LEI:
213800T8RBBWZQ7FTF84
14 March 2024
CORDIANT DIGITAL INFRASTRUCTURE
LIMITED
TRADING UPDATE
Cordiant Digital Infrastructure Limited (the
"Company" or "CORD"), an operationally focused, specialist digital
infrastructure investor, is pleased to provide an interim update on
operating performance, balance sheet, dividend coverage and market
outlook. The Company continues to implement its "Buy, Build &
Grow" strategy of increasing the cash flow-generating asset bases
of its diversified platform companies to drive the value of these
businesses. The Company invests in "Core Plus" digital
infrastructure assets and seeks to construct a balanced,
diversified portfolio. The Company's annual NAV total return target
of 9% comprises capital growth and a progressive dividend fully
supported by free cash flows generated by its portfolio.
Highlights
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Aggregate portfolio company EBITDA[1] for the nine months to 31 December 2023 increased
by 6.4% to £99.4 million on a like-for-like, constant currency, pro
forma basis[2], driven by contract wins or
enhancements, cost control and the beneficial effects of inflation
on revenues.
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Aggregate portfolio company revenue increased
8.2% to £217.4 million during the nine months to 31 December 2023
on a like-for-like, constant currency, pro forma
basis2.
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The dividend target for the financial year to
31 March 2024 of 4.0p, confirmed at the time of the Company's
interim results in November 2023, is 4.5x covered by EBITDA and
1.6x covered by free cash flow after Company-level costs, net
finance costs, taxation and maintenance capital expenditure
(collectively "Adjusted Funds from Operations" or
"AFFO")[3].
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Both Directors and Investment Manager are
pleased with the significant progress on key portfolio initiatives
during the nine months to 31 December 2023.
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The Company completed the acquisition of Speed
Fibre, a leading open access backbone fibre network provider in
Ireland in October 2023. Speed Fibre was bought for an enterprise
value of €190.5 million (£162 million) and generated €23 million
(£20 million) of EBITDA in 2022, its last full year of operation
before acquisition. The acquisition was funded by cash on the
Company's balance sheet and a vendor loan note of €29.6 million
(£26 million).
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České Radiokomunikace ("CRA", the Company's
diversified Czech digital infrastructure platform) continued to
expand its data centre and cloud business, now approaching 20% of
revenues, with the completion in January 2024 of the acquisitions
of Cloud4com, a leading cloud services provider in the Czech
Republic and DC Lužice, a data centre located in the "Digital
Danube" triangle between Vienna, Brno and Bratislava. These
acquisitions cost CZK 1.0 billion (£35 million), with a potential
earnout in relation to Cloud4Com of up to CZK 485 million (£17
million) dependent on its 2024 EBITDA and are expected to provide
substantial revenue and EBITDA growth opportunities.
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Both CRA and Emitel S.A ("Emitel", the
Company's diversified Polish digital infrastructure platform) have
won valuable long-term contracts to broadcast digital audio
broadcasting ("DAB") radio in their respective home
markets.
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Emitel has successfully concluded a broadcast
agreement for a new channel from Polsat, the Polish TV broadcaster,
on multiplex ("MUX") 1. The contract has a duration of ten years
and its revenues are inflation-linked.
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The World Radio Communication Conference
("WRC"), held in 2023, confirmed that the UHF spectrum allocated to
broadcast would continue without any change, underlining the
essential role of broadcast as a means of public communication and
as an efficient and sustainable method for content
dissemination.
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Under the share buy-back programme announced on
8 February 2022, the Company has bought back 7.3 million shares for
£5.4 million, an average purchase price of 74.9 pence per share.
Steven Marshall, Co-Head of Cordiant Digital, made further
purchases of shares, taking his aggregate holding to 7.9 million
shares as at the date of this trading update. The Directors, Steven
Marshall, the Investment Manager and employees of the Investment
Manager have also made further purchases, and now own 1.4% of the
Company's ordinary shares.
