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NEXTDC (NXT) $13.26

NXT –2.64%: A mixed result for the data centre operative today with a strong FY23 in the books but they guided lower for FY24 than consensus, initially pushing shares sharply lower, however, an explanation of the miss (investing in capacity) will ultimately have a positive impact on growth in outer years, which caused the stock to rebound. Data services revenue came in at  $362m, up 25% YoY strong relative to $355m consensus and guidance of $350-360m, underlying EBITDA was inline and no dividend was declared, all as per programmed.  They said FY24  underlying EBITDA would be $190-200m versus consensus of $210m, which was the issue, however higher costs will drive better growth in FY24 and beyond.

  • A solid result from NXT, they’re simply spending more to take advantage of the opportunity in front of them.
MM remains bullish on NXT
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