Lawrence Livingston

Thanks for sharing your perspective Kate. What does Next DC look like on the revenue revisions to share price chart? I imagine very similar to the other WAAXX companies?

Yarra Capital Management

Hi Lawrence, apologies for the delay in responding to your question (we've only just seen it!). NXT's share price is up ~75% YTD, vs consensus expecting a ~3% decline in FY21 EBITDA. As Katie references in the piece, out thesis on NXT is significantly underpinned by the recurring nature of the company's revenues. Once corporates choose a data centre, they tend be very sticky customers.