Australia-focused technology company providing data center outsourcing solutions &hellip; 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My concern is that this could change the entire focus of the ASX, outweighing revenue from traditional stock market trading. Tom Steinert-Threlkeld at the Securities Technology Monitor writes: The Australian Securities Exchange Group said\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":20706,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/06\/09\/tpg-telecom-limited-tpm\/","url_meta":{"origin":17139,"position":2},"title":"TPG Telecom Limited (TPM)","author":"Colin Twiggs","date":"June 9, 2020","format":false,"excerpt":"Stock: TPG Telecom Limited Exchange: ASX Symbol: TPM Date: 9-Jun-20 Latest price: $8.25 AUD Market Cap: $7.65 bn Fair Value: $7.34 Forward P\/E: 30.1 FV Payback (Years): 12 Forward Dividend Yield: 0.63% Debt\/Equity: 0.60 Financial Y\/E: 31-Jul-20 Rating: HOLD Sector: Communications Industry: Telecom Services Investment Theme: Dividends & Growth LT\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16811,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/08\/08\/appen-limited-apx\/","url_meta":{"origin":17139,"position":3},"title":"Appen Limited (APX)","author":"Colin Twiggs","date":"August 8, 2018","format":false,"excerpt":"Stock: Appen Limited Symbol: APX Exchange: ASX Appen was added to the ASX 200 in June 2018 and displays strong performance in both LT technical and revenue & earnings growth. Despite this, we have not added APX to our model portfolio, or issued a buy signal, because of its market\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16866,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/08\/24\/tpg-telecom-ltd-tpm-double-bottom-but-high-risk\/","url_meta":{"origin":17139,"position":4},"title":"TPG Telecom Ltd (TPM) &#8211; Double bottom but high risk","author":"Colin Twiggs","date":"August 24, 2018","format":false,"excerpt":"Stock: TPG Telecom Ltd Symbol: TPM Exchange: ASX Financial Year-end: 31 July Latest price: $7.72 Date: August 24, 2018 Sector: Communications Industry: Telecom Services Investment Theme: Structural Trends TPG is positioned to benefit from the rise of technology, with rapid long-term growth in the communications sector. Company Profile TPG is\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27166,"url":"https:\/\/thepatientinvestor.com\/index.php\/2021\/08\/03\/asx-breakouts-3\/","url_meta":{"origin":17139,"position":5},"title":"ASX breakouts","author":"Colin Twiggs","date":"August 3, 2021","format":false,"excerpt":"Our breakout of the week is Breville Group Ltd (BRG) which has been testing resistance at 30 for the past 12 months. It finally broke out in July and this week reached a new high. Rising Trend Index troughs signal buying pressure. Retracement that respects the new support level at\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=17139"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17139\/revisions"}],"predecessor-version":[{"id":17140,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/17139\/revisions\/17140"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=17139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=17139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=17139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}