Fuel for the Factory

研报英文原文证据摘录

Fuel for the Factory

Australia | Real Estate Finance

Centuria Capital EquityJuneResearch22, 2026

TARGET | ESTIMATE CHANGEFuel for the Factory

Concerns around funding ResetData's expansion have been partially RATING BUY

addressed for now, with CNI taking advantage of its cost of capital following PRICE AUD2.18^

a 31% rise in its share price over the past month. We estimate the raising to PRICE TARGET | % TO PT AUD2.66 (AUD2.50) |

be only modestly dilutive to FY27, prior to reinvestment of proceeds beyond +22%

52W HIGH-LOW AUD2.48 - AUD1.49

paying down debt. CNI has also increased the ResetData expansion pipeline

FLOAT (%) | ADV MM (USD) 87.2% | 6.79

to 23MW following an incremental 10MW of capacity added under HOA /

MARKET CAP AUD1.8B | AUD1.8B

MSA.

TICKER CNI AU

^Prior trading day's closing price unless otherwise

CNI to raise ~$300m at $2.00/share - CNI is undertaking a $300m fully underwritten equity noted.

raise, comprising a $200m institutional placement and a 1-for-17 entitlement offer. ~150m

shares are expected to be raised at $2.00 per security, representing a 6% discount to last close.

FY (Dec) CHANGE TO JEFe JEF vs CONS

Balance sheet impacts - Including material post-balance date adjustments (unlisted fund 2026 2027 2026 2027

transactions & the remaining 20% acquisition of Centuria Bass) and assuming proceeds are REV NA NA NA NA

initially used to pay down debt, CNI's pro forma NAV is expected to increase 2% to $1.81. EPS NA -1% +1% +1%

Operating & look-through gearing ratios are expected to fall to 3% & 32%, respectively.

2026 (AUD) 1HalfA 2Half FY

Increased ResetData expansion pipeline - ResetData currently has 1.1MW of live capacity

EPS 0.07 0.07 0.14

at AI-F1 (33% utilised), with an expanded pipeline of 23MW following an incremental 10MW

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