EQIX is a $US83bn US data centre REIT, the largest on offer in the US, which trades on 32x for CY25 and pays a small 2.2% dividend – the stock is currently at a 10% discount to its recent valuation, but as we all know, it’s been a hot space so anchoring ones view to recent metrics can be misleading. This is a solid company which delivered over $US8.7 billion of revenue for the fiscal year, marking 22 consecutive years of quarterly revenue growth. The company remains optimistic about future growth opportunities, particularly in AI and interconnection services, as do we. The recent pullback is starting to present an opportunity to buy a growth stock at a more reasonable valuation.
- We view EQIX as an accumulate into weakness around $US850 and below.
MM is cautiously bullish towards EQIX
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