Our Q&As are emailed in our Saturday Morning Report, find the answer to this question below.
Hi James, Just wondering what your current thoughts are on MP1. The price over recent times has bounced around a bit. Do you see further upside considering it has had a 6% kick today? I have held the stock for a few years and considering if it's time to move on. Realizing your thoughts are yours and not advice. Thanks, Peter
Hi Peter,
For subscribers not familiar with tech company Megaport (MP1) it offers a Cloud-based Network-as-a-Service (NaaS) platform, enabling secure connections between businesses and their cloud, data centre, or service provider environments, without relying on public networks. We like the company’s position in today’s rapidly evolving world as it offers a fast, reliable and cheap global service where data centres (DC) and AI dominate the growth landscape.
This week saw MP1 kick even harder after your question landed with the stock up over 11% for the week on Thursday afternoon. The catalyst was announcement of a strategic partnership between MP1 and US-based DC operator DartPoints. As MP1’s first footprint in South Carolina, the collaboration enables businesses to tap into 975 interconnected DCs. The two companies have released the “Multi-Cloud Connector” — a turnkey service combining Megaport’s Software-Defined Networking (NaaS) with DartPoints’ edge data centers.
This $2.3bn business is a huge growth story having only just delivered its maiden profit in FY24, of $9.6mn. However, we particularly like the the company’s aggressive buyback strategy as it lays the foundations for explosive growth having bought back almost 17% of its stock in the last 12-months.
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