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Local stock market swept up in global equities selloff
Nicholas Pointon and Brent Melville
Fri, 04 Apr 2025
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Scott Tech says US tariffs will have ‘limited impact’
Scott Technology believes tariffs announced by the United States will have "limited impact" on its business in the current financial year, and that just 10% of its current revenue mix would be exposed to them.
The NZX-listed robotics company told the market this afternoon that much of its North American revenue is from Canadian customers in its mining and materials handling business, and that some of its US revenue was "insulated from tariffs due to Scott’s United States manufacturing base".
Forsyth Barr analysts agreed, viewing any implications as "relatively minor", and saying they estimate only 6-8% of Scott’s total sales will have some tariff attached. It would be "assisted by a high percentage of in-country service (~28% of total sales) and the Materials Handling segment being insulated from tariffs due to its predominantly US manufacturing base". Both the company and the analysts acknowledged that weaker global demand presented a broader, second-order headwind of the tariffs.
Infratil’s investment in CDC appreciates by $1.8b
Infratil has revalued its 48.2% investment in Australasian data centre company CDC upwards by more than A$1.6 billion ($1.8b), or about 34%, according to an NZX disclosure today.
The company said the primary valuation method applied by an independent valuer had been changed from discounted cashflow to historical transaction, after CDC shareholder CSC agreed to sell its 12% stake in February.
Infratil is set to acquire approximately 1.58% of CDC’s ordinary shares for about A$216 million, with Future Fund acquiring the remaining 10.46%. Its stake will rise to 49.75%.
The share sale and change in methodology implies Infratil’s stake is now valued between A$6,066m and A$7,208m, with a midpoint of A$6,600m, up from A$4,485m to A$5,385m, with a midpoint of A$4,924m, at the end of December 2024.
Completion of the share buy is subject to Australia’s Foreign Investment Review Board approval, and is expected in the second half of 2025.
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