Cordiant Digital Infrastructure Limited · LSE:CORD
Cordiant Digital Infrastructure — H1 2021 Earnings Presentation
20 slides from Cordiant Digital Infrastructure's earnings presentation, November 2021
Slide 1: Interim Results Presentation for the Period Ended 30 September 2021
Cordiant Digital Infrastructure Limited (CORD) Interim Results Presentation for the Period Ended 30 September 2021
Slide 2: Agenda Contents and speakers
Cordiant Digital Infrastructure Limited Interim Results November 2021 Agenda Contents and speakers Highlights Steven Marshall Benn Mikula Page 2 Chairman and Managing Partner, A strong start for Cordiant Digital Managing Partner, Cordiant Capital Cordiant Capital Infrastructure Limited Market contex
Slide 3: Highlights Executive summary
Cordiant Digital Infrastructure Limited Interim Results November 2021 Highlights Executive summary Ordinary share NAV total return of 3.6%, driven by return on portfolio investments of 6.2% Acquired Ceské Radiokomunikace (CRA) - a national champion and multi-asset digital infrastructure business Tar
Slide 4: Financial highlights as of 30 September 2021
Cordiant Digital Infrastructure Limited Interim Results November 2021 Highlights Financial highlights as of 30 September 2021 NAV per share (Ord) Share price (Ord) 101.6p 109.5p Net income EPS (Ord) Share price (C) £14.2m 3.7p NAV per share (C) 98.1p 104p Half-year dividend Total capital raised Cash
Slide 5: Market opportunity
Cordiant Digital Infrastructure Limited Interim Results November 2021 Highlights Market opportunity Digital Infrastructure CORD’s unique approach to this critical sector 3rd largest infrastructure category & fastest growing ‘buy, build & grow’ Average annual capex need, Mid-market focus 2017-35, USD
Slide 6: Sustainability
Cordiant Digital Infrastructure Limited Interim Results November 2021 Highlights Sustainability Focus Impact ‘Whole of network’ approach to sustainability Founding signatory of World Bank/IFC including, inter alia, (1) more efficient data centres, Operating Principles for Impact Management. (2) inte
Slide 7: Digital: A tale of several markets
Cordiant Digital Infrastructure Limited Interim Results November 2021 Market context Digital: A tale of several markets Sector deals in 2021 Large, single sector Large deals attract deals command high mega corporate and multiples financial buyers Larger deal EV Deal considerations Cordiant has secur
Slide 8: Data Centres
Cordiant Digital Infrastructure Limited Interim Results November 2021 Market context Data Centres • The data centre market is becoming increasingly segmented and each investment requires a view on Hyperscale booming Edge and interconnect both the market niche and the geographic opportunity. in deman
Slide 9: Towers, Fibre and Internet of Things
Cordiant Digital Infrastructure Limited Interim Results November 2021 Market context Towers, Fibre and Internet of Things Towers Fibre Internet of Things Cordiant continues to see carve-out First 999 kilometres a much easier Wireless-enabled, networked sensors opportunities, especially in Europe. in
Slide 10: Czech macroeconomic context
Cordiant Digital Infrastructure Limited Interim Results November 2021 Portfolio update Czech macroeconomic context GDP per capita PPP – International $ Debt-to-GDP ratio $60,000 170.0% $55,000 145.0% European Union $50,000 120.0% $45,000 95.0% $40,000 70.0% Germany $35,000 $30,000 45.0% $25,000 20.0
Slide 11: CRA
Cordiant Digital Infrastructure Limited Interim Results November 2021 Portfolio update CRA Capital invested Value of investment Typical contract 1/3 of revenue £305.9m £324.8m c.7 years government-related Overwhelming majority Total investment gain Increase in value of contracts are Solid blue chip
Slide 12: Our investment case for CRA
Cordiant Digital Infrastructure Limited Interim Results November 2021 Portfolio update Our investment case for CRA Unique & diversified Expansion potential in Robust base of contractual Strong management team asset base multiple sectors income • Cordiant and CRA teams • 660 towers1 • Data centre exp
Slide 13: CRA financials (in CZKm)
Cordiant Digital Infrastructure Limited Interim Results November 2021 Portfolio update CRA financials (in CZKm) Revenue and growth EBITDA (post-IFRS 16) and margin1 2,700 9.0% 1,600 Simulcast EBITDA4 56.0% Simulcast revenue4 1,400 55.0% 2,500 2,402 2,404 7.5% 1,315 1,277 1,286 2,316 54.0% 145 121 13
Slide 14: Statement of comprehensive income
Cordiant Digital Infrastructure Limited Interim Results November 2021 Financials Statement of comprehensive income For the period from 4 January to 30 September 2021 £’000 3.73 pence Basic earnings per ordinary share Movement in fair value of investments 18,936 Total expenses (4,783) Operating profi
Slide 15: Statement of financial position
Cordiant Digital Infrastructure Limited Interim Results November 2021 Financials Statement of financial position As at 30 September 2021 £’000 101.61 pence Investments at fair value 324,843 NAV per ordinary share Receivables 533 Cash and cash equivalents 273,567 Payables (1,091) 6.2% Increase in fai
Slide 16: NAV bridge as of 30 September 2021
Cordiant Digital Infrastructure Limited Interim Results November 2021 Financials NAV bridge as of 30 September 2021 103.0 102.0 101.0 100.0 Pence per share 4.6 99.0 101.6 98.0 (0.5) (0.6) 97.0 98.1 96.0 95.0 NAV per ordinary share following IPO Deal costs Other costs Changes to fair value Change to
Slide 17: Pipeline Capital deployment
Cordiant Digital Infrastructure Limited Interim Results November 2021 Pipeline Capital deployment Sector Region Enterprise value + Probability/status Growth Capex Potential follow-on capex Portfolio Diversified <£500m Closed Data centres <£150m Exclusivity/Advanced Data centres <£50m Bilateral/Discu
Slide 18: Conclusion Strong start for CORD
Cordiant Digital Infrastructure Limited Interim Results November 2021 Conclusion Strong start for CORD Overall NAV growth (ordinary shares) of 3.6% on the back of an increase of 6.2% in the value of CRA Dividend of 1.5p, on track to deliver 3p per share for the first financial year £273.6m of dry po
Slide 19: Disclaimer
Cordiant Digital Infrastructure Limited Interim Results November 2021 Disclaimer This document has been issued by and is the sole responsibility of Cordiant Digital The information set out herein may be subject to updating, completion, revision, verification Infrastructure Limited (‘CORD’). This doc
Slide 20: Disclaimer (continued)
Cordiant Digital Infrastructure Limited Interim Results November 2021 Disclaimer (continued) The risks associated with investing in the fund are outlined in the prospectus. These risks are based upon the fund’s investment objectives and strategies and describe the material risks of investing in the
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