RCS - Cordiant Digital Inf - Results analysis from Kepler Trust Intelligence

Cordiant Digital InfrastructureAnnouncement

27/11/2025 12:45

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RNS Number : 3216J  Cordiant Digital Infrastructure Ltd  27 November 2025

Cordiant Digital Infrastructure (CORD)

26/11/2025

Results analysis from Kepler Trust Intelligence

Cordiant Digital Infrastructure (CORD) has released results for the half year
ending 30/09/2025. The NAV total return for the six months was 10% based on
the ex-dividend opening NAV. Performance was positively affected by currency
movements, although when removed, the portfolio still delivered a total return
ahead of its annualised total return target.

Underlying revenue generation supported performance, with both earnings and
revenue increasing. All holdings contributed positively to performance in
local currency terms, with returns largely driven by the two largest holdings
which both met performance targets. One also benefitted from a reduction in
its independently valued discount rate.

Two further assets also met operational targets and increased in valued,
although one of these was offset by an increase in its WACC.

Portfolio diversification efforts continued in the period, with fibre optic
networks now the largest subsector by revenue, with digital TV infrastructure
and data centres also notable assets. During the period, work commenced on the
construction of a flagship data centre.

At period end, the trust had cash of £84m plus access to a further £150m in
undrawn facilities.

The dividend was increased in line with the annual target. The managers use an
adjusted fund from operations (AFFO) figure to show dividend cover, which has
remained consistent at 1.7x.

The investment manager and directors continued to buy shares, with the total
shareholding increasing to 2.2%, including 13.8m shares owned by executive
chairman Steven Marshall.

Chairman Shonaid Jemmett-Page had a positive outlook, stating that the
"underlying strengths of our business model, the resilience of our portfolio
companies, and the structural growth in the sector, combined with the
attractiveness of our core markets, give the Board confidence as we look ahead
to the remainder of the financial year."

Kepler View

These results mark an impressive milestone for Cordiant Digital Infrastructure
(CORD) as the first time the NAV has crossed the £1bn threshold. In the
period, the trust has continued to beat expectations, with a NAV total return
of 10%, more than the 9% annualised goal. Since inception, the trust has now
delivered 13% annualised total returns. These have been achieved as a result
of operational targets being met, a testament to the portfolio quality, in our
view, as well as the managers' ability to generate growth from their assets.

The latest changes improve diversification, mitigating one of the previous key
risks. We believe the latest acquisitions means the fibre network assets offer
upside revenue potential, as does the flagship data centre. Both are prudently
valued, meaning there is considerable upside potential and a demonstration of
the managers ability to extract growth, differentiating CORD to the peer
group.

When combined with the trust's discount, we think CORD continues to be a
compelling opportunity for long-term investors as the rating undervalues the
growth potential of the portfolio.

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