Over the weekend Barron’s ran a negative piece on the “data center” companies.  It argued that valuing these stocks based on a multiple to EBITDA rather than a multiple of earnings or Free Cash Flow (FCF) overstates the economic power of these companies.  To that I say "true and false." As pointed out in a research note by Stifel Nicolaus Barron’s makes no distinction between “data centers” and “hosting companies.” But understanding the difference is critical accurately valuing the stocks.  The former lease “physical space” where customers can place their servers and the data center supplies power cooling systems ...