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As at 31 December 2023, the Company had total
liquid resources of £162 million[4] and gross
debt, on a full look-through basis, of £695 million. The Company's
leverage is 4.7x on an aggregated net debt divided by LTM 31
December 2023 EBITDA basis, including Company-level costs, and
40.6% on a net debt divided by gross asset value ("GAV")
basis[5].
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Shonaid Jemmett-Page, Chairman of
Cordiant Digital Infrastructure Limited, said:
"The Board continues to be encouraged by the
Company's progress in the three years since its IPO. Operational
performance across the portfolio is strong and we are seeing the
results of the Investment Manager's hands-on expertise coming
through in revenue and EBITDA growth. We remain disappointed with
the share price performance, as we believe the discount to NAV at
which the Company trades is not warranted by the Company's
performance. We remain confident that the Company's progress and
achievements will be better reflected as current market conditions
improve."
Steven Marshall and Benn Mikula,
Co-Heads of Cordiant Digital, said:
"The diversified portfolio of assets we have
assembled at a comparatively low entry multiple to EBITDA continues
to perform well operationally. Under our management, the portfolio
has grown revenues and EBITDA from the existing asset base, and we
have judiciously deployed growth capital expenditure into accretive
projects. We continue to execute our Buy, Build & Grow model in
order to deliver a larger, more diversified digital infrastructure
platform, capital growth and a progressive dividend over
time."
Analyst Call
The Investment Manager will host a remote
presentation for analysts at 12 PM GMT today. For those wishing to
log in to this please contact Ali AlQahtani at Celicourt via
CDI@celicourt.uk.
Capital Allocation
The Board continues to be disappointed at the
discount to NAV at which the Company's shares have been trading for
some time, although it notes that market conditions have adversely
impacted share prices across the alternative investment company
sector. The NAV per share was 110.7p at the last reported date of
30 September 2023, after adjusting for the 2.0p interim dividend
paid in December 2023.
In February 2023, the Board approved a
discretionary programme of share buybacks of up to £20 million with
no cut-off date. During the life of the programme to date, the
Company has acquired 7.3 million ordinary shares for £5.4 million,
at an average price per share of 74.9p, or an average discount to
30 September 2023 NAV of 32.3%.
The mathematical result of the Company buying
7.3 million of its own shares at such a discount is to increase NAV
per share by c.0.4p.
The Company has a number of opportunities to
deploy growth capex in the existing portfolio into projects that
are expected to deliver substantial returns which would be
accretive to the Company's target net return of 9% per annum. These
include the planning and construction of a large data centre at
Zbraslav, Prague, on land owned by CRA, and supplied with power and
fibre connectivity; and the build-out of DAB networks in the Czech
Republic and Poland in respect of recently won DAB radio contracts
in each country.
The Company's pipeline of opportunities
consists of high-quality opportunities with attractive growth
potential in the UK, Western Europe and the United States. The
Board and the Investment Manager both believe that this is a very
good time to add mid-sized growth platforms or highly accretive
bolt-on acquisitions to the Company's portfolio but will remain
extremely selective in deploying further capital seeking outsized
returns.
Dividend cover
The Company's dividend policy continues to be
based on the underlying principle that, at the point the Company is
fully invested, the dividend must be covered by free cash flow
generated by the portfolio and be sustainable in future periods.
The Company also continues to remain committed to a progressive
dividend policy.
The Company monitors dividend cover using an
Adjusted Funds From Operations ("AFFO") metric calculated over a 12
month period. AFFO is calculated as normalised EBITDA less net
finance costs, tax paid and maintenance capital
expenditure.
For the 12 months to 31 December 2023, the 4.0p
dividend was approximately 4.5x covered by EBITDA and 1.6x by
AFFO.
