Infratil Ltd (IFT) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Infratil Ltd stock A$11.76, price A$10.49, upside +12.1%, quality 30 out of 100. Rating: undervalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.
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IndustrialsAU · Home New Zealand · ISIN NZIFTE0003S3
ILSome dataNov 5, 2026
Infratil Ltd
IFT · AU
Speculative
The stock costs 11% less than our calculation considers fair.
Fair value A$11.76 · Undervalued (11%)
Solidly profitable · 15.8% net margin (TTM) · excl. one-off gain FY2026 12.8%
Mixed Growth(revenue 5y +22.9 %/yr in NZD)
Moderate debt
2.0% dividend yield · Watch coverage
Some data
Revenue last quarter 20% below a year ago.
Quality 30/100
Negative free cash flow
Trails peers(1/14)
Narrow moat35/100 · thin data
Risks from the AI analysis
🚩Regional consenting delays for data centres🚩Power supply constraints and costs for data centres
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range A$6.24 – A$13.10 · fair‑value band A$7.58 – A$14.70 · the A$10.49 price screens below the A$11.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 5, 2026.
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Infratil Limited is an infrastructure investment firm specializing in digital Infrastructure, renewables, and social infrastructure. They prefer to invest in renewable electricity, data centers, telecommunications networks healthcare, and airports. It invests around the world.
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The company was incorporated in 1994 and is based in Wellington, New Zealand.
Stock analysis
Infratil Ltd (IFT) currently trades at A$10.49, while our model-based Fair Value estimate is A$11.76, implying the stock looks roughly 11% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of A$11.90 per share, and 2 of the 9 models we run sit above the A$10.49 price.
Bear case: the Asset-Based group reads lowest at A$1.22, and 7 of the 9 models stay below the price. Data coverage for this calculation is medium.
Scenario range: A$7.58 (bear) to A$14.70 (bull), the price of A$10.49 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 30/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Infratil Ltd reported revenue of 3.0B NZD in FY2026 versus 1.3B NZD in FY2022, a compound +23.0%/yr. Reported net income was 554M NZD in FY2026, compounding −17.0%/yr from FY2022.
Key figures
Market cap A$10.5B (≈ $7.3B) Mid · P/E ratio 19.5 · P/S ratio 3.64 · EPS (TTM) A$0.5374 · Dividend yield 2.0% · Net margin 18.7% · Return on equity 3.5% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 35 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 12%, IFT screens cheaper than that median.
Fair Value models
BearA$7.58Fair Value A$11.76BullA$14.70
Price A$10.49 · Upside +12.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (A$0.0248 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual IncomeA$5.17A$5.50A$6.1576
Owner EarningsA$4.77A$11.90A$24.5271
DDM Multi-StageA$1.10A$1.98A$2.5466
All 9 models by family
DCF Models
Owner EarningsA$4.77A$11.90A$24.5271
Earnings-Based
Graham-DoddA$3.03A$12.22A$16.6364
Lynch FVA$3.05A$4.36A$5.6661
Dividend Discount
Gordon GGMA$1.10A$2.45A$4.2365
DDM Multi-StageA$1.10A$1.98A$2.5466
Multiples
P/E MultipleA$6.01A$8.02A$10.0263
P/B MultipleA$2.47A$3.29A$4.1155
Asset-Based
NCAV (Graham)A$0.9100A$1.22A$1.8354
Economic Profit
Residual IncomeA$5.17A$5.50A$6.1576
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−11.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.9%
Start year 2021 (pandemic). Over 10 years: +5.7% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+57.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−5.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.2%
Dividend (yield on the price)2.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−7.2% vs 2.0%, slowing
Profit margin 2020 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 6%
AI conclusion: Scaling data centre assets to meet AI demand forms the main strength while a weak overall moat and negative free cash flow remain the central weakness across the conglomerate.
Main risk: Inconsistent regional rules and community opposition in New Zealand could delay data centre consents and cause hyperscaler power purchase agreements to fall apart, hitting project timing and contracted capacity at CDC.
Bull case: Infratil could benefit from national consenting frameworks in New Zealand that speed up approvals and secure additional renewable power deals, allowing faster scaling of its data centre platform alongside its renewables holdings.
Bear case: Prolonged consenting delays and persistent power constraints could stall CDC capacity additions, reduce contracted EBITDAF growth and limit the ability to capture further AI-driven demand across the portfolio.
Infratil concentrates much of its portfolio in data centres to capture AI-driven demand. Recent contract momentum led to raised guidance for the key holding, yet the latest independent valuation stayed essentially flat. Does the business model deliver more from scaling these infrastructure assets than from managing the rest of the conglomerate?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Conglomerates · 305 stocks
Beats the industry median on 1/14 measures
Overall it trails its industry peers.
Valuation
Quality Score30 · Bottom 25%
Fair Value upside+12.1% · Below median
Profitability
Return on equity (12 months)3.5% · Below median
Return on assets3.1% · Below median
Net margin (12 months)15.8% · Top 25%
Operating margin (12 months)1.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−20.0% · Bottom 25%
Dividend yield (12 months)2.0% · Below median
Balance sheet
Debt / equity0.77× · Highest 25%
Valuation Multiplesvs Conglomerates median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Infratil Ltd Fair Value". https://www.fairvalue-calculator.com/stock/IFT
Frequently asked questions
Is Infratil Ltd (IFT) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of A$11.76 versus a price of A$10.49, about +12% upside (undervalued).
