Hindenburg's latest report targets internet & data company Equinix on 'AI'

Hindenburg Research

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NEW FROM US: Equinix Exposed: Major Accounting Manipulation, Core Business Decay And Selling An AI Pipe Dream As Insiders Cashed Out Hundreds of Millions hindenburgresearch.com/equinix/ $EQIX (1/x)

Hindenburg Research

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Even if you ignore our findings & take the financials of $EQIX at face value, the company trades at elevated levels; an ~86% premium to its peers on a price to forward AFFO basis and a ~59% premium on a price to forward FFO basis. (3/x)

Hindenburg Research

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$EQIX is an $80 billion market cap data center REIT with over 260 facilities globally. It has 10,000+ customers, ranging from small businesses to large cloud “hyperscaler” providers like Amazon, Microsoft and Google. (2/x)

Hindenburg Research

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Our investigation included document review & interviews with 37 former $EQIX employees, industry experts & competitors. It revealed $EQIX manipulates accounting for AFFO, the key profitability metric for REITs. We estimate AFFO was overstated by at least 22% in 2023 alone.