The free cash flow generated by the portfolio
amply covers the 4.0p dividend target. The table shows aggregate
financial information for the portfolio and the Company for the 12
months to 31 December 2023:
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12 months to 31
December 2023* (unaudited) £m
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Revenues
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301.1
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Portfolio company normalised EBITDA
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137.5
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Company-specific costs
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(12.7)
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Net finance costs
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(37.8)
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Net taxation, other
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(20.7)
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Free cash flow
before all capital expenditure**
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66.3
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Maintenance capital expenditure
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(18.4)
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Adjusted Funds
From Operations***
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47.9
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Dividend at 4.0 pence per share
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(30.8)
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Dividend
cover
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1.6x
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* At average 2023 foreign exchange
rates
** Aggregate growth capital
expenditure of £32.4 million was invested in 2023 across the
portfolio
*** Adjusted Funds from Operations
comprises normalised EBITDA less Company-specific costs, aggregate
net finance costs, taxation payments and maintenance capital
expenditure
Dividend cover has increased to 1.6x from the
1.5x as at 30 September 2023 (which was pro forma for the
acquisition of Speed Fibre, which closed in October 2023). The key
driver for this increase is higher EBITDA resulting from EBITDA
growth in the existing portfolio, together with the addition of
Norkring Belgïe, the acquisition of which was
announced in November 2023 and completed in January 2024, and which
is included here in the 31 December 2023 AFFO on a pro forma
basis.
Other movements in AFFO cash flow items since
30 September 2023 are largely driven by the timing of individual
cash items such as debt interest payments and taxation
payments.
The increase in finance costs since the
Company's first AFFO calculation in respect of 31 December 2022, is
the result of the full drawdown of the €200 million Eurobond in
June 2023 (83% of which is at a fixed interest rate), and the
increase in the interest cost of Emitel's facility, refinanced in
August 2023. Emitel has subsequently fixed 50% of its interest cost
in the context of low forward swap rates in Polish Zloty and Euro,
the two currencies in which the debt is denominated. CRA's debt
facility interest continues to be 100% fixed rate at comparatively
low cost. Speed Fibre's interest under its facility is c.73% fixed
rate.
Portfolio Financial
update
The Company's portfolio consists of two
diversified platform assets, CRA in the Czech Republic and Emitel
in Poland; a fibre business, Speed Fibre, in Ireland; a standalone
data centre, Hudson Interxchange in the USA; and a discrete
broadcast and colocation business, Norkring Belgïe, in
Belgium.
These assets together generated aggregate
revenues of £217.4 million in the nine months to 31 December 2023,
an increase of 8.2% on the prior comparable period, on a
like-for-like, pro forma, constant currency basis. The EBITDA of
the portfolio was £99.4 million for the same period, an increase of
6.4% on a like for like, pro forma, constant currency basis. The
accretive effects of 2023 inflation are expected to be reflected in
the 61% of revenue contracts across the portfolio with full or
partial indexation from January 2024 onwards.
The Company had total liquidity equivalent to
£162 million at 31 December 2023, comprising £66 million held
directly at the Company, £36 million held at portfolio company
level and undrawn facilities at portfolio company level equal to
£60 million. These cash balances are pro forma for the acquisitions
of Cloud4com, DC Lužice and Norkring Belgïe that completed in
January 2024.
In aggregate, the Company and its portfolio
companies had gross debt equivalent to £695 million at 31 December
2023, and therefore net debt of £593 million. This resulted in
gearing as at 31 December 2023 of 4.7x measured as net debt divided
by LTM EBITDA (including Company-level costs) or 40.6% measured as
net debt divided by GAV[6].
72% of all debt at portfolio company level and
the fund-level[7] Eurobond is on a fixed interest
basis, with the remainder at floating interest; none is
inflation-linked. The weighted average margin across all debt
facilities is c.2.9%.
