Nabiax, one of the main Spanish data center companies, controlled by Asterion and in which Telefónica has a 20% stake, recorded revenues of 71 million euros in 2021, 25% more than in the previous year. In turn, the ebitda increased by 22%, to 29.8 million.
Its financial director, Iván Paja, highlights the growth of the company in Spain, where Nabiax has doubled its installed capacity. 50% of the growth was organic and another 50% came from the new assets acquired from Telefónica. The manager indicates that, in addition to increasing installed capacity, the firm has attracted large clients for the Alcalá de Henares and Julián Camarillo centers in Madrid.
Regarding the international divisions, the company registered its greatest growth in Chile, where it acquired new facilities, and to a lesser extent in Mexico and Brazil. The depreciation of the Chilean peso, the Argentine peso or the Peruvian sol against the euro penalized the company. Looking ahead to 2022, in addition to organic growth, the company expects to benefit from the revaluation of currencies, among which the Brazilian real stands out.
In 2021, Spain contributed 40% of revenue, Brazil 20%, Argentina 14%, and Chile, Mexico, the US and Peru shared 7.5% each. With the aforementioned acquisition of the centers in Chile and the evolution of the business, Spain will account for nearly 45% of the business in 2022, while Chile and Brazil will contribute 17% each.
Nabiax closed 2021 with a debt of 237 million euros, according to its annual report, 22% more than in the previous year. Almost all corresponds to the debt with financial entities, especially for a syndicated loan led by BBVA. Its financial director considers that Nabiax has reasonable leverage levels to be a company that is growing “with great intensity”. Paja points out that in 2022, the leverage will drop with the incorporation of the new assets, which will allow for an increase in EBITDA. Currently, the net debt to EBITDA ratio is around 5.5 times, and the company has a goal of bringing it to five times or below.
In its report, the company values its net worth at 443 million euros at the end of 2021, compared to 375 million at the end of 2020, and 422 million in equity.
The total net worth and liabilities exceeds 684 million euros, compared to 572 million in 2020. Its financial director, however, explains that the market value is much higher than the book value, and adds that in the center market of data transactions have been closed in recent times with valuations between 25 and 30 times the ebitda.
Investment. The company was born in 2019 after the manager Asterion Industrial Partners bought 11 Telefónica data centers, distributed between Spain and different Latin American countries, for 550 million euros. In the spring of 2021, the firm closed an agreement to acquire another four data centers from the teleco (two in Spain and two in Chile). Within the operation, the teleco, through Telefónica Infra, received a 20% stake. In addition, both partners established a strategic alliance.
subsidiaries. In corporate terms, at the end of 2021, the company had divisions, 100% owned by the capital, in Spain, Argentina, Mexico, Chile, Peru, the US and Brazil.