INFRATIL LIMITED (IFT)
Share Price Analysis and Chart

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27/05/2026

1

Buy

$15.18

16.41%

Citi came away incrementally more positive following Infratil's earnings call with analysts, viewing the post-result share price weakness as an enhanced buying opportunity.

Key positives highlighted by the broker include expectations for further CDC contracting growth in 1H FY27 and Longroad's plans to expand into data centre development with more than 4GW identified.

Ongoing business simplification through additional asset divestments is seen as a further positive.

Citi retains a Buy rating. The broker's price target has shifted to NZ$18.50 from NZ$15.70 and to $15.18 from $12.87.

A summary of the broker's research yesterday follows.

............

Citi expects the Infratil share price to weaken following today's FY27 earnings (EBITDA) guidance miss, around -13% below market expectations at the midpoint.

At first glance, the broker notes FY26 proportionate earnings of NZ$974m were broadly in line with guidance and consensus.

The broker attributes the weaker outlook to softer earnings from telecommunications business One NZ and radiology businesses, alongside higher development spending and corporate costs.

Net asset value rose by NZ$2.3bn to NZ$20.6bn, driven primarily by CDC and Contact Energy, with net asset value (NAV) per share increasing 4% from 1H26.

Citi notes Infratil now trades at an -8% discount to NAV versus a historical average discount of between -14%-15%.

FORECAST
Citi forecasts a full year FY27 EPS of minus -20.90 cents.
Citi forecasts a full year FY28 EPS of minus -16.55 cents.

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11/05/2026

1

Buy

-

-

Jarden retains a Buy rating and unchanged NZ$14.56 target price for Infratil Limited following the announcement of a massive 555MW data centre contract secured by its (not fully owned) CDC Data Centres business.

The 30-year agreement with an investment-grade US customer represents the largest data contract in Australian history and pushes CDC's total contracted capacity beyond 1GW.

Earnings contributions from the new capacity will commence as operations scale across FY28 and FY29, the report explains, supported by the company's existing development program.

Management reaffirmed FY27 EBITDAF guidance of A$680m to A$720m while forecasting a step-change in earnings to exceed A$1bn in FY28.

The broker views the scale of this contract as a major validation of the underlying investment thesis, projecting annualised EBITDAF to approach A$2bn once fully deployed.