Update on Portfolio
Platforms
Emitel
Emitel is the largest
operator of digital terrestrial television ("DTT") in Poland as
well as IPTV platforms, the leading radio broadcast emissions
provider and a leading provider of network neutral towers and fibre
infrastructure. The company performed well during its first
full year under the Company's ownership. Emitel earned revenue of
PLN 441.5 million (£83.9 million) for the first nine months of its
financial year[8], an increase of 8.1% on the
prior comparable period.
EBITDA has grown 3.7% to PLN 285.9 million
(£54.4 million) in the first nine months of the year over the prior
comparable period. This performance reflected increases in revenue
partially offset by increases in costs for the period, particularly
energy costs which have since reduced.
Revenue performance was driven by growth in TV
broadcasting revenues over the prior period as a result of
inflation indexation and an additional TV broadcast agreement on
MUX1. Revenue targets were met despite a regulatory delay to the
issue of licences for new channels on MUX8; these are now expected
to launch in 2024.
Emitel also showed strong growth in telecom
infrastructure revenues of 19% year-on-year, driven by indexation
and growth in rental of telecom infrastructure to mobile network
operators ("MNOs"), the addition of the AMT Poland tower portfolio,
which has been integrated into the overall telecom infrastructure
portfolio, and performance of the Smart City/Internet of Things
business.
Overall, costs have increased in the period,
primarily driven by increased staff costs and the impact of
inflation on other expenses. Increases in energy costs in 2023 were
partially mitigated by the impact of the company's past power
hedging contracts and a small contribution from recently installed
solar panels.
Cash balances were PLN 115 million (£23
million) and third-party bank debt was PLN 1,290 million (£258
million) as at 31 December 2023. Following the refinancing of the
debt facilities announced in July 2023, the Investment Manager and
the Emitel finance team have carefully monitored market conditions,
including interest rate and inflation forecasts in Poland and the
Eurozone for the facilities which are denominated in PLN and EUR.
Third party forecasts published by banks and other bodies indicate
that both inflation and interest rates are on a downward trend in
Poland. Since the pricing of interest rate swaps capture this
expected trajectory, swaps fixing 50% of the total interest on the
drawn facilities have been implemented. The Investment Manager and
the Emitel team are keeping the hedging of the remaining interest
rate exposure under active review.
In November 2023, Emitel announced that it had won a
nationwide tender to extend DAB coverage to 17 regional radio
stations for state broadcaster, Polskie Radio. As a result of this,
Emitel expects to extend DAB coverage across the country, from 67%
to 88% of households. The contract is a renewal, and an expansion,
of an existing contract held by Emitel and is also expected to
result in incremental extra revenues. The contract runs to Q3 2027
and has a gross value of PLN 59.5 million (£12 million), with
revenues linked to inflation. DAB is far more energy efficient than
FM or AM radio, and so as Emitel (and CRA) progressively
decommission AM radio sites, there is a consequential reduction in
carbon footprint. Post the election in November 2023, the company's
contracts with the state-owned media providers have continued in
accordance with their terms, with payments being made as
expected.
Emitel recently signed a new ten-year DTT broadcast
contract expiring in 2034 with Polsat, the most watched free-to-air
TV channel in Poland. The channel will be broadcast from MUX1, and
revenues under the contract are inflation-linked. The National
Broadcast Council has extended Polsat's DTT MUX licence to
2034.
As it seeks to expand its products and services,
Emitel has also been working on the development and commercial
implementation of new technology to deliver dynamic advertisement
insertion ("DAI") which enables the delivery of targeted
advertising which is adapted to the viewer. Proof of concept trials
were completed in partnership with the Warsaw Stock Exchange.
Commercial launch is planned for 2024.
A further illustration of its forward-looking
approach has seen Emitel partner with IS-Wireless to create a 5G
campus network at Bialystok University of Technology, the first of
its kind in Poland. As part of this initiative, Emitel provided the
distributed antenna system ("DAS") to this innovative network. 5G
networks operate at high frequencies and require advanced levels of
design and implementation. It is believed that the creation and
operation of the network will also educate future 6G specialists
working at the University.
