News & media Cordiant Digital Infrastructure Limited Announces 2nd Full-Year Results to 31 March 2023
London: Cordiant Digital Infrastructure Limited (CDIL) announced its second full year results on 22 June for the ca. $1B Core+, LSE-listed fund (LSE: CORD) managed by Cordiant Capital. Investors have responded positively to the 10% total return over the 12 months ended 31 March 2023, beating the 9% hurdle rate laid out in the fund’s prospectus. The announcement received wide coverage across the market, including from Stifel, Investec, Liberum, and Numis who reported on the results recommending CORD as a ‘buy’ based on the increase in returns and the continued growth of its portfolio company Emitel. CDIL is grateful for the overwhelmingly positive reaction from analysts and investors alike.
Stifel reported that these were “a solid set of results”, while Liberum said “CORD is delivering on its mandate and is one of the most attractively valued funds in our coverage.” Investec also shared its views and stated that “the highly contracted nature of the revenue streams (typically long-term, largely inflation linked), combined with high EBITDA margins (63% and 49% at Emitel and CRA respectively), is likely to underpin future NAV growth.” Both reiterated their Buy recommendation.
CIDL chair Shonaid Jemmett-Page said, “I am pleased to report a strong overall performance by the company, despite a challenging year for the listed investment trust sector and global markets generally”. She continued: “The portfolio we have constructed is high quality with strong potential for growth, with predominantly blue-chip clients, and is generating strong cash flows through long-term, large inflation-linked contracts. This, combined with a strong deal pipeline, access to funds and more realistic pricing for mid-market digital infrastructure assets, gives us confidence for the coming year and beyond.”
CORD’s two-year returns to date are equal to a net IRR after costs of 8.9%.
About Cordiant Capital
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 -run firm–has developed a track record of exceeding mandated investment targets for our clients.
Cordiant focuses on the next generation of infrastructure and real assets: sectors (digital infrastructure, energy transition infrastructure and agriculture value chain) characterised by growth tailwinds; technological dynamism in how customers deploy the infrastructure Cordiant is financing; and a requirement for sustainability.
With a mix of managed funds offering both value-add and core strategies in equity and debt, 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.
Press Release Disclaimer:
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Cordiant Capital and its affiliates do not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Cordiant Capital and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. The forward-looking statements are not historical facts but reflect Cordiant’s current expectations regarding future results or events. These forward-looking statements are made as of the date of this document and are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although when making a forward-looking statement, Cordiant, as the case may be, believe that the assumptions inherent in this statement are reasonable, forward-looking statements are not guarantees of future performance.
