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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Digital 9 Infrastructure Plc | LSE:DGI9 | London | Ordinary Share | JE00BMDKH437 | ORD NPV |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| -0.60 | -2.82% | 20.70 | 69,800 | 08:02:59 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 21.10 | 21.30 | 20.70 | 20.70 | 20.70 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | 102.13M | 92.07M | 0.1064 | 1.95 | 179.09M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 08:30:09 | O | 782 | 21.10 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 28/3/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Unaudited Portfolio Valuation and Unaudited.. |
| 26/3/2024 | 12:46 | ALNC |  EARNINGS AND TRADING: Michelmersh profit up; Journeo wins bus deal |
| 25/3/2024 | 17:30 | UK RNS | Digital 9 Infrastructure PLC Result of General Meeting |
| 25/3/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Directorate Changes and Company Update |
| 15/3/2024 | 20:31 | ALNC | IN BRIEF: Digital 9 completes sale of Verne for around GBP450 million |
| 15/3/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Verne Global Sale Completion |
| 06/3/2024 | 11:51 | ALNC | IN BRIEF: Digital 9 shares jump on Iceland approval for Verne sale |
| 06/3/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Verne Global update – Icelandic statutory.. |
| 05/3/2024 | 10:00 | UK RNS | Digital 9 Infrastructure PLC Verne Global update – Finnish statutory.. |
| 04/3/2024 | 16:30 | ALNC | EARNINGS AND TRADING: Impairment charge pushes Quartix into the red |
Digital 9 Infrastructure (DGI9) Share Charts1 Year Digital 9 Infrastructure Chart |
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1 Month Digital 9 Infrastructure Chart |
Intraday Digital 9 Infrastructure Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 24/4/2024 | 10:04 | Set your fibres a tingling with DGI9 | 1,971 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 07:30:09 | 21.10 | 782 | 165.00 | O |
| 07:30:04 | 21.24 | 235 | 49.92 | O |
| 07:29:51 | 21.13 | 61,000 | 12,886.98 | O |
| 07:20:15 | 21.24 | 923 | 196.00 | O |
| 07:16:13 | 21.18 | 33,077 | 7,004.39 | O |
| Top Posts |
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Posted at 25/4/2024 09:20 by Digital 9 Infrastructure Daily Update Digital 9 Infrastructure Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker DGI9. The last closing price for Digital 9 Infrastructure was 21.30p.Digital 9 Infrastructure currently has 865,174,954 shares in issue. The market capitalisation of Digital 9 Infrastructure is £184,282,265. Digital 9 Infrastructure has a price to earnings ratio (PE ratio) of 2.00. This morning DGI9 shares opened at - |
Posted at 19/4/2024 08:36 by b1nky All we need is one of the assets to be sold off at a price which is halfway between what the board say it's worth, and what the share price is saying it's worth, and we see an immediate large re rating of the share price This can come at any time. Maybe JPM is aware of a deal being done. |
Posted at 10/4/2024 17:01 by tigerbythetail In the end I'm none the wiser about the true value and prospects of Arqiva.I accept that the towers have value outside TV broadcasting, but how much? And for how long will TV broadcasting continue? As for smart meter monitoring, is that really more than a sideline? And then Arqiva is leveraged so highly, and in turn Arqiva's 48% ownership of it is leveraged by the presence of the VLNs, that small upturns and downturns in Arqiva's profitability will lead to hugely magnified variations in the value of DGI9's stake in it. I'm confident enough in the value of DGI9's other assets that I'm happy to be invested here at the current share price. I even think there will likely be value in the Verne earn-out. But Arqiva, to be honest, I haven't got a clue. Hopefully the vulture kangaroo can unload their 25% of Arqiva soon; that would put a firm value on DGI9's own stake. |
Posted at 03/4/2024 15:31 by donald pond Well, I just had an hour and a quarter chat with the board, Charlotte, Aaron and Galiena.They were very open but didn't say anything that I felt was confidential. The upshot of it doesn't really add much to what we already know. 1) The fund was launched as a high yield play. That was, with hindsight, probably a mistake, but at the time of launch wealth managers only wanted yield so that is what the manager provided. But the end product was a mishmash of capital hungry growth stocks and a dividend being paid out of capital. 2) Arqiva was the way to address this and was intended to be the cash cow. Unfortunately, the short term RCF was the problem. I am not entirely convinced about this, as at the time the acquisition was announced, inflation was already running at 9%. On the other hand, I held shares in GCP back then and remember selling them in the 120s in July 2022, so although inflation was running high, yield stocks had yet to collapse. Anyway, they had planned to manage the RCF by issuing shares but that couldn't happen so servicing the RCF became the focus. 