  Methods. We analyzed broadband XMM-Newton and NuSTAR observations of NGC 300
ULX1, performing phase-averaged and phase-resolved spectroscopy. We compared
two physically motivated models for the source spectrum: Non-thermal accretion
column emission modeled by a power law with high-energy exponential roll-off
(AC model) vs multicolor thermal emission from an optically thick accretion
envelope plus a hard power-law tail (MCAE model). We combine the findings of
our Bayesian analysis with qualitative physical considerations to evaluate the
suitability of each model.
  Results. The low-energy part (<2 keV) of the source spectrum is dominated by
non-pulsating, multicolor thermal emission. The (pulsating) high energy
continuum is more ambiguous. If modelled with the AC model a residual structure
is detected, that can be modeled using a broad Gaussian absorption line
centered at ~12 keV. However, the same residuals can be successfully modeled
using the MCAE model, without the need for the absorption-like feature. Model
comparison, using the Bayesian approach strongly indicates that the MCAE model
-- without the absorption line -- is the preferred model.
  Conclusions. All models considered strongly indicate the presence of an
accretion disk truncated at a large distance from the central object, as has
been recently suggested for a large fraction of both pulsating and
non-pulsating ULXs. The hard, pulsed emission is not described by a smooth
spectral continuum. If modelled by a broad Gaussian absorption line, the fit
residuals can be interpreted as a cyclotron scattering feature (CRSF)
compatible with a ~10^12 G magnetic field. However, the MCAE model describes
the spectral and temporal characteristics of the source emission, without the
need for an absorption feature and yields physically meaningful parameter
values. Therefore strong doubts are cast on the presence of a CRSF in NGC 300
ULX1.
