olivLaw · European equity research
Cordiant Digital Infrastructure Limited CORD.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Cordiant Digital Infrastructure is a London-listed investment company that owns and operates digital infrastructure assets across Europe and North America, including communications towers, data centres and fibre-optic networks. It stands out for combining long-term contracted portfolios with a buy, build and grow model in a sector the annual report describes as one of the fastest growing; at 31 March 2026 its net asset value was £1,117.9 m and remaining contracted revenue was £952.1m.
At the close of 05 Nov 2026, Cordiant Digital Infrastructure Limited (CORD.L) stock was 1.22 GBP (−0.82% on the day), with beta 0.25, 52-week range 0.96–1.27 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 52.6
- neutral
- Bollinger (20, 2)
- 1.15 – 1.23
- in the upper half of the band · %B 0.78 · band width 7.1%
- SMA 50 / 200
- 1.22 / 1.16
- mixed trend
- MACD (12, 26, 9)
- 0.00 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.7% | −0.6% | +2.3 pp | — |
| 3 months | −2.0% | −4.2% | +2.2 pp | — |
| 6 months | +4.7% | +4.3% | +0.4 pp | — |
| Year to date | +15.2% | +7.5% | +7.7 pp | — |
| 1 year | +24.0% | +9.9% | +14.1 pp | +6.7% |
| 3 years | +80.3% | +49.8% | +30.4 pp | +24.8% |
| 5 years | +6.1% | +42.8% | −36.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 80.3 m | 105.2 m | 159.3 m |
| Net income YoY | unavailable | +31.1% | +51.4% |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 10.0 m GBP
- Financial debt
- 177.4 m GBP
- Net debt
- 167.4 m GBP
- Equity
- 1.1 bn GBP
- Total assets
- unavailable GBP
- Debt / equity
- 0.16x
- Current ratio
- 0.12x
- ROE
- 15.1%
- ROA
- unavailable
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 89.8 m | 104.7 m | 167.0 m | esef· 07 Jul 2026verified |
| Interest expense | 12.1 m | 3.8 m | 0 | esef· 07 Jul 2026verified |
| Pre-tax income | 80.3 m | 105.2 m | 159.3 m | esef· 07 Jul 2026verified |
| Income tax | 0 | 0 | 0 | esef· 07 Jul 2026verified |
| Net income | 80.3 m | 105.2 m | 159.3 m | esef· 07 Jul 2026verified |
| Weighted average diluted shares | 770.5 m | 765.9 m | 765.7 m | esef· 07 Jul 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 60.1 m | 6.1 m | 10.0 m | esef· 07 Jul 2026verified |
| Current assets | 77.4 m | 16.9 m | 20.7 m | esef· 07 Jul 2026verified |
| Short-term debt | 157.6 m | 147.6 m | 177.4 m | esef· 07 Jul 2026verified |
| Current liabilities | 162.6 m | 149.1 m | 179.5 m | esef· 07 Jul 2026verified |
| Equity | 920.7 m | 992.5 m | 1.1 bn | esef· 07 Jul 2026verified |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -13.1 m | -4.0 m | -7.5 m | esef· 07 Jul 2026verified |
| Investing cash flow | -35.0 m | -3.4 m | 23.4 m | esef· 07 Jul 2026verified |
| Financing cash flow | 98.6 m | -45.7 m | -12.2 m | esef· 07 Jul 2026verified |
| Dividends paid | 30.8 m | 32.9 m | 33.9 m | esef· 07 Jul 2026verified |
| Share repurchases | 4.5 m | 442.0 k | — | esef· 24 Jun 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 14.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
15% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.8% | 52 (vs peers) | 71% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.1x | 0 (on a fixed band) | 29% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial52/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CORDIANT DIGITAL INFRASTRUCTURE LIMITED (CORD.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: ROE 15.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 14.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.1x
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CORD.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cordiant Digital Infrastructure is a London-listed investment company that owns and operates digital infrastructure assets across Europe and North America, including communications towers, data centres and fibre-optic networks. It stands out for combining long-term contracted portfolios with a buy, build and grow model in a sector the annual report describes as one of the fastest growing; at 31 March 2026 its net asset value was £1,117.9 m and remaining contracted revenue was £952.1m.
