Capital Raise History - Raised $2.568 Billion with current market cap $6.6B at price $12.82 per share.

·      June 2023 Raised $820m, $618m Institutional, $202 Retail at $10.80 per share

·      May 2020 Raised $863m, $672m Institutional, $191m Retail at $7.80 per share 

·      May 2018 Raised $377.4m, $297m Institutional, $80.4m Retail at $6.81 per share

·      September 2016 Raised $150m, $56m Institutional $3.74 per new share, $45m Retail at $3.74 per new share, $50m from existing and new investors at $4.06 per new share

·      November 2015 Raised $120m,$40m Institutional $2.25 per new share, $30m Retail at $2.25 per new share, $50m from existing and new investors at $2.55 per new share

·      August 2013 Raised $50m Institutional at $2.60 per share

·      April 2012 Raised $51.32m, Institutional $41.39m, Retail $9.93m at $1.90 per share

·      August 2011 Raised $50m Institutional at $1.75 per share

·      March 2011 Raised $47.2m, Institutional $33.6, Retail $15.3m at $1.40 per share

·      IPO November 2010 at $1.00 Raising $40m

Some Global Competitors include

-       Equinix (EQIX) leader infield

-       Digital Realty Trust (DLR) merge with IntenXion

-       QTS Realty Trust (QTS)

-       CyprusOne Inc (Nasdaq: Cone)

-       Global Switch

Brief Bear Case Notes

• Highly Capital Intensive – you have to build the datacentre first before the demand
• High upfront costs to build new data centres. However, once in place, operators are well positioned to reap the benefits further down the track.
• Technology Risk – Most Datacentre are either Tier 3 or Tier 4 (Simply implies additional levels of Redundancy in each of the power, cooling, security and fire detection and suppression systems)
• Competitive Field – Data Centre are property developers that own vast, climate-controlled buildings that house corporate data servers and networking gear.