2210 GMT - Infratil's bull at Citi looks past headwinds buffeting the valuation of its CDC data-center business recently. Infratil said the latest valuation of CDC was A$18.5 billion, down 0.4% from end-June. It cited the effects of a material rise in the forward yield curve, resulting in higher assumed interest costs. "While elevated interest rates represent a clear macro headwind to valuation multiples, CDC's underlying operational momentum remains robust," analyst Suraj Nebhani says. Infratil's share price has trended lower since its July high, down some 14%. It means the stock trades at a more than 30% discount to net asset value, which Citi finds attractive. "Supported by ongoing CDC de-risking and Longroad's energy and data center pipeline execution, we see compelling risk-reward and reiterate our 'buy' rating," Citi says.