CDC certainly has an advantage in its traditional market of government linked customers in Canberra. This is not where they are expanding however as the under construction and future development data above shows. Most of the new capacity is in Sydney and Melbourne, both much more competitive markets. Their biggest future customers, big tech drives a hard bargain and will drive margins down or just build their own data centres in competition. So CDC's average operating metrics will decline over time leading to a lower valuation multiple. Deworsefication.
As to whether there is a data centre boom on at the moment, come on, have a look around the world,
Malaysia is planning 5GW of capacity. The question is whether demand will continue at the same pace. I gave me thoughts on why I wouldn't bet on it in a prior post.
If the investment was just in CDC I would be inclined to back them as one poster suggested. Unfortunately there are significant fees layered on top that make the investment riskier and less rewarding than it needs to be. We are talking about $230-280m a year or around 3-4% of market cap yearly payable to a very small team. This is partly why IFT is constantly raising capital, something I have learned to distrust in listed companies. A much larger IFT benefits Morrison & Co much more than ordinary shareholders.