24 May 2022
Cordiant Digital Infrastructure Limited
Preliminary results
For the period ended 31 March 2022
Cordiant Digital Infrastructure Limited (the Company) an investor in the core digital infrastructure that enables modern communications and the internet, is pleased to announce its preliminary unaudited results for the period from 4 January 2021 to 31 March 2022.
Highlights:
- NAV per share increased by 8.4% to 106.34p as of 31 March 2022.
- NAV total return of 10%, exceeding IPO expectations
- Total shareholder return for the period of 10.3%
- Total dividend for the period increased to 3p, from the 1p outlined at IPO. Subsequent guidance of 4p for the financial year 2023
- Successfully raised gross proceeds of £795m, including an upscaled IPO at £370m with net proceeds prudently deployed or committed
- Three diverse digital infrastructure assets in Europe and US, acquired or being acquired at c.12x EBITDA, offering:
o Growth potential in line with stated strategy
o Pro forma 2021 EBITDA of £95m (which includes the contribution from Emitel), more than covering enhanced dividend
o Long-term contracts with strong counterparties, incorporating full or partial inflation protection and pass throughs
- >€3bn pipeline of acquisition opportunities in Western Europe, UK and North America, supporting future growth
Commenting, Shonaid Jemmett-Page, Chairman of Cordiant Digital Infrastructure Limited, said:
“Cordiant Digital Infrastructure Limited has enjoyed a busy and successful maiden year as a listed company. It has more than delivered on expectations set out at the time of the IPO and is well placed to continue to meet expectations in the current year. The proceeds of the IPO and subsequent raises have been carefully deployed or committed into three assets, that offer stable income, a strong platform for organic growth, in line with the buy, build & grow strategy, and more than cover the upscaled dividend target. Future growth is also supported by the €3bn pipeline of acquisition opportunities, which has never been stronger and more diverse.
“It is an exciting time to be involved in the digital infrastructure sector. The overall direction of travel in data consumption appears to be sustainably upwards; none of which would be possible without the corresponding investment in the digital infrastructure to support it.”