olivLaw · European equity research
Digital 9 Infrastructure plc DGI9.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Digital 9 Infrastructure plc (D9) is an investment company holding stakes in digital and utility infrastructure in the UK and Ireland, most notably a 51.76% economic interest in Arqiva and the fixed wireless operator Elio Networks. It matters now because margin pressure and a nil valuation of the Arqiva stake sit alongside a net cash position at end-2025.
At the close of 05 Nov 2026, Digital 9 Infrastructure plc (DGI9.L) stock was 0.04 GBP (+3.10% on the day), with market capitalisation 37.4 m GBP, dividend yield 0.00%, beta 0.02, 52-week range 0.04–0.08 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)
- 50.5
- neutral
- Bollinger (20, 2)
- 0.04 – 0.05
- in the upper half of the band · %B 0.54 · band width 15.5%
- SMA 50 / 200
- 0.04 / 0.05
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD below 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 | +0.7% | −0.6% | +1.3 pp | — |
| 3 months | −6.1% | −4.2% | −1.9 pp | — |
| 6 months | −7.9% | +4.3% | −12.2 pp | — |
| Year to date | −26.6% | +7.5% | −34.1 pp | — |
| 1 year | −47.8% | +9.9% | −57.8 pp | +5.8% |
| 3 years | −91.3% | +49.8% | −141.2 pp | +26.3% |
| 5 years | −96.1% | +42.8% | −138.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | -220.6 m | -267.0 m | -208.2 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -237.3 m | -277.5 m | -217.0 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.27 | -0.32 | -0.25 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | 107.6% | 104.0% | 104.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 642.0 k GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 80.2 m GBP
- Total assets
- 87.6 m GBP
- Debt / equity
- unavailable
- Current ratio
- 0.93x
- ROE
- -115.0%
- ROA
- -111.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | -220.6 m | -267.0 m | -208.2 m | esef· 12 May 2026verified |
| Operating income | -237.3 m | -389.0 m | — | esef· 07 May 2025verified |
| Interest expense | 1.0 k | 0 | — | esef· 07 May 2025verified |
| Pre-tax income | -237.3 m | -277.5 m | -217.0 m | esef· 12 May 2026verified |
| Income tax | 0 | 0 | 0 | esef· 12 May 2026verified |
| Net income | -237.3 m | -277.5 m | -217.0 m | esef· 12 May 2026verified |
| Diluted EPS | -0.27 | -0.32 | -0.25 | esef· 12 May 2026verified |
| Dividend per share | 0.03 | 0.00 | 0.00 | esef· 12 May 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 14.8 m | 12.1 m | 642.0 k | esef· 12 May 2026verified |
| Receivables | 1.5 m | 3.3 m | 6.2 m | esef· 12 May 2026verified |
| Current assets | 16.3 m | 15.4 m | 6.8 m | esef· 12 May 2026verified |
| Total assets | 580.8 m | 301.5 m | 87.6 m | esef· 12 May 2026verified |
| Current liabilities | 6.0 m | 4.2 m | 7.3 m | esef· 12 May 2026verified |
| Equity | 574.8 m | 297.3 m | 80.2 m | esef· 12 May 2026verified |
| Shares outstanding at year end | 865.2 m | 864.6 m | 864.7 m | esef· 12 May 2026derived |
Cash flow · GBP
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: 10.4% 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: 37.4 m GBP
Key indicators
Coverage and freshness
Score by group
10% · 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: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| 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 | 0.9x | 11 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 60% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial11/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial0/100 · 1/2 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
DIGITAL 9 INFRASTRUCTURE PLC (DGI9.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue -208.2 m GBP in 2025; ROE -115.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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: 0.9x
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
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% |
| DGI9.LDigital 9 Infrastructure PLC | 37.4 m | — | -115.0% | — | unavailable | −28% / −86% |
| 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 DGI9.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
Digital 9 Infrastructure plc (D9) is an investment company holding stakes in digital and utility infrastructure in the UK and Ireland, most notably a 51.76% economic interest in Arqiva and the fixed wireless operator Elio Networks. It matters now because margin pressure and a nil valuation of the Arqiva stake sit alongside a net cash position at end-2025 1.
SWOT
Strengths
- Long-term contracts with blue-chip customers and inflation indexation at Arqiva provide a predictable revenue base.
- The net cash position at end-2025 and full repayment of the revolving credit facility strengthened financial flexibility.
- Elio Networks has a dense network and an efficient operating model with steady growth in its customer base.
Weaknesses
- The highly leveraged Arqiva capital structure amplifies the sensitivity of equity value to cash flow changes.
- Portfolio EBITDA margins have contracted, and the Arqiva stake is valued at nil.
- The VLN accrues interest that has not been paid in cash, and distributions are blocked until repayment.
Opportunities
- Accelerated smart water and energy metering could open new data analytics and sensor services.
- Refinancing Arqiva debt on better terms could create value for participants.
