Equinix 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. Even if you ignore the findings of our investigation and take the financials of Equinix at face value, the company trades at elevated levels; an ~86% premium to its peers on a price to forward adjusted funds from operations (“AFFO”) basis and a ~59% premium on a price to forward f...