SWOT
Strengths
- A portfolio diversified across several countries, with long-term contracts that include indexation clauses. The report highlights the resilience of cash flows and dividend cover from AFFO. 1
- A track record of NAV and dividend growth since IPO, with gearing kept below 50% since listing. 1
- Controlling influence in some platforms and the ability to drive consolidation through bolt-on acquisitions. 1
Weaknesses
- Dependence on financing structures and on the ability to raise debt for acquisitions and growth investments. 1
- The economic stake in DCU is 37.4%, so direct economic control of that asset is limited. 1
- The report notes that near-term performance may reflect recent customer churn and project phasing. 1
Opportunities
Risks
- Refinancing and debt riskmedium
The company has raised or refinanced more than one billion euros of debt since IPO, and tighter financing conditions could limit acquisitions. The report indicates no maturities across the group until June 2029. 1
- Currency riskmedium
Revenues and assets are in sterling, zloty, Czech koruna, euro and dollars, and exchange rate movements can change the reported NAV. 1
- Asset concentration riskhigh
Most portfolio value sits in a few large platforms, notably Emitel and CRA, which could amplify the impact of an operational or regulatory problem. 1
- Regulatory and sustainability risklow
Requirements on renewable energy, emissions and community impact may change, which could add costs across the portfolio. 1
- Acquisition execution riskmedium
The strategy depends on acquisitions and their integration, and difficulties such as those at BT Ireland could affect expected returns. 1
Investment thesis
What would need to be true (bull case)
- If demand from AI, cloud and connectivity keeps growing, data centre and fibre assets could generate sustained revenue and cash flow growth.
- Long-term contracts with indexation clauses and a record of dividend growth could provide a predictable income stream.
- Inclusion in the FTSE 250 index could attract new investors and support share liquidity.
What would break the thesis
- If the pace of acquisitions or growth investment slows, total return could remain below the 9% long-term target.
- Debt and the cost of financing could limit the company's ability to fund new projects or acquisitions.
- Project phasing and recent customer churn could slow revenue growth in the coming period.
What to watch
- Revenue and adjusted EBITDA trends across the portfolioQ1 2027
- Speed Fibre results after integrating BT Ireland2027
- Progress and timing of the Prague Gateway data centre2027
- Gearing and debt levels after planned refinancingsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is a London-listed investment vehicle incorporated in Guernsey that owns and operates digital infrastructure assets. Its investments target cash-generating platforms through acquisitions, growth capital expenditure and bolt-on purchases. The investment manager, Cordiant Capital Inc., runs the activity through a group of 21 professionals. 1
The Buy, Build & Grow model involves buying high-quality platforms, expanding asset capacity and growing revenues and cash flows through active management. Contracts are typically long term, carry inflation escalators and are often with blue-chip counterparties. 1
The company targets a total return of at least 9% per annum over the longer term and reports a 14.0% annualised NAV total return since IPO, assuming dividends reinvested. The dividend was raised 2.3% for the year to 31 March 2026, and AFFO covers it 1.7x. 1
Segments
Emitel, Poland
Emitel is the company's largest platform, an independent operator of digital broadcasting and mobile tower infrastructure in Poland that reaches nearly the entire population. It runs all six national digital TV multiplexes and has started acquiring a 2MW colocation data centre. 1
CRA, Czech Republic
CRA is the largest independent multi-asset digital infrastructure operator in the Czech Republic, with towers, data centres, fibre and IoT networks. It is fully commercialised on DAB+ radio, and the Prague Gateway project has up to 26MW of available power for the main construction phase. 1
Speed Fibre, Ireland
Speed Fibre is Ireland's largest alternative open-access wholesale fibre network after acquiring BT Ireland's assets in September 2025. The network connects telecom, enterprise and government customers. 1
Market context
The company describes digital infrastructure as one of the top three categories of infrastructure capital spending globally, with growth rates above those of the wider economy. Demand is supported by rising data volumes and the adoption of AI, cloud and connectivity. 1
The sector is fragmented into mid-market assets, which is where the company focuses its acquisition strategy. The report gives no market shares or comparative data for competitors, so market size is described only qualitatively. 1
Trends
- AI-driven compute demandtailwind
Training and deploying AI models drive compute-intensive workloads, pushing demand for edge data centres and higher rack densities. The company believes its assets are well positioned for this structural shift. 1
- Data sovereigntytailwind
Governments increasingly require data to be stored and processed within their own borders, which could sustain demand for regional and national infrastructure providers. 1
- Convergence of broadcast and 5Gmixed
5G broadcast offers content providers lower distribution costs, and several portfolio companies are trialling it. Wider adoption could change the revenue model of towers and multiplexes. 1
- Sustainability pressuremixed
Regulation and tenant demand for clean energy and efficiency could raise adaptation costs but also boost demand for greener assets. Renewable electricity share and PUE are tracked metrics. 1
Competitive position
The annual report does not explicitly name competitors or provide a comparative market share analysis. The company presents itself as a specialist owner of mid-market assets with competitive advantages built through acquisitions and active management. 1
Actual competition varies by country and segment, and the sources do not allow identifying US-listed competitors. A full competitive assessment would need external sources for each market. 1
- Other independent tower and data centre operators in Europe
The source does not name competitors; local operators likely exist in each portfolio market.
- Alternative fibre infrastructure providers in Ireland
Speed Fibre competes with other alternative network providers, not identified in the report.
- Colocation and data centre providers in Belgium
DCU and BTC operate in a market whose competitive landscape is not detailed in the sources.
- Cloud and data centre operators in New York
Hudson operates in a dense interconnection market; competition is not specified.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202607 Jul 2026
- Annual report 202524 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Cordiant Digital Infrastructure Limited · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.