Aussie Macquarie Technology's fund raise to finance new data centre - brokerage

Macquarie Technology

22/06/2023 05:46

** Macquarie Technology Group Ltd's  MAQ.AX  equity raise
represents an important milestone for the company as it will
help finance its upcoming IC3 Super West data centre - Canaccord
Genuity 
    ** Brokerage says equity raising implies strong cash
generation
    ** MAQ on June 13 sought to raise A$130 mln ($88.10 mln) via
a non-underwritten institutional placement
    ** Canaccord raises co's NPAT forecasts for FY24 and FY25 by
11% and 12%, respectively
    ** Keeps revenue and EBITDA forecasts 
    ** Brokerage expects MAQ's balance sheet to have A$64 mln of
net cash leading to over A$240 mln of available funding,
including headroom on debt
    ** Raises PT to A$87.50 from A$80.00; keeps "buy" rating
    ** MAQ shares down 0.5%
    ** More than 83,033 shares change hands, 4x the 30-day
average volume 
    ** Stock up ~11% this year, as of last close



($1 = 1.4756 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))