What is the fair value of IFT?
Our model-based fair value for Infratil Ltd is A$11.76 (as of Nov 5, 2026), built from audited fundamentals. The current price: A$10.49.
What is the quality score of IFT?
Infratil Ltd has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Infratil Ltd (IFT)?
Our model-based price target is the fair value of A$11.76 (as of Nov 5, 2026) from 9 valuation models. Cautious scenario A$7.58, optimistic scenario A$14.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Infratil Ltd stock forecast for 2026?
Our models put fair value at A$11.76, about +12% upside versus a price of A$10.49 (undervalued). Cautious scenario A$7.58, optimistic scenario A$14.70. The calculation is refreshed regularly with new filings.
What is the revenue of Infratil Ltd (IFT)?
Infratil Ltd reported trailing-twelve-month revenue of about 3.5B NZD (latest available figure, as of Nov 5, 2026).
Does Infratil Ltd pay a dividend?
Infratil Ltd currently shows a dividend yield of 1.99% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of Infratil Ltd (IFT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Infratil Ltd it is A$11.76 per share (as of Nov 5, 2026), against a price of A$10.49. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Infratil Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, IFT trades below its calculated fair value: price A$10.49, fair value A$11.76, a gap of about +12% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IFT?
No. The price is what the market pays today (A$10.49); the fair value is what the company's own numbers justify (A$11.76). For Infratil Ltd the two are A$1.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Infratil Ltd worth?
The market values Infratil Ltd at about A$10.5B (market capitalisation, as of Nov 5, 2026). Per share that is A$10.49; our models calculate a fair value of A$11.76 per share.
What do the bullish and bearish scenarios say about IFT?
Our models span a range for Infratil Ltd: cautious scenario A$7.58, base A$11.76, optimistic A$14.70 per share (as of Nov 5, 2026, price A$10.49). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IFT?
Infratil Ltd trades at a price-to-earnings ratio of 19.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$11.76 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 28.5 (reported 19.5). Median P/E at fiscal year-end, 7 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 11.7. Other multiples: PEG 3.7, P/B 1.7, P/S 3.7, EV/EBITDA 17.2.
What is the PEG ratio of IFT?
The PEG ratio of Infratil Ltd is 3.70 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Infratil Ltd (IFT)?
Balance-sheet figures for Infratil Ltd (as of Nov 5, 2026): return on equity 3.5%, debt of 0.77 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is IFT from its 52-week high?
Infratil Ltd trades at A$10.49, about 20% below its 52-week high of A$13.10 and 20% above the low of A$8.77 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of A$11.76 is for.
Which stocks are comparable to Infratil Ltd?
From the same area (Industrials) we also value 3M Company, Honeywell International Inc, Swire Pacific Limited, CITIC Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Infratil Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price A$10.49, calculated fair value A$11.76 (+12%), Quality Score 30/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IFT calculated?
We run Infratil Ltd through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of A$11.76, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Infratil Ltd currently trades 11% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Infratil Ltd (IFT)?
The closing price on Nov 6, 2026 was A$10.49. Our model-based fair value is A$11.76, about +12% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Infratil Ltd right now?
A fairly wide model range (A$7.58 to A$14.70) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Infratil Ltd (IFT) come from?
Earnings per share at Infratil Ltd grew +8.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share +4.7 %, EBIT margin −8.7 %, tax rate +1.3 %, residual (interest, one-offs) +11.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Infratil Ltd
How large is the market capitalisation of Infratil Ltd (IFT)?
The market capitalisation of Infratil Ltd is A$10.5B (≈ $7.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Infratil Ltd (IFT)?
The price-to-sales ratio of Infratil Ltd is 3.64 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Infratil Ltd (IFT)?
Earnings per share at Infratil Ltd are A$0.5374 (price ÷ EPS = P/E 19.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Infratil Ltd (IFT)?
The dividend yield of Infratil Ltd is 2.0% (payout 36.7%, on adjusted earnings, reported 25.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Infratil Ltd (IFT)?
The net margin of Infratil Ltd is 18.7% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Infratil Ltd (IFT)?
The return on equity (ROE) of Infratil Ltd is 3.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Infratil Ltd (IFT)?
On an EBIT basis the return on assets of Infratil Ltd is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Infratil Ltd (IFT)?
The operating margin of Infratil Ltd is 1.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Infratil Ltd (IFT)?
Revenue at Infratil Ltd is growing −20.0% versus a year earlier (3y avg +17.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Infratil Ltd (IFT)?
Earnings per share at Infratil Ltd are growing +192% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Infratil Ltd (IFT) generate?
The free cash flow of Infratil Ltd is −251M NZD (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Infratil Ltd (IFT) carry?
The net debt of Infratil Ltd is 7.7B NZD (fiscal year 2026). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 5, 2026