3) The Arqiva shareholder loans are not relevant. All shareholders have them: they could be written off and what you would lose on the loans you would gain on the equity. So don't worry about them. 4) The NAV is sound. All of the underlying assets are performing well, though some need more capital if they are to make the most of the opportunities available. 5) Current debt is manageable. 6) There is a strong sense the market doesn't understand Arqiva. Macquarie are currently looking to sell their 25% stake and that might provide more insight to the market. 7) The big shareholders here are the wealth managers. I suggested, and the board didn't disagree, that these are more likely to be selling into strength rather than adding. The board were very frustrated at the lack of market response to the last few items of news, which they thought were very positive. But as with much of the UK market, any strength is being sold into, and most managers would sooner sell the shares for 22p than explain to the clients why they were still holding onto them. 8) They weren't looking for sympathy, but this is clearly something that the board are spending a lot of time on. 9) They didn't say much about the departure of the 2 new directors, but did say that they felt the nature of the underlying assets meant that a self-managed fund wouldn't be popular with many investors. I believe that Brett Miller has been involved in self-managing a couple of debt funds before, but this is a different beast. 10) The main sense was one of frustration. They clearly understand everyone else's frustration too (Aaron mentioned he had bought in at launch, prior to even being appointed to the board). The assets are good, they are performing well, but the market just won't recognise any of this. We discussed how to improve this and it was agreed that communicating better the cashflows coming from the operating businesses and any sales, and how these are ample to service debt and manage investment into the existing portfolio was key. Charlotte kept emphasising that the assets are good and that it would be madness to sell them for less than a fair price. Overall I was left thinking that the share price is far too cheap. The NAV probably is about right, but the volumes here are so low that all it takes is one or two sellers and the share price is knocked back. There is always the chance that a bidder comes in for the lot. So, it is far too cheap but I don't know what will be the catalyst for that to change. That's the sum of it. |
Posted at 20/3/2024 21:58 by invisage Just read Oak Blokes piece on Arqiva to better understand what is going onhxxps://theoakbloke. Operating Profit is £238m (of which £114.3m accrues to DGI9). Obviously operating profit removes the concern that using EBITDA for an infrastructure player (where D or Depreciation is significant). In fact good news here. The fall in depreciation you see above, year on year is permanent - where in 2022 some one-off charges were made for legacy equipment being written off, via a Group IT transformation programme. £114m well affords a £20m dividend. It could afford a £50m dividend. (which was the cost of the previous dividend which would be a 20% yield at today’s prices). It could afford a 44% yield dividend theoretically. The magic trick is the bit I’ve highlighted. “Accrued interest on shareholder loan notes” refers to the fact that DGI9 and one other shareholder are accruing profits in Arqiva. So this is a form of shareholder funds (by another name). They also award themselves a 13-14% interest so that’s why this “interest̶ If you strip out that noise, the business owes £1,566.3m (inc. lease liabilities). Still a large amount. The repayment profile means some further refinancing is needed or paid down. So the fact dividends aren’t being paid to DGI9 is no bad thing. Debt costs 7.2% (£130.1m a year) so it’s worth doing. There are, too, hedges to complicate the world but we know from DGI9 the effect of these disappears in 4 years. Valuation The deep dive has confirmed a couple of things. Arqiva is as exciting a holding as I thought. In fact more so. Let’s consider the recent news about fellow smart meter provider Smart Meter Systems (SMS) being acquired. Let’s consider what that means for Arqiva. For a start Arqiva’s smart metering is almost double the size of SMS. (£110m vs £189m of ILARR - I’m being generous and including traditional meters in SMS’s £110m… Smart Meters are £70m actually). Arqiva have 25% market share of UK Smart Meters versus SMS who have 14%. SMS was bought at an EV / EBITDA multiple of 20.0x (calculated based on LTM Pre-exceptional EBITDA of £71 million as of June 2023). By comparison Arqiva has an EV/EBITDA of 11 (£3,714.2m/£337m) - again stripping out all the shareholder loan note stuff, so that implies that Arqiva could be worth £6.74bn (£337m x 20). If it were to occur, that would equate to a £1.45bn gain to DGI9….. or £1.68 per DGI9 share. (Note SMS have a EV car charger, a BESS and energy services business whereas Arqiva have a Media & Broadcasting business so you may disagree the same valuation methodology should apply…… in my opinion Arqiva’s other business is at least as valuable as asset as its Smart Meter business) The growth plans and the tailwinds it address along with the stability of utility like RPI linked income make this attractive indeed. You could buy the whole of DGI9 currently for £255m and own 48.02% of what looks to have £855m of net assets - so a near 50% discount to NAV. With a takeover potential which would take it to 90% discount to NAV…… And that’s ignoring all of DGI9’s other assets. On Arqiva alone, DGI9’s current share price makes no sense. The fact DGI9 has fallen in price maybe its people simply not understanding the assets and holdings. Or maybe the world have grown desensitised to “Discount to NAV” and assume such numbers are hocus pocus. Just snares to entrap the unwary. |
