The Opportunities In – And Pitfalls Of – The Data Storage Sector
While demand for shared cloud-based data storage shows no signs of abating in a hurry, local data centre oversupply is looming as a short term issue.
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News
NextDC Pulls Ahead In Data Centre Potential
NextDC ((NXT)) has moved to its next stage of developments with plans to add three new data centres. The company has announced a $300m institutional placement as well as a share purchase plan.
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Favourable Winds Blow For NextDC
The prevailing winds are blowing favourably for data centre operator NextDC ((NXT)) as demand is robust and the company has a well-capitalised balance sheet. Several brokers believe FY18 will be pivotal as the company is well on its way to being materially larger, and generating attractive returns on capital.
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NextDC Entangled In Push On Data Centre
What is happening with Asia Pacific Data Centre ((AJD))? Brokers suspect the management of NextDC ((NXT)) may now be distracted by recent corporate activity involving AJD and 360 Capital ((TGP)).
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NextDC Sell-Off Unwarranted
Data centre operator NextDC (NXT) has been sold off sharply in recent months and the stock is now at a compelling entry point, brokers believe. They assert that the company’s position has been greatly misunderstood.
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Analyst Views
NXT – Morgans rates the stock as Hold
NextDC delivered a solid FY18 result and FY19 outlook, the broker suggests, both in line with guidance. FY19 capex guidance reflects a "monster" year, but is not unexpected.
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NXT – Morgans rates the stock as Add
FY17 results were slightly ahead of Morgans. Guidance is for 14-25% growth in operating earnings.
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NXT – Macquarie rates the stock as Outperform
NextDC has acquired a 14.1% blocking stake in data centre REIT Asia Pacific Data Centre ((AJD)) in order to head off an attempt by 360 Capital Group ((TGP)) to remove the AJD responsible entity to be replaced with its own. Next rents space from AJD.
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NXT – Morgans rates as Add
The company has completed its third round of senior unsecured bonds, raising $300m at 6.625%. The funds will be used to extinguish $160m in existing notes, leaving additional capacity to fund growth.
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NXT – Macquarie rates the stock as Outperform
As the market had suspected, NextDC will now expand to a second data centre in Sydney following the decision to build new centres in Brisbane (B2) and Melbourne (M2). S2 will be the company’s largest centre.
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