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NEXTDC Ltd (NXT) $16.52

Data centre operator NXT is set to raise $1.3bn to expand its data centre pipeline, with a 1 for 6 pro-rata accelerated non-renounceable entitlement offer at $15.40. We remain fans of NXT and the area in which it operates; we chose GMG for data centre exposure, although both companies have a different model in which to benefit from the exponential sector growth – so far, we should have bought both! NXT is now planning 5 new data centres, including forays into NZ and Malaysia, after delivering an excellent result in February, which sent the stock up towards $18.  The company is taking advantage of being in a “hot sector” and a high share price, but we believe both are justified.

  • We would be very interested in NXT if it reopens below $16 after the raise, as it looks towards rapid expansion to satisfy unprecedented customer demand.
MM remains bullish towards NXT
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