EQT clears due diligence as Cleanaway stock stays below AUD 3.13 offer

Published on 10/07/2026 at 03:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

EQT's AUD 3.13 proposal values Cleanaway stock after due diligence ended. Fiscal 2027 EBIT guidance is AUD 500.00-530.00 million.

Cleanaway, AU000000CWY3, Illustration mit AI erstellt.

EQT Infrastructure has cleared a due diligence hurdle in its pursuit of Cleanaway Waste Management stock, which remains tied to an indicative AUD 3.13-per-share proposal. As IBTimes AU reported on September 14, 2026, the parties were working toward a scheme implementation deed after EQT confirmed that its review had not prompted a withdrawal or reduction of the proposal.

Deal progress meets execution risk

The proposal began at AUD 3.13 per share and implied an enterprise value of AUD 9.4 billion, according to IBTimes AU. The transaction still depends on definitive documentation, shareholder approval and regulatory clearances, so the diligence update improves the path toward a deal without completing it.

That distinction matters for valuation. Cleanaway was last at AUD 2.67 on the ASX on October 7, 2026 at 11:19 a.m. AEST, leaving a AUD 0.46 gap to the indicative proposal price. The market capitalization was AUD 6.0 billion on the same date, while the 52-week range stood at AUD 2.14 to AUD 2.96.

Operating earnings support the bid

Cleanaway's operating performance gives EQT a business case beyond takeover optionality. The company reported fiscal 2026 underlying EBIT of AUD 470.20 million, up 14.20 percent from the prior fiscal year, while free cash flow increased 63.70 percent to AUD 213.80 million, according to Business News Today.

The same report puts fiscal 2026 net revenue at AUD 3.74 billion, up 13.10 percent, and fiscal 2027 underlying EBIT guidance at AUD 500.00 million to AUD 530.00 million. The midpoint of that guidance is AUD 515.00 million, which is AUD 44.80 million above fiscal 2026 underlying EBIT and gives the board a clear standalone earnings reference during negotiations.

Stock stays below the proposal

On the ASX, Cleanaway trades under ticker CWY and the company is classified in the waste management industry, as documented by Global Banking and Finance. The gap between the AUD 2.67 market price and the AUD 3.13 proposal is the clearest live measure of transaction risk, while the guidance range shows why Cleanaway's independent earnings potential remains part of the board's calculation.

The German reference was EUR 1.64 at the Lang & Schwarz prior close on October 5, 2026. The further course of trading is shown by the continuously updated real-time quote of Cleanaway stock.