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Equinix (Baa2/BBB): Selling Off on Hindenburg Report

REAL ESTATE

https://hindenburgresearch.com/equinix/

• Hindenburg alleges that AFFO has been overstated by recording maintenance capex as growth capex. They estimate a $3bn boost to AFFO since 2015.

• They further allege that data centres are oversold relative to power capacity.

• Also details competitive challenges from cloud providers.

• € cash spreads 40-45 wider now.

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