Posted at 15/3/2024 14:45 by invisage Patience is a virtue.The value in DGI9 will come in lumps IMO.... When they make sales the share price will spike and the value will be distributed in the form of shareholder returns.... The main reason the share price does not advance further is lack of institutions buying if any. Small private investors dumping into spikes but not really understanding what DGI9 is worth. To get max value we need to see out the process of asset sales and realisations, which means being patient and let it play out. Even if we got 50p over 1-2 years that is a decent return. |
Posted at 14/3/2024 15:13 by alan pt Thanks for that summary. Closest comparator CORD uses 9.8% discount rate (so DGI9 are distinctly more conservative there), trades on a 37% NAV discount (perhaps negatively impacted by DGI9)If we apply the same share price discount to your 65p NAV, that would give a 41p SP, which seems more or less in line with what I'd guess as a possible top price in the near term (but more likely in the 30s given the negative hangover) Was the recent dip the final bit of dumping? That would be a bold prediction given the history, but we can hope. My 20p limit buy has been sitting there in case, but hasn't triggered, must be about the only time I was actually too negative about the share price :) |
Posted at 06/3/2024 21:45 by cyberbub Thanks Riverman. So if your share price target is 60p you must think there is 70p to return eventually? And so if they sell 10p/share worth of assets, shareholders get 10p cash and the share price drops by 10p? And sell another say 20p/share of assets, get 20p cash, share price drops by 20p... until the share price reaches zero or thereabouts, and possibly becomes a cash shell?Ultimately then it's just a bet on what you calculate the assets returnable will amount to. If you think 70p then buying at 25p is obviously a no brainer, if you're willing to wait a couple of years to almost treble your money? |
Posted at 09/2/2024 09:42 by tigerbythetail Barring Armageddon, (in which case we all have bigger problems than DGI9!), this isn't a zero.The problem isn't with the underlying assets, which are sound enough, but with liquidity at the DGI9 level. This is a "debt juggle" until the assets can be liquidated. And, like it or not, the managers have a "get out of jail at a cost" card. Which is to raise new equity at a steep discount and to dilute existing holders. IMO, this is already pricing in, and the consequence would be, given that the concerns over liquidity would be eased by the money from the raise, that after the raise the share price would rise. I make it that in a fire sale scenario the assets are worth roughly around 60p per share. Even if it is necessary to double the number of shares in issue to resolve the cash-flow crisis, then these shares are worth a lot more than the current share price. And if a raise isn't necessary, even more so! |
Posted at 02/2/2024 14:46 by tigerbythetail I also wonder how much selling there still is to come. Mr. Market can be quite irrational, and even hysterical, at times like this.I believe a lot of the selling is mandate-driven. The removal from FTSE 250, the falling share price, the big discount to NAV, the cancelled dividend etc., these are all events that trigger automatic fund selling. That selling is both risk and opportunity for us. It's hard to believe DGI9 can go lower than the current share price, given the worst-case sales value of the various assets DGI9 owns. But, yes, it can. |
Posted at 22/1/2024 09:13 by cc2014 DGI9 are already in an urgent fire sale situation.The half year accounts for June 23 have an on-going concern statement in them The year end ones yet to be published will be the same There is an RNS somewhere which suggests that even after the sale of Verne there is a "residual" on-going concern to be resolved. An oversimplification summary is that DGI9 cannot pay back the RCF which is due for repayment in June and have been unable to so far roll the facility. It would be usual to roll the facility about 1 year before renewal date (or find another lender). So, the Verne sale needs to go through. I think there are 3 possible scenarios; 1. The Verne sale goes through as planned and the share price will rally, perhaps significantly 2. The Verne sale goes through but at a lower price because the Verne Iceland business is worth less post volcano as it's future income stream has been affected. 3. The Verne sale falls apart resulting in a share price fall The "market" has analysed the likelihood and impact of 1,2 and 3 (and everything else) and come up with a share price of 27p. Whether that is right or wrong is the nature of this game and what makes a market |
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