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Slattery's Megaport 'could be the next Atlassian'

Business

High conviction investment firm Firetrail has tipped the Bevan Slattery-backed Megaport as potentially the next Atlassian.

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The Brisbane-based Megaport was Firetrail’s Eleanor Swanson’s favoured stock at the Sohn Hearts & Minds Conference.

The company is a network-as-a-service provider.

The support for Megaport helped lift its shares this morning by more than 4 per cent.

Firetrail has been a backer of Megaport for some time and earlier this year it said that despite Australia’s relatively small size, “we are home to some truly world-class technology companies and Megaport is just one such example’’. 

It has previously said Megaport was a potential Telstra.

Swanson’s support for the stock was based on the huge demand for internet connections and the big increase in data traffic.

She said Megaport had doubled the size of its addressable market from $7 billion to $14 billion in a year.

“[Megaport] is now on the precipice of greatness, and has the potential to grow into one of the largest telecommunication companies globally,” the AFR reported Swanson telling the conference.

She said Megaport could reach $40 a share at a market capitalisation of more than $6 billion by the end of 2022. Its shares are currently trading above $21.

Slattery is the founder of Megaport along with companies like NEXTDC and Superloop.

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