CRA
CRA is a diversified digital
infrastructure company, operating mobile towers, a broadcast
network, data centres, a fibre network and Internet of Things
networks serving utilities. The company has delivered
a strong performance for the first three quarters of its financial
year. The company's revenues for the last nine months to 31
December 2023 increased 9.3% on the prior comparable period to CZK
1.82 billion (£65 million equivalent), and EBITDA for the same
period was CZK 0.91 billion (£33 million equivalent), a 7.4%
increase on the prior comparable period.
EBITDA growth has been driven by strong
performance across all business units. New contracts such as the
T-Mobile tower contract, announced in July 2023, renew existing
revenues and expand those through offering new services on existing
infrastructure. On the cost side for the nine months to 31 December
2023, CRA has also benefited from energy costs being substantially
fixed before the spike in energy prices in 2022.
CRA's cash balance held was CZK 140 million as
at 31 December 2023 (£5 million, pro forma for the CZK 1.0 billion
acquisition of Cloud4com and DC Lužice in January). This balance
also reflects a CZK 550 million (£19 million) repayment of
shareholder loan to the Company in December 2023. This balance has
been swapped into pounds sterling and placed on deposit.
Third party bank debt remained unchanged from
31 December 2022 at CZK 3.9 billion (£138 million). The interest on
this debt is 100% hedged until the second half of 2025 when the
loan falls due. The Investment Manager, together with the CRA
finance team, has begun work on the refinancing project.
CRA successfully bid for and won the spectrum
tender which will enable one national commercial DAB network and
seven regional networks, including Prague. The Company will install
DAB transmitters during 2024 and expects to conclude agreements
with existing FM radio clients (representing additional incremental
revenues) which are expected to commence in 2025.
In January 2024, CRA announced that it had
completed the acquisition of Cloud4com, a leading cloud services
provider in the Czech Republic (acquired for CZK 870 million, £30.6
million), and DC Lužice, a Tier III data centre (acquired for CZK
130 million, £4.6 million). A further potential payment of up to
CZK 485 million (£17 million) is payable subject to Cloud4com's
EBITDA for 2024.
The acquisition of these businesses, funded by
organic cash flow at CRA, substantially increased the DC and cloud
proportion of CRA's revenue mix and marked an important step in
CRA's continued growth in the Czech data centre and cloud services
markets. On a pro-forma basis for 2023, CRA's broadcast revenues
would have accounted for less than 50% of the company's overall
revenues. This will inevitably reduce further as CRA's data centre
and other businesses expand at a faster rate than the growth in the
broadcast business.
CRA continues to see strong demand for its data
centre business. In the period to 31 December 2023, the number of
racks utilised increased 14.4%, to 85% of existing capacity. Power
usage has also increased 24%. As a result, CRA has developed a
further edge data centre at Cukrák outside Prague which will add 78
racks and come online in March 2024. Work also continues to prepare
the former AM radio broadcast site at Zbraslav outside Prague for a
new 26MW data centre on land owned by CRA. Planning and utilities
approvals are being obtained and the tall AM transmitter masts
formerly on the site have now been demolished.
The acquisition of Prague Digital TV (a
regional TV operator) by CRA at the beginning of 2024, has enabled
the Company to consolidate transmissions from its sites and cease
transmission from Prague Digital's three locations, reducing energy
and other expense for the company.
Speed
Fibre
The Company announced the acquisition of Speed Fibre,
a leading open access backbone fibre network provider in Ireland,
in August 2023 and the acquisition was completed in October
2023.
Speed Fibre was acquired by the Company for an
enterprise value of €190.5 million (£165 million), a multiple of
8.3x 2022 audited EBITDA. The acquisition was funded by a
combination of cash on hand plus a vendor loan note of €29.6
million (£26 million) bearing initial interest of 6.0% and
repayable in four years.
