DASHBOARD: Digital infrastructure valuation comps for April 2023

Dashboard containing:

• Monthly and annual share price movements for main listed stocks
• Key earnings multiples
• Forward earnings multiples vs forward growth estimates
• Share price movements tracked over last twelve months

Commentary

Key developments

Overall, most Digital Infrastructure stocks in Australia and New Zealand are down over the last year, with wide spreads in performance among the group. Overall, economic growth is expected to be sluggish relative to 2022, creating uncertain performance for Digital Infrastructure equities.

Global Data Centre

Global Data Centre stock has had strong recent performance, rising 14% in March and a further 20% in April. This is in response to the company’s half yearly results release in late February which detailed improved financial performance and a $46.8m investment from Eurazeo infrastructure partners.

NextDC

NextDC stock had a positive month rising around 10% after the company announced that new customer wins have increased demand at the group’s Sydney data centre.

Macquarie Telecom

Macquarie Telecom stock has has performed well in recent months, rising 16% since its half yearly results were released in mid February. These results detailed double digit growth in revenue (+16%) and EBITDA (+26%) from the previous period.