Centuria Capital Group's (ASX:CNI) fiscal 2027 "Sovereign AI technology" earnings before interest, taxes, depreciation, and amortization (EBITDA) continued to reflect significant upfront investment, with an earnings upside expected to come through in fiscal 2028 and beyond, according to a Thursday note from Jefferies.
Its equity requirement for the upfront 2 megawatts (MW) of CDC Data Centres capacity is around AU$20 million, with a cumulative total requirement of around AU$100 million at full 10 MW deployment. This suggests indicative EBITDA from the first 2 MW deployment of AU$17 million, moving to AU$84 million at full deployment.
Centuria secured 72 MW of "power generation units" for a future Centuria data center development within its broader over 250 MW pipeline and outlined a pathway to securing an additional 30 MW of power capacity.
The investment firm has a buy rating on Centuria Capital with a price target of AU$2.65 per share.