Question 1

Which companies are currently leading the market in terms of share price growth?

Accepted Answer

Adisyn is the primary outlier with a 260% share price increase over the last 12 months, including an 80% surge in October 2024. Other high-momentum players include Global Data Centre and Digital Realty, which recorded annual gains of 59.9% and 52.0% respectively.

Question 2

What are the standard valuation multiples for the sector heading into 2025?

Accepted Answer

The median sector EV/Revenue multiple for June 2025 is 5.8x, while the average for the same period is higher at 8.3x. EBITDA valuations remain elevated with a median forward multiple of 20.4x and an average of 21.3x.

Question 3

How are the top-tier data center providers being valued compared to the rest of the market?

Accepted Answer

Market leaders command a significant premium, with Nextdc trading at a 42.9x forward EV/EBITDA multiple for FY25. This is more than double the sector median of 20.4x, while Digital Realty leads on revenue multiples at 13.2x EV/Revenue.

Question 4

Is there a significant performance gap between the top and bottom performers?

Accepted Answer

Yes, there is a wide performance spread ranging from Adisyn's 260% annual growth to DigitalBridge's 3.7% increase. Despite this variance, the sector maintains a high average EV/EBIT multiple of 27.3x for the FY25 period.

Digital Infrastructure

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