New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>All else equal, we estimate the share-price-implied valuation of CDC is ~NZ$11bn (IFT’s ~50% stake), or ~15x current contracted EV/EBITDA.</li><li>CDC has material uncontracted capacity under construction that it can deliver into a capacity-constrained market with strong demand.</li><li>We believe CDC and data centres provide attractive exposure to the growth of the AI ecosystem.</li></ul>

All else equal, we estimate the share-price-implied valuation of CDC is ~NZ$11bn (IFT’s ~50% stake), or ~15x current contracted EV/EBITDA.CDC has material uncontracted capacity under construction that it can deliver into a capacity-constrained market with strong demand.We believe CDC and data centres provide attractive exposure to the growth of the AI ecosystem.

<ul><li>Infratil (IFT) has announced CDC has signed a 555MW data centre contract.</li><li>CDC has provided total contracted EBITDA for the first time, at ~A$2bn (to be achieved by March 2029).</li><li>CDC's implied contracted EV/EBITDA multiple remains below data centre peers despite its faster growth and superior returns.</li></ul>

Infratil (IFT) has announced CDC has signed a 555MW data centre contract.CDC has provided total contracted EBITDA for the first time, at ~A$2bn (to be achieved by March 2029).CDC's implied contracted EV/EBITDA multiple remains below data centre peers despite its faster growth and superior returns.

<ul><li>Infratil (IFT) has fallen ~-16% since its 1H26 result and is broadly flat vs two years ago.</li><li>CDC is expected to deliver ~+80% more EBITDA in FY27 than NXT despite marginally lower invested capital.</li><li>We expect CDC can deliver A$1bn in EBITDA in FY29.</li></ul>

Infratil (IFT) has fallen ~-16% since its 1H26 result and is broadly flat vs two years ago.CDC is expected to deliver ~+80% more EBITDA in FY27 than NXT despite marginally lower invested capital.We expect CDC can deliver A$1bn in EBITDA in FY29.

<ul><li>Infratil (IFT) announced CDC Data Centres (CDC) has signed another 100MW of contracts.</li><li>We increase our target price to NZ$13.25 due to peer re-rating and marginal near-term earnings upgrades in CDC.</li><li>For CDC to deliver its ~+70% year-on-year increase in EBITDA in FY27, it needs the majority of its FY27 contracts to start generating revenue early in the year.</li></ul>

Infratil (IFT) announced CDC Data Centres (CDC) has signed another 100MW of contracts.We increase our target price to NZ$13.25 due to peer re-rating and marginal near-term earnings upgrades in CDC.For CDC to deliver its ~+70% year-on-year increase in EBITDA in FY27, it needs the majority of its FY27 contracts to start generating revenue early in the year.

Australia

NEXTDC Ltd. develops data centers. The Company develops and operates carrier and systems integrator neutral data centers in Australia. NEXTDC's customers will also be able to use the data centers as connectivity and content hubs.

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Nextdc Ltd (NXT AU)

Infratil CDC—Racking Up the Returns

All else equal, we estimate the share-price-implied valuation of CDC is ~NZ$11bn (IFT’s ~50% stake), or ~15x current contracted EV/EBITDA. CDC has...

Forsyth Barr

Infratil CDC Lands a Big Fish

Infratil (IFT) has announced CDC has signed a 555MW data centre contract. CDC has provided total contracted EBITDA for the first time, at ~A$2bn...

Forsyth Barr

Infratil CDC—A REIT That Grows

CDC is expected to deliver ~+80% more EBITDA in FY27 than NXT despite marginally lower invested capital.We expect CDC can deliver A$1bn in EBITDA...

Forsyth Barr

Infratil CDC Racks Up The Contracts

For CDC to deliver its ~+70% year-on-year increase in EBITDA in FY27, it needs the majority of its FY27 contracts to start generating revenue early...

Forsyth Barr

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