Cordiant Digital Infrastructure Ltd's (LSE:CORD) growth engine is firing on all cylinders.
Panmure Liberum says the company’s “buy, build and grow” strategy is proving its worth, with first-quarter EBITDA across the portfolio jumping nearly 10% year-on-year to £41.6 million and revenues up 9% to £85.3 million.
The acceleration underlines that both its crown jewels and newer additions are pulling their weight.
Poland’s Emitel and the Czech broadcaster CRA remain the bedrock. Emitel’s EBITDA rose 7% to £23.4 million, thanks to strong demand for mobile towers and inflation-linked uplifts on contracts.
CRA managed a steadier 2% EBITDA increase to £11.9 million, with broadcasting and cloud services growth offsetting seasonal softness. Together, they continue to anchor the portfolio.
Speed Fibre in Ireland delivered a robust 11% uplift in EBITDA to £5.7 million despite the sluggish fibre market, while Datacenter United, acquired earlier this year, is bedding in well with £8.6 million of revenue and £2.6 million EBITDA for the quarter.
Hudson Interchange in the US remains loss-making, but its EBITDA deficit narrowed and new sales momentum is building ahead of a capacity expansion in 2026.
Cordiant’s financial footing looks sound. Liquidity at the end of June was £218 million, split across cash, portfolio balances and undrawn credit. Net debt stands at £686 million, equal to 4.6 times EBITDA, but with no maturities until 2029, refinancing risks are limited.
Panmure Liberum’s view is upbeat: the portfolio is delivering growth across multiple markets, proving the strength of the operating model.
With a 4.8% dividend yield and shares still trading at a 27% discount to net asset value, the broker argues the investment case looks increasingly compelling.
The shares were up 2p at 95.8p.