What Craigs view is
Capex spend is up from 2023 that is up from 2022
" The main highlight was the FY25 capex guidance, with IFT forecasting
proportionate capex of $2.7-3.1b (compared to $1.7b in FY24). A significant
portion of this is at CDC where IFT expects capex of A$2.35-2.65b (IFT's
proportionate share NZ$1.2-1.4b) as the company ramps up development"
"NAV $11.59. Now trading at a 8% discount to NAV
We estimate the current NAV at $11.59, with IFT currently trading at a 8%
discount to NAV.
Price Target $11.70 (prev $11.35). Rating lifted to Overweight
Our Price Target remains at a 5% discount to our forward NAV estimate
which incorporates the CIP Price Target for MNW, dividends paid and
received, management fees, funding costs, and roll-forward valuations of the
unlisted assets.
We have lifted our rating from Neutral to Overweight reflecting the increase
in our NAV estimate and Price Target. Our valuation of CDC is a key driver of
this and is now 64c per IFT share greater than the Independent Valuers.
Towards the end of FY25 we think the valuers estimate could increase
materially as some significant data centre developments are completed."
To be noted
Craigs view has changed over the last few years from underweight,to neutral and now to overweight
Others
https://www.marketscreener.com/quote...4631/finances/
What I am seeing is the uplift in earnings
What are others/the market seeing?
The risks in the strategy?