Cordiant Digital Infrast... Share Discussion Threads

[probablynotphil] 24/6/2024 07:25

800k director buy from Steven Marshall.

That's good enough reason for me to top up further today.

[rogen83] 24/6/2024 07:24

Another decent chunk bought by the Chairman

[rogen83] 21/6/2024 10:49

another director buy

[williamcooper104] 21/6/2024 09:00

Given the equity discount rate is 11.2 I'm getting to a market implied discount rate of 15.6 That's just wrong

[cc2014] 21/6/2024 07:48

Cordiant Digital remains a ‘buy’ after another strong year


Since announcing a £20m share buyback programme in February 2023, the board has spent £5.4m, which analysts believed was low given the portfolio’s strong earnings and low debt levels.

‘Whilst share buyback activity has been relatively modest since the buyback programme was first announced, we see potential for the company to increase the pace and/or frequency of share buybacks given the excess cashflow being generated,’ said Peel Hunt’s Markuz Jaffe.

He added that the 5.8%-yielding fund was well positioned to continue growing the dividend given the underlying portfolio’s strong fundamentals and long-term inflation-linked revenue contracts.

Liberum’s Shonil Chande noted that the discount was too wide given that Cordiant owns its businesses, has control of cash distributions, has a covered dividend and acquires in the mid-market, which provides scope for multiple uplifts in the future.

At period end, the fund had net debt of £585m, or 4.5 times the portfolio’s pre-tax profits, which he said was ‘solid’.

‘We rate CORD as “buy” with a 120p target price,’ he said.


I'll take 120p. That would be fine.

[mirabeau] 20/6/2024 15:45

Director buy

[rogen83] 20/6/2024 11:13

CRE and Emitel are valued at 40% of comparable global peers, but both businesses have far superior operating metrics

[probablynotphil] 20/6/2024 11:10

Great results and an increase from 1.3x to 1.6x dividend cover as the cherry on top. This is one of my favourite stocks to follow now, great prospects looking forward.

[rogen83] 20/6/2024 08:22

40% discount to NAV is absurd. The company should be hoovering up in a buyback. Far more accretive than doing bolt on M&A

[yump] 20/6/2024 07:14

Increasing NAV when plenty of others have dropped. Plenty of dividend cover and a nice one for anyone buying anywhere around this level and well above, while waiting for savings rates to drop off.

Perhaps it will get noticed !

[wad collector] 20/6/2024 07:09

Results look firm.

[rambutan2] 05/6/2024 22:26

Reading the AGT interim report, out today, I note that as at 31 March it held 2.6% of CORD. Recently I also noticed that CGT had picked up a few. So, the board will be kept on their toes.

[cc2014] 05/6/2024 12:43

Looks pretty clear someone is letting a bunch of stock go at just below 73p.

Probably Sarassin

[rogen83] 05/6/2024 09:51

Nice 700k buy. They didn't get them off my holding.

[gopher] 03/6/2024 12:48

I can understand why AJ Bell had to do something but it reflects badly on their judgement when venturing outside their execution strengths. Personally ignored the original email.

[cc2014] 31/5/2024 09:20

From AJ Bell. Common sense prevails but it all it shows it that the experts know nothing! Maybe we will get a bit more buying as I assume AJ Bell will take it off phone dealing


Price and value have been highlighted by the UK’s financial regulator as key factors in delivering good outcomes for customers. As an investment platform, we therefore regularly review investment manufacturers’ own assessment of the value they provide to customers. These assessments are called ‘fair value assessments’.

Certain fund managers or investment companies on our platform are not required to produce a fair value assessment, but it’s still important that we understand the value they provide. Therefore, we’ve used analysis carried out by an independent third-party 360 Fund Insight to help us understand if value is being provided.

We recently emailed you about a fair value assessment which was carried out by 360 Fund Insight on an investment you hold: CORDIANT DIGITAL INFRASTRUCTURE LTD ORD NPV. This assessment showed that the investment may not offer value over the long term.

We’ve since been in contact with the fund manager about this assessment and they have provided us with their own fair value assessment. Based on this and discussions we’ve had with the fund manager and 360 Fund Insight, we have changed some of the criteria we use to assess value and this has resulted in the investment being assessed as providing fair value.

[cc2014] 23/5/2024 14:54

One might guess Sarassin were prepared to let go 13.4m at 72p but would want perhaps something above 75p to let any more go.

One might also guess that since Sarassin have so many left the buyer was prepared buy more than 13.4m and are still going.

[rogen83] 23/5/2024 13:30

it's positive the share price has remained unaffected, so there is clearly someone on the other side of the Sarassin sale.

[cc2014] 23/5/2024 12:02

RNS out confirming Sarassin selling. Only 31m to go. Doh!

[spectoacc] 23/5/2024 09:08

Be very interesting if it's AVI buying more.

[cc2014] 23/5/2024 08:33

A 13.4m trade yesterday at 72p and so far we haven't seen other trades to see what the counterparty was.

Possibly Sarassin dumping some more?

[rogen83] 15/5/2024 17:01

Lots of decent single trades again today. Has a feeling of heading sharply higher in the coming weeks. A lot of Trusts under pressure to close these discounts so can only imagine AVI are on to the management team about next steps.

[cc2014] 15/5/2024 14:51

So, what is CORD going to do in the last 10 minutes today. Possibly someone has got some stock today so the last minute push won't be necessary but it's hard to work out which of the trades may be delayed

[williamcooper104] 14/5/2024 15:43

Mostly the debts fine Project level, amortising with no refinance risk It's the hold co/RCFs that are the problem but most trusts have or likely will be able to get those paid down by selling assets, so it's a headwind but hardly fatal

[spectoacc] 14/5/2024 15:41

Another strong UT close, but on 163k shares this time. Go CORD :)