- The buy-and-build strategy at Elio could strengthen its position in the Dublin market.
Threats
- Public policy decisions on the future of DTT broadcasting could reduce revenue volumes.
- Higher refinancing costs and interest rates could pressure Arqiva cash flow.
- Inflation-linked accretion payments could absorb cash otherwise available for distributions.
Risks
- High leverage at Arqivahigh
The highly indebted structure could amplify value losses if cash flows fall or refinancing becomes more costly.
- Nil valuation of Arqivahigh
The Arqiva stake is valued at nil, and changes in valuation could affect the company's reported results.
- DTT policymedium
Uncertainty over the future of terrestrial TV could affect broadcast contracts and margins.
- VLN interestmedium
Rising VLN interest, paid in kind, could pressure distributions after October 2026.
- Elio acquisition expansionlow
The buy-and-build strategy could bring integration risks and need for additional financing.
Investment thesis
What would need to be true (bull case)
- If public policy favours broadcasting or Arqiva refinances on better terms, the value of the stake could recover above its currently assessed level.
- Accelerated smart water metering could support predictable revenue from long-term contracts.
- The net cash position and repaid credit facility give flexibility during the planned exit from investments.
What would break the thesis
- If DTT margins keep contracting, portfolio EBITDA could fall further.
- High Arqiva debt and the non-recourse VLN could limit distributions to shareholders.
- Inflation-linked accretion payments could absorb a significant part of available cash.
What to watch
- Trend in portfolio and Arqiva EBITDA margins2026
- Timing of Arqiva debt refinancing2026
- Policy decisions on the future of DTT broadcastingnext 10-K
- VLN repayment and distribution conditions after October 20262026
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
D9 operates as an investment vehicle that holds its infrastructure businesses. The main ones are Arqiva, a UK provider of radio and TV broadcast and smart water and energy metering services, and Elio Networks, a fixed wireless connectivity operator in the Dublin area 1. Portfolio revenues were £732.3 million in 2025, up 5%, while EBITDA fell 5% to £316.8 million 1. The company fully repaid its revolving credit facility and ended the year with a net cash position of £39.3 million, excluding the VLN 1.
The financial structure is dominated by Arqiva debt and the vendor loan note (VLN), which is non-recourse to the rest of the group and secured only on the Arqiva shares 1. Management valued the Arqiva stake at nil at 31 December 2025, reflecting recent minority transactions at lower values and a more prudent revised business plan rather than a deterioration in operations 1.
The company describes a gradual exit from its holdings, and Elio Networks could be realised in phases within this context, while the board considers retaining it the most likely way to maximise shareholder value 1.
Segments
Arqiva
Arqiva provides broadcast services for the BBC, ITV, Channel 4 and Sky, and water and energy metering services for customers such as DCC and Thames Water 1. Pro-rata revenue for 2025 was £375 million and EBITDA £162 million, with margins under pressure from competitive DTT capacity pricing and a mix shift towards lower-margin utilities work 1.
Market context
The UK smart metering market could benefit from accelerated meter rollout recommended by the Independent Water Commission, and AMP9 volumes from 2030 are expected to be similar to or greater than AMP8 1. By contrast, DTT broadcasting faces pricing competition and policy uncertainty over the future of TV distribution, including transmission contracts with public service broadcasters expiring from 2030 1.
For Elio, the Dublin connectivity market rewards resilience and dedicated bandwidth, and the company has gained share in segments that value these characteristics 1.
Trends
- Smart water meteringtailwind
Recommendations to accelerate smart meter installation could support Arqiva utility contract growth through AMP8 and AMP9 1.
- Decline of DTT broadcastingheadwind
Policy on the future of terrestrial TV and competitive pricing pressure on DTT capacity could reduce margins in the broadcast segment 1.
- Inflation and indexationmixed
Indexation lifted revenues, but inflation-linked swaps create accretion payments that could weigh on cash flow 1.
- Acquisitions at Eliomixed
A buy-and-build strategy at Elio could widen the customer base but requires additional financing 1.
Competitive position
In broadcasting, Arqiva faces price competition in DTT capacity, which has reduced margins on renewed contracts 1. In fixed wireless connectivity in Dublin, Elio competes on resilience, dedicated bandwidth and rapid deployment 1. The sources do not explicitly name competitors, so the list below contains no names provided by the document.
- DTT capacity and broadcast providers
Pricing competition in DTT broadcast capacity is mentioned in the report without naming specific entities.
- Other smart metering providers
The UK utilities metering market attracts other providers, as the AMP8 tender context described in the report indicates.
- Irish fixed wireless providers
Elio competes with other broadband operators in the Dublin area, unnamed in the source.
- Enterprise connectivity providers
For corporate clients, Elio competes on resilience and dedicated bandwidth requirements.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202512 May 2026
- Annual report 202407 May 2025
- Annual report 202307 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Digital 9 Infrastructure plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.