Speed Fibre's revenues for the first nine months of
its financial year[9] increased 6.5% to €62.8
million (£55 million), and EBITDA increased 11.9% to €17.3 million
(£15 million) over the same period. The increase in EBITDA was
driven by higher than expected recurring service revenue and lower
than expected customer churn in the wholesale business.
Speed Fibre had cash balances of €8.0 million (£7
million) at 31 December 2023 and gross debt of €115.9 million (£101
million) at the same date. The gross debt is made up of a term loan
of €100 million (£87 million) and drawn RCF of €15.9 million (£14
million), both due for repayment in 2029. The interest on the term
loan is 85% fixed and the RCF interest is floating rate.
Speed Fibre's near-term focus is to continue to build
world class, state of the art, customer-focused, national and
metropolitan area fibre networks in Ireland; and maintain its
status as a leading supplier of both wholesale (through Enet, which
accounts for 67% of revenues) and business retail (through Magnet,
which accounts for 33% of revenues) connectivity to the Irish
market, with a network that is mission-critical for major blue-chip
customers and carriers.
Hudson
Interxchange
Hudson Interxchange is a data centre business
located in 60 Hudson Street, New York. Following a leadership
change made in 2023, Hudson's interim management is showing steady
progress in growing revenues and managing costs and cashflow
effectively.
For the first nine months of the financial
year, Hudson had revenues of $16.8 million (£13 million), 11.2%
higher than the prior comparable period. EBITDA continued to be
negative, at $(3.6) million for the nine months (£3 million), a
loss 5.3% less than the prior comparable period.
Hudson has access to 15MW of power and
substantial growth capacity, as it is operating below 30% capacity
utilisation. This is a long-term investment to build value in one
of the most interconnected buildings in the world. The core and
back-end infrastructure is now complete to support the full
build-out of the floors, and Hudson only incurs incremental capital
expenditure once a contract for space has been signed with the
customer, effectively de-risking the expenditure and linking it
directly to revenue contracts.
Norkring
Belgïe
The acquisition of Norkring Belgïe was announced by
the Company in November 2023 and completed in January 2024. The
consideration on completion was €6.2 million (£5.4 million).
Norkring operates 25 communication and broadcast towers in Belgium.
It also holds two DAB radio licences and one DTT multiplex licence.
It provides radio and TV broadcasting services to commercial
stations and distributors, and offers colocation and site-hosting
to broadcasters, niche communications operators and MNOs.
Of particular interest for the Company are the 5G
broadcast trials that Norkring is conducting as part of a
consortium, which is expected to provide it with the ability to
offer additional services to broadcast and mobile operator
customers. The trials support and supplement similar trials that
are underway in the Czech Republic and Poland involving the
Company's other portfolio companies, CRA and Emitel.
Market
Overview and Pipeline
The Company has acquired its portfolio
platforms at an average multiple of EBITDA of 9.4x, well below the
average level of current trading multiples of most digital
infrastructure companies listed on major stock exchanges and
observable private market transactions. Interest rates in the
Company's countries of operation appear to be on a downward
trajectory, and the Company, working with the Emitel finance team,
has taken advantage of this in fixing 50% of the interest on
Emitel's new credit facilities. More broadly, Poland, the Czech
Republic and Ireland are all forecast to outperform the EU's
overall economic growth rate in 2024.
Deal flow in the Company's target sectors
remains solid, with M&A activity being driven by balance sheet
deleveraging at some large digital infrastructure companies and a
separation of telecom infrastructure assets at some telecom
operators. Transaction multiples remain relatively stable, held up
by large volumes of undeployed capital allocated to the sector. In
the mid-market, we expect to see strong demand for good quality
assets with high growth prospects.
The World Radio Communication Conference
("WRC"), held in 2023, confirmed that the UHF spectrum allocated to
broadcast would continue without any change. Spectrum allocations
generally, not just DTT, are periodically reviewed, with the next
review by the WRC of UHF spectrum used for DTT being scheduled for
2031. This positive outcome confirms the essential role of
broadcast as a means of public communication and provides strong
support for its use as an efficient and sustainable method for
content dissemination.
