** Morningstar expects New Zealand's Spark's SPK.NZ net-debt to EBITDAI ratio to fall to around 1.9 on its pro forma FY25 earnings estimates

** SPK said on Tuesday it will sell 75% stake in data centre business to Aussie fund manager Pacific Equity Partners, valuing the business at up to NZ$705 mln ($419.76 mln)

** Spark's remnant 25% interest ensures its shareholders can still benefit from the data centre "field of dreams" to be rolled out, adds Morningstar

** Says SPK shares remain at an attractive discount to its intrinsic assessment

** Notes "understandable" investor caution due to three downgrades to earnings estimates over the last 18 months

** Adds market needs tangible evidence of cost-cutting with upcoming earnings to get rid of the cautious nature

** Stock down 11.7% YTD

($1 = 1.6795 New Zealand dollars)

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))