New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

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.

Infratil

Infratil CDC—Racking Up the Returns