Cordiant Digital Infrastructure Limited · LSE:CORD
Cordiant Digital Infrastructure — Investor Day (April 2023)
90 slides from Cordiant Digital Infrastructure's investor day presentation, Apr 18, 2023
Slide 1: Cordiant Digital Infrastructure Limited Capital Markets Day
Cordiant Digital Infrastructure Limited Capital Markets Day 18 April 2023
Slide 2: Cordiant Digital Infrastructure Limited Capital Markets Day 2023
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 1
Slide 3: Disclaimer
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Disclaimer By attending the meeting where this presentation is made, or by reading the presentation restrictions could result in a violation of the laws of such jurisdiction. In particular, this document and slides, you agree to be bou
Slide 4: Agenda, portfolio & strategy review
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Agenda, portfolio & strategy review Steven Marshall Co-Head and Chairman, Cordiant Digital Infrastructure Chairman of the Digital Infrastructure Investment Committee 3
Slide 5: Agenda
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Agenda Welcome & introduction 09:30 Steven Marshall Portfolio & strategy review 09:35 Steven Marshall and Benn Mikula The changing digital infrastructure landscape and 09:55 Kevin Moroney and Atul Roy how Cordiant adds value Sustainabi
Slide 6: Highly experienced independent non-executive directors
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy Highly experienced independent non-executive directors Shonaid Jemmett-Page Marten Pieters Chairman Non-executive Director Sian Hill Simon Pitcher Non-executive Director Non-executive Director (Senior Independent D
Slide 7: Recap of our mandate
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy Recap of our mandate Hands-on value Core Plus Invest in the core Blue chip Inflation … creation by a team approach: expand infrastructure of UK, Europe customers + long- heavy on operating high-quality protection +
Slide 8: Timeline since IPO
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy Timeline since IPO £795m 4p £234m 6m equity raised and substantially target dividend well covered by liquidity for M&A and growth (0.78% of total share capital) deployed earnings and cash flow capex owned by the Ma
Slide 9: A highly diversified asset base with robust financial results
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy A highly diversified asset base with robust financial results A well-diversified asset mix 7 ca.17MW ca. 4,368km 9 data centres of data centre power capacity fibre network multiplexers operated 1,200 60 4,586 ca. 6
Slide 10: Portfolio & strategy review
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy review Benn Mikula Co-Head, Cordiant Digital Infrastructure Managing Partner & Co-CEO, Cordiant Capital 9
Slide 11: Portfolio kicking into gear
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy Portfolio kicking into gear Highly contracted revenue base1 Revenue from contracts likely to renew and new business CRA contributing since May 2021 23% Strong pipeline of acquisition Hudson Interxchange (HIX) oppor
Slide 12: Mission critical assets
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy Mission critical assets • Post-IPO, CORD acquired two high-quality assets at attractive prices • Both Emitel and CRA are diversified platforms with clear potential to benefit from the Buy, Build & Grow strategy • C
Slide 13: Our vision
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy Our vision What is CORD? What is CORD doing? Strategic priorities Acquiring a diversified portfolio of Deploy capital to build new A specialist digital infrastructure fund assets in UK, Europe and North infrastruct
Slide 14: Where does CORD go from here?
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy Where does CORD go from here? Key initiatives this year 1 Strategic value creation in the tower portfolio 2 Leverage embedded strategic value of US and European assets 3 Refinance Emitel on the back of better-than-
Slide 15: How Cordiant Digital Infrastructure adds value
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Portfolio & strategy How Cordiant Digital Infrastructure adds value As a Core Plus Our sector experts Digital infrastructure The way CORD and How CORD and its product CORD looks here today, Kevin assets are long-lived its companies com
Slide 16: Adding value in an evolving digital infrastructure market
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Adding value in an evolving digital infrastructure market Kevin Moroney Managing Director 15
Slide 17: Broadcast: a core pillar of the digital future
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 1 Broadcast A core pillar of the digital future Myth Reality “Broadcast will be Broadcast and streaming will co-exist, with new applications for replaced by broadcast adding value to many players in the value chain streaming” “Br
Slide 18: Digital terrestrial TV has many technological advantages
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 1 Broadcast Digital terrestrial TV (DTT) has many technological advantages 1 A very efficient and cost effective way to distribute live linear TV content to mass audiences 2 Environmentally friendly with the lowest energy consump
Slide 19: DTT's bandwidth and energy consumption advantages
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 1 Broadcast DTT’s bandwidth and energy consumption advantages Bandwidth efficiency Energy consumption DTT DTT uses broadcast from one source to all viewers – In Poland, Carnstone estimated energy means it is very efficient in ter
Slide 20: Viewer choices are about content and not the distribution platform
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 1 Broadcast Viewer choices are about content and not the distribution platform • Free to air broadcast TV remains UK subscription video on demand (SVOD) - top 5 providers - subscriber additions stable and popular in Poland and (t
Slide 21: Technology roadmap for digital broadcast
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 1 Broadcast Technology roadmap for digital broadcast • Improved picture Picture Future SD HD UHD, 4K quality with higher Quality developments bitrate • Increased number Future of services Encoding MPEG-2 MPEG-4 HEVC developments
Slide 22: Adding value in an evolving digital infrastructure market
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Adding value in an evolving digital infrastructure market Atul Roy Managing Director 21
Slide 23: There are many types of data centres
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 2 Data centres There are many types of data centres • Data centre use cases vary quite significantly • Many customers use more Hyperscale Wholesale Colocation Cloudscale By use case than one type of data centre • Hyperscalers are
Slide 24: Another way of looking at cloud players
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 2 Data centres Another way of looking at cloud players Technology stack Services Key customers Business model • SaaS • Larger enterprises • Pay as you go (SaaS) Applications Cloud • Governments • SMEs Operating system • PaaS • Sa
Slide 25: Evolving landscape of edge and interconnect data centre demand
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 2 Data centres Evolving landscape of edge and interconnect data centre demand Delay Internet speed test – NYC and London Z1 Augmented Tactile Autonomous reality internet driving 59.8 91.0 489 343 Virtual Mbps Mbps Mbps Mbps reali
Slide 26: Growing demand and reliance on edge and interconnected data centres
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Topic 2 Data centres Growing demand and reliance on edge and interconnected data centres Change in cost patterns – the increasing amount of data and its transport cost New low-latency applications – e.g. mobile gaming, 3D navigation, a
Slide 27: A focus on sustainability
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 A focus on sustainability Benn Mikula Co-Head, Cordiant Digital Infrastructure Managing Partner & Co-CEO, Cordiant Capital Lori Trotter Head of Communications & Head of ESG/Impact 26
Slide 28: SFDR Article 8
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Sustainability SFDR Article 8 CORD is a SFDR Article 8 financial product. To promote environmental characteristics Cordiant implements a 3-layered approach, targeting reducing electricity consumption and enhancing sustainability of ass
Slide 29: Approach to responsible investment
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Sustainability Approach to responsible investment Two parallel and equally important concepts ESG approach Impact lens • A central pillar of Cordiant’s investment approach is the combination of • Cordiant views both sides of impact: su
Slide 30: ESG and impact integration – three key linchpins
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Sustainability ESG and impact integration – three key linchpins Cordiant applies its ESG & impact standards and principles in accordance with the firm’s Responsible Investment Policy. Our approach builds upon previously implemented met
Slide 31: Cordiant's granular approach
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Sustainability Cordiant’s granular approach As an inherently impactful sector, digital infrastructure offers Cordiant the opportunity to select companies where investment and active engagement can intentionally generate positive and me
Slide 32: Emitel – select key initiatives
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Sustainability Emitel – select key initiatives Sustainability Community Procurement of 100% carbon free Employee volunteering initiatives – energy and rollout of solar PV Emitel for Ukraine panels (5MW); biodiversity promoted on Emitel
Slide 33: CRA – select key initiatives
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Sustainability CRA – select key initiatives 1 2 Environment Other ✓ CRA is working towards reducing the carbon footprint of ✓ High standards of health and safety, subject to regular inspections by operations, currently working to facil
Slide 34: Hudson Interxchange – select key initiatives
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Sustainability Hudson Interxchange – select key initiatives • While the building was built in circa 1930, HIX has employed modern equipment to enable a power utilisation efficiency (PUE) of 1.431 in a building where others are 2.0 or a
Slide 35: Q&A: panel with Steven Marshall and Benn Mikula
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Q&A: panel with Steven Marshall and Benn Mikula 34
Slide 36: Coffee break
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Coffee break 35
Slide 37: Emitel: introduction and update on operations
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel: introduction and update on operations Andrzej J. Kozlowski Chief Executive Officer 36
Slide 38: Cordiant Digital Infrastructure Limited Capital Markets Day 2023
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 37
Slide 39: A leading digital infrastructure provider in Poland
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel A leading digital infrastructure provider in Poland Leading provider of nationwide TV and radio terrestrial broadcasting services and leading independent operator of telecom infrastructure in Poland 1 2 3 4 Telecom Telecom Trans
Slide 40: Senior leadership team and workforce
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Senior leadership team and workforce Combined relevant senior experience of over 90 years 5 10 8 8 Highly qualified Years at Emitel Years at Emitel Years at Emitel Years at Emitel workforce Andrzej J. Kozlowski Jerzy Godek Macie
Slide 41: 5-year strategic vision
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel 5-year strategic vision Accelerate growth in telecom infrastructure rental Grow digital terrestrial TV & multimedia footprint Build position in new areas: smart cities, data centres, drone solutions Establish sustainability as k
Slide 42: Macro environment in Poland
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Macro environment in Poland Strong real GDP growth1 Lower debt-to-GDP ratio1 7% 7% 7% CY 2020 CY 2021 CY 2022 5% 5% 5% 155% 150% 147% 3% 3% 120% 1% 1% 118% 116% 97% 95% 93% 68% 69% 67% 57% 54% 50% (2%) (2%) (4%) (6%) (10%) CY 20
Slide 43: Structural tailwinds supporting our key markets
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Structural tailwinds supporting our key markets Dispersedly populated country with high broadcast TV consumption...1 …underpins DTT penetration in Poland with a healthy TV ad market A nation of towns, not concentrated in cities1
Slide 44: Earnings model
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Earnings model % of Revenue Key drivers 2022 1 TV Broadcasting • Recurring revenues from broadcasters for distribution of their channels on Emitel’s MUXes 60% • Driven by bandwidth used / # of total MUXes slots1 / # of emissions
Slide 45: Economic model
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Economic model Contracts Contracted backlog1 # Customers Escalators 1 TV Broadcasting Up to 10 years 7+ years 12 broadcasters 50%-100% CPI 2 Radio 100% CPI for public Up to 10 years 3+ years 55 broadcasters Broadcasting broadcas
Slide 46: Robust balance sheet and cash flow management
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Robust balance sheet and cash flow management ~63% 8.6% 3.6x EBITDA EBITDA margin1 Net debt to EBITDA2 CAGR 2020-22 PLN 224m 2.26x 65% FOCF conversion3 (£42m) Cash flow cover of Cash on balance sheet2 interest expenses1 1. For t
Slide 47: Growth opportunities
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Growth opportunities Both organic and inorganic opportunities are being pursued in line with CORD’s Buy, Build & Grow strategy IoT applications for smart cities 1 2 5G & public protection Filling available DTT and disaster relie
Slide 48: Positioned for growth
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Positioned for growth High revenue and EBITDA growth Continued EBITDA growth trajectory (illustrative) +10.6% 548 486 25 449 23 94 25 80 74 102 Revenue 99 95 (PLNm) 254 284 327 Illustrative recurring 2020A 2021A 2022A EBITDA 65.
Slide 49: Growth expected in DTT
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Growth expected in DTT Emitel’s MUXes are nearly fully utilised with typically MUX 6 launched 9 applications Potential to high demand to take up any available capacity, providing in February previously upgrade to potential for m
Slide 50: Conclusion
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Emitel Conclusion Emitel is the undisputed #1 provider of broadcast infrastructure in Poland and is a strong Stable and predictable 1 revenues linked to inflation independent mobile infrastructure operator, benefiting from long-term, i
Slide 51: CRA: introduction and update on operations
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA: introduction and update on operations Miloš Mastník Chief Executive Officer 50
Slide 52: Cordiant Digital Infrastructure Limited Capital Markets Day 2023
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 51
Slide 53: Company overview
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Company overview 1 Un-replicable asset base complemented by MUXes (multiplexes) Effective coverage TV Broadcasting of the highest reach in the Czech Republic MUX 2.1: ~99% MUX 2.2: ~98% Radio MUX 2.3: ~98% Broadcasting 2 CRA towers
Slide 54: Management team and workforce
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Management team and workforce Experienced management team with efficient and flat organisational structure Presenting today: Miloš Mastník Petr Možiš Jiří Černík 159 CEO CCO CFO Combined years of senior management experience 7 year
Slide 55: Mid-long term strategic vision
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Mid-long term strategic vision CRA frees up capacity from everyday infrastructure management Mission to improve the world through efficiency and focus on innovation Continue being the leading digital infrastructure provider in the
Slide 56: Macro environment in the Czech Republic
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Macro environment in the Czech Republic Strong real GDP growth1 Lower debt-to-GDP ratio1 7% 7% CY 2020 CY 2021 CY 2022 5% 5% 155% 150% 147% 4% 1% 2% 3% 1% 3% 120% 118% 116% 97% 95% 93% 68% 69% 67% (2%) 38% 42% 45% (5%) (4%) (6%) (1
Slide 57: Structural tailwinds supporting our key markets
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Structural tailwinds supporting our key markets Dispersedly populated country leads to…1 Promising IT outsourcing market in the Czech Republic3 > 1m > 1m 11.0% 11.0% 11m-0.1m 11m-0.1m 8.9% 8.9% 0.1m to0.1m 0.05m to 0.05m 11.4% 11.4
Slide 58: Maximising utilisation of assets
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Maximising utilisation of assets • TV and radio broadcasting antennas • MNO equipment • ISP and OLO equipment • Point-to-point connectivity TV broadcasting • CRA microwave backbone network • IoT gateways Radio broadcasting Towers •
Slide 59: Earnings model
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Earnings model % of Revenue Description 2023E 1 TV Broadcasting 36% • Recurring revenues from broadcasters for distribution of their channels on CRA’s MUXes Radio • Driven by # of channels and their quality with volume and/or contr
Slide 60: Economic model
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Economic model Contracts # Customers Escalators 1 TV Broadcasting 5-10 years 10s Full CPI Radio Broadcasting 10+ years 10s # FM sites 2 Mobile Towers 3 MNOs & Backbone 10+ years CPI &/or # PoPs & 10s-100s ISPs/OLOs Telecoms 2+ year
Slide 61: Robust balance sheet and cash flow management
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Robust balance sheet and cash flow management1 ~50% 2.6x 100% EBITDA margin1 Net debt to EBITDA2 Hedged interest cost3 CZK 1.1bn 64% 7.4x FOCF conversion4 (£41m) Interest cover5 Cash on balance sheet2 1. For the year ended 31 Decem
Slide 62: Growth opportunities
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Growth opportunities In parallel with the organic growth strategy, CRA assesses M&A opportunities in infrastructure and tangential to CRA value chain to use its cash generating capacity to further the overall CORD Buy, Build & Grow
Slide 63: Conclusion
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 CRA Conclusion 1 CRA is a national broadcasting champion with unrivalled broadcasting infrastructure operating three of the country’s four nationwide multiplexes CRA is able to leverage its assets multiple times with synergistic produc
Slide 64: Hudson Interxchange: introduction and update on operations
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange: introduction and update on operations Art Valhuerdi Chief Technology Officer 63
Slide 65: What is an interconnect data centre?
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange What is an interconnect data centre? 60 Hudson is the crown jewel Altman Solon 64
Slide 66: Senior management team
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Senior management team 154 Combined years of 8 TOM BROWN senior management FTEs President & CEO experience OPERATIONS MARKETING SALES ARTHUR THERESA LIPIRO KEVIN MALONEY PATRICK VALHUERDI VP, Marketing VP, Business
Slide 67: 60 Hudson Street
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange 60 Hudson Street Utilities • Directly connect to the Utility at 13,200V, only direct service for a tenant of the building • 12MW of generator capacity expandable to 24 700k+ 21MW Total building Sq.Ft. of telecom flo
Slide 68: Asset challenging to replicate
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Asset challenging to replicate To replicate the tenant ecosystem of an interconnected data center/carrier hotel, numerous logos would need to be attracted to the facility Interconnection Unique features • Over 300 g
Slide 69: Low latency
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Low latency Get there faster with a direct route Even though the distance is shorter, flying direct from JFK to LAX is faster than taking a connecting flight from PIT through CMH to LAX. The same can be said for net
Slide 70: Cordiant Digital Infrastructure Limited Capital Markets Day 2023
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 69
Slide 71: Turn-key space
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Turn-key space 6th floor data hall • 5MW • Raised floor construction 70
Slide 72: Power
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Power • MicroGryd™ of utility grade power • Generator back-up: N+1 • Four 3 MW diesel generators • Expansion for three additional generators 71
Slide 73: Back-up
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Back-up • UPS and battery back-up: N+1 • Full mission-critical back-up 72
Slide 74: Back-up
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Back-up • PUE of 1.43 • Cooling system: N+1 • 7 rooftop cooling towers • 5 cooling pumps 73
Slide 75: Significant power available
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Significant power available Utility Owned Isolation 6 MW Feeders Transformers 6th Floor HUDIX Substation Owned Equipment A Feed 6th Floor Substation HUDIX Owned ConEd Equipment HUDIX Leonard Secondary Street Gear HU
Slide 76: Our vision
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Hudson Interxchange Our vision Starting from a unique strategic asset base, building a national and international interconnect network 75
Slide 77: Q&A: panel with Andrzej, Miloš, Art & Steven
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Q&A: panel with Andrzej, Miloš, Art & Steven 76
Slide 78: Market dynamics of digital infrastructure
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics of digital infrastructure Steven Marshall Co-Head and Chairman, Cordiant Digital Infrastructure Chairman of the Digital Infrastructure Investment Committee 77
Slide 79: Cordiant Digital Infrastructure's value creation model
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics Cordiant Digital Infrastructure’s value creation model Traditional infrastructure investing (indicative) Cordiant Digital Infrastructure – Buy, Build & Grow strategy (Core Plus and Value Add, indicative) …driven by a un
Slide 80: The good news: demand holds up despite headwinds
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics The good news: demand holds up despite headwinds Digital Infrastructure The sector remains a beneficiary of significant tailwinds 3rd largest infrastructure category Average annual capex need, Global volume of data crea
Slide 81: New financial conditions favour Buy Build & Grow
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics New financial conditions favour Buy Build & Grow… Interest rates (5-year swaps) – then and now1 Implications • Infrastructure investing moves to a Core Plus / Value Add 3.777% model 3.341% • A prudent approach to debt b
Slide 82: Market dynamics of digital infrastructure
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics of digital infrastructure Benn Mikula Co-Head, Cordiant Digital Infrastructure Managing Partner & Co-CEO, Cordiant Capital 81
Slide 83: …leads to some repricing
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics …leads to some repricing Drop in multiples for mid market deals creates opportunities for CORD 10% increase 28.5x 12m prior 6m prior Today CY '21 CY '22 26.0x 23.5x 14% decrease 16% decrease 20.2x 18.8x 18.8x 15.7x 10.8
Slide 84: UK and German fibre markets challenged
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics UK and German fibre markets challenged Higher interest rates and reduced debt availability affect consumer-focused models in the UK and Germany which are experiencing overbuild and competitive threats 2021 typical terms
Slide 85: Our key investment themes for 2023
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Market dynamics Our key investment themes for 2023 #1 #2 #3 Interconnect & European tower Wholesale fibre edge data platform centres 84
Slide 86: Q&A: panel with Steven Marshall and Benn Mikula
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Q&A: panel with Steven Marshall and Benn Mikula 85
Slide 87: Closing remarks
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Closing remarks Steven Marshall Co-Head and Chairman, Cordiant Digital Infrastructure Chairman of the Digital Infrastructure Investment Committee 86
Slide 88: Networking lunch, thank you for attending
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Networking lunch Thank you for attending 87
Slide 89: Glossary
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Appendix Glossary Bitrate Measurement of speed of data transmission “Content Delivery Network” – A geographically distributed network of proxy servers and their data centers. The goal being to provide high availability and performance
Slide 90: Contact
Cordiant Digital Infrastructure Limited Capital Markets Day 2023 Contact Investment manager Cordiant Capital Inc. Suite 2800 1002 Sherbrooke St W Montreal QC H3A 3L6 Canada +1 (0) 514-286-1142 CordiantDigitalTrust@cordiantcap.com Media / PR Philip Dennis Felicity Winkles Ali AlQahtani Celicourt Comm
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