NEXTDC LIMITED (NXT)
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NXT

NXT - NEXTDC LIMITED

FNArena Sector : Cloud services
Year End: June
GICS Industry Group : Software & Services
Debt/EBITDA: 7.42
Index: ASX100 | ASX200 | ASX300 | ALL-ORDS | ALL-TECH

NextDC owns and operates independent data centres in Australia. It provides connectivity services and data centre management along with cloud services. It was founded and listed in 2010.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$13.71

06 May
2025

1.050

OPEN

$13.15

8.29%

HIGH

$13.85

5,405,019

LOW

$13.10

TARGET
$19.50

+0.10 change from previous day

 42.2% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
3DP . AIM . DGT . DSE . DUB . DUG . ERD . FCL . FCT . GDC . MAQ . MP1 . RCL . SDR . TNE . WTC . XPN .
FNARENA'S MARKET CONSENSUS FORECASTS
NXT: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx - 8.3 - 7.7 xxx
DPS (cps) xxx 0.0 0.0 xxx
EPS Growth xxx N/A N/A xxx
DPS Growth xxx N/A N/A xxx
PE Ratio xxx N/A N/A xxx
Dividend Yield xxx N/A 0.0% xxx
Div Pay Ratio(%) xxx N/A N/A xxx

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 0.00

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx-8.3
DPS All xxxxxxxxxxxxxxx0.0
Sales/Revenue xxxxxxxxxxxxxxx404.3 M
Book Value Per Share xxxxxxxxxxxxxxx593.2
Net Operating Cash Flow xxxxxxxxxxxxxxx129.4 M
Net Profit Margin xxxxxxxxxxxxxxx-10.92 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx-1.51 %
Return on Invested Capital xxxxxxxxxxxxxxx-1.01 %
Return on Assets xxxxxxxxxxxxxxx-0.97 %
Return on Equity xxxxxxxxxxxxxxx-1.51 %
Return on Total Capital xxxxxxxxxxxxxxx0.65 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-789.3 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx7 M
Long Term Debt xxxxxxxxxxxxxxx1,448 M
Total Debt xxxxxxxxxxxxxxx1,455 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx1,236 M
Price To Book Value xxxxxxxxxxxxxxx2.97

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx938.5 M
Capex % of Sales xxxxxxxxxxxxxxx232.10 %
Cost of Goods Sold xxxxxxxxxxxxxxx343 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx32 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx23 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgans

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

23/04/2025

1

Buy

$18.00

31.29%

Ord Minnett notes growing concerns around hyperscalers like Microsoft and Amazon’s AWS slowing data centre contracts, particularly in relation to NextDC.

The analyst explains channel checks suggest Microsoft is focusing on profitable data centres, upgrading older facilities for new chipsets, and shifting OpenAI compute to Oracle.

If NextDC wins additional contracts, the company's value could range between $10–$11 per share, and securing a 100MW contract could add $3 per share, lifting the target price to $14, the broker states. Essentially, the current share price reflects existing contracts and assumes no new wins.

Ord Minnett believes there is demand from non-hyperscale customers, though the next large contract may be delayed until FY26 or later.

Current estimated earnings (EBITDA) are $215m based on current contracts and could rise to $400m without new data centre builds. NextDC’s land and buildings have a historical cost of $5.3bn, with a replacement cost closer to $7bn, the analyst emphasises.

Buy rated with an $18 target price.

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Wilsons

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Goldman Sachs

13/04/2025

1

Buy

$14.70

7.22%

Following discussions with data centre companies and industry feedback to understand demand/supply dynamics, Goldman Sachs analysts lowered revenue estimates slightly, resulting in up to -2% fall in FY25-27 EBITDA forecasts.

Valuations have, however, been cut more significantly due to a 15% discounted cashflow multiple de-rating.

EBITDA forecast for NextDC unchanged for FY25 but lowered by -2% for FY26.

Buy. Target drops to $14.70 from $17.10.

FORECAST
Goldman Sachs forecasts a full year FY25 EPS of minus -8.00 cents.
Goldman Sachs forecasts a full year FY26 EPS of minus -23.00 cents.

Canaccord Genuity

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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NXT STOCK CHART

FNArena News on NXT

1
Next Week At A Glance – 5-9 May 2025

May 02 2025 - Weekly Reports
2
Rudi’s View: Mag7 Dominance & Profit Warnings

May 01 2025 - Rudi's View
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Rudi’s View: Awaiting The Real World Ramifications

Apr 30 2025 - Rudi's View
4
Positive Trend Reversal For NextDC

Apr 29 2025 - Technicals
5
Australian Broker Call *Extra* Edition – Apr 14, 2025

Apr 14 2025 - Daily Market Reports

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