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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
|
|
|---|---|---|---|---|---|
| 0.40 | 2.30% | 17.80 | 2,776,494 | 16:12:42 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 17.80 | 17.84 | 18.02 | 17.26 | 17.40 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -220.57M | -237.33M | -0.2743 | -0.66 | 150.54M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 16:15:37 | O | 25,559 | 17.8343 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 01/10/2024 | 13:34 | ALNC |  EARNINGS: Savannah Energy swings to profit; Creo loss widens |
| 30/9/2024 | 17:21 | UK RNS | Digital 9 Infrastructure PLC Results for the half year ended 30 June 2024 |
| 06/9/2024 | 18:09 | ALNC | IN BRIEF: Digital 9 cautions on portfolio valuation as probe continues |
| 06/9/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Company Update,Unaudited Portfolio Valuation &.. |
| 13/8/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Directorate Change |
| 07/8/2024 | 14:45 | UK RNS | Digital 9 Infrastructure PLC Holding(s) in Company |
| 23/7/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Directorate Changes |
| 12/6/2024 | 14:10 | UK RNS | Digital 9 Infrastructure PLC Result of AGM, Directorate change and other.. |
| 12/6/2024 | 07:00 | UK RNS | Digital 9 Infrastructure PLC Directorate Changes |
| 30/5/2024 | 16:29 | UK RNS | Digital 9 Infrastructure PLC Confirmation of Directorate Changes |
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 |
|---|---|---|---|
| 04/10/2024 | 16:20 | Set your fibres a tingling with DGI9 | 2,550 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 15:15:38 | 17.83 | 25,559 | 4,558.27 | O |
| 15:15:08 | 17.83 | 25,559 | 4,558.27 | O |
| 15:12:42 | 17.80 | 1,765 | 314.17 | AT |
| 15:12:42 | 17.80 | 10,000 | 1,780.00 | AT |
| 15:06:07 | 17.76 | 7,419 | 1,317.29 | O |
| Top Posts |
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Posted at 04/10/2024 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 17.40p.Digital 9 Infrastructure currently has 865,174,954 shares in issue. The market capitalisation of Digital 9 Infrastructure is £155,731,492. Digital 9 Infrastructure has a price to earnings ratio (PE ratio) of -0.66. This morning DGI9 shares opened at 17.40p |
Posted at 04/10/2024 10:54 by cc2014 I'm really struggling here.DGI9's stake in Arqiva has most value to existing shareholders. Why is it that Macquarie aren't buying their holding back for £250m, having sold it for £450m? I appreciate Arqiva isn't being marketed for sale but DGI9 have been open to any offer on any holding for the last 15 months Indeed any of the other 3 shareholders in Arqiva could see it in the same way and it would give them a controlling shareholding to run Arqiva as they like. From where I'm sitting shareholders in DGI9 would probably accept an offer even as low as £200m for the holding in Arqiva. That would be bad news for those that bought at 40p but for existing holders it's decent enough. If there were any such discussion going on, for sure things would have leaked and the share price would not be 17p. The share price of DGI9 has been down at the 20p level for over 6 months now so that's plenty of time to decide what you want to do. And if existing shareholders in Arqiva don't want to pay £200m, we can be sure a new investor would want to pass less. Effectively the share price of DGI9 is already a proxy for an IPO price of Arqiva, given that disposing of the other assets has some visibility. That's not to say of course the market is efficient in it's valuation of this. There are lots of examples where it isn't and as hpcg suggests things could resolve quickly. A bid for DGI9 at 30p to scoop up everything does not seem out of the question. GLA |
Posted at 04/10/2024 07:44 by cc2014 I'm looