Analysts at Liberum Capital have raised their target price for Cordiant Digital Infrastructure Ltd (LSE:CORD) to 131p following the company's completion of the acquisition of Emitel, which they said increases their look-through EBITDA forecast to around £100mln.
In a note to clients, the Liberum analysts said: "As with CRA, this is a multi-dimensional business with increasing growth prospects as data consumption accelerates. CORD’s management team is highly rated and has significant operating company experience."
They noted: "Buying multiples have been disciplined and CORD’s shares do not reflect the additional value in the CEE platforms from a sum of the parts valuation.
"We find at least c.22p of additional value in CRA and Emitel from a sum-of-the-parts valuation. Meanwhile, these are established businesses, supporting the increased dividend to 4p."
In late afternoon trade on Wednesday, Cordiant Digital shares were changing hands for 96.30p.