MACQUARIE TECHNOLOGY GROUP LIMITED (MAQ)
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28/08/2026

1

Overweight

$85.00

38.32%

Post FY26 release, Morgan Stanley believes Macquarie Technology is ripe for a positive re-rating as new data centre contracts will be announced alongside funding arrangements.

FY26 revenue and EBITDA were in line with expectations. Guidance for FY27 Group EBITDA of "modest growth" leads to forecast reductions by -1%.

On Morgan Stanley's forecasts, the data centres business should double its revenues and EBITDA over the next 2-3 years.

Overweight. Industry view is Attractive. Target $85 (up from $82).

FORECAST
Morgan Stanley forecasts a full year FY27 dividend of 0.00 cents and EPS of 124.00 cents.
Morgan Stanley forecasts a full year FY28 dividend of 0.00 cents and EPS of 147.00 cents.

30/08/2026

1

Buy

$90.50

47.27%

Canaccord Genuity maintains a Buy rating for Macquarie Technology with its target price decreased to $90.50 from $95.00 following a set of FY26 financials that aligned with market expectations.

The company reported Group EBITDA of $115.9m, up 2% year-on-year, though Telecom EBITDA fell -17% to $20.0m.

Management guided to modest EBITDA growth for FY27, assuming the IC3 Super West Phase 1 data centre begins generating revenue in the second half.

The analyst notes negotiations for the 19MW capacity are well-progressed, positioning this asset as the primary driver of future valuation upside.

The target price reduction is primarily attributed to a lower multiple applied to the Cloud Services & Government division, reflecting an anticipated slowdown in near-term earnings growth.