For
further information, please visit www.cordiantdigitaltrust.com
or
contact:
Cordiant Capital, Inc.
Investment Manager
Stephen Foss, Managing
Director
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+44 (0) 20 7201 7546
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Aztec Financial Services (Guernsey) Limited
Company Secretary and
Administrator
Chris Copperwaite / Laura
Dunning
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+44 (0) 1481 74 9700
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Investec Bank plc
Joint Corporate Broker
Tom Skinner (Corporate
Broking)
Lucy Lewis (Corporate
Finance)
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+44 (0) 20 7597 4000
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Jefferies International Limited
Joint Corporate Broker
Stuart Klein/Gaudi Le
Roux
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+44 (0) 20 7029 8000
|
Celicourt
Public Relations Advisor
Philip Dennis/Felicity Winkles/Ali
AlQahtani
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+44 (0)20 770 6424
|
Notes to Editors:
About the
Company
Cordiant Digital Infrastructure
Limited primarily invests in the core infrastructure of the digital
economy - data centres, fibre-optic networks and telecommunication
and broadcast towers in Europe and North America. Further details
about the Company can be found on its website at
www.cordiantdigitaltrust.com.
In total, the Company has
successfully raised £795 million in equity, along with a further
€200 million through a Eurobond with four European institutions;
deploying the proceeds into five acquisitions: CRA, Hudson
Interexchange, Emitel Speed Fibre and Norking België, which
together offer stable, often index-linked income, and the
opportunity for growth, in line with the Company's Buy, Build &
Grow model.
About the Investment
Manager
Cordiant Capital Inc ("Cordiant") is
a specialist global infrastructure and real assets manager with a
sector-led approach to providing growth capital solutions to
promising mid-sized companies in Europe, North America and selected
global markets. Since the firm's relaunch in 2016, Cordiant, a
partner-owned and partner-run firm, has developed a track record of
exceeding mandated investment targets for its clients.
Cordiant focuses on the next
generation of infrastructure and real assets: sectors (digital
infrastructure, energy transition infrastructure and the
agriculture value chain) characterised by growth tailwinds and
technological dynamism. In addition, Cordiant applies a strong
sustainability and ESG overlay to its investment
activities.
With a mix of managed funds offering
both value-add and core strategies in equity and direct lending,
our sector investment teams (combining seasoned industry executives
with traditional private capital investors) work with investee
companies to develop innovative, tailored financing solutions
backed by a comprehensive understanding of the sector and
demonstrated operating capabilities. In this way, Cordiant aims to
provide value to investors seeking to complement existing
infrastructure equity and infrastructure debt
allocations.
Cautionary Statement
This announcement aims to provide an
update of developments that have taken place since the release of
the Company's interim results to 30 September 2023 in November 2023
and the resulting financial position of the Company and the
Company's portfolio companies. The financial position of the
Company and the Company's portfolio companies are subject to a
number of risks and uncertainties and could change from that
described in this announcement. Factors which could cause or
contribute to such changes include, but are not limited to; general
geopolitical, economic and market conditions, including interest
rates, inflation rates and rates of foreign exchange, as well as
specific factors affecting the financial and operational
performance and prospects of the Company and the Company's
portfolio companies.
This announcement contains forward
looking statements, including, without limitation, statements
containing the words "believes", "estimates", "anticipates",
"expects", "intends", "may", "might", "will", or "should" or, in
each case, their negative or other variations or similar
expressions. Such forward looking statements involve unknown risks,
uncertainties and other factors which may cause the actual results,
financial condition, performance or achievement of the Company
and/or the Company's portfolio companies to be materially different
from any future results, performance or achievements expressed or
implied by such forward looking statements. These forward looking
statements speak only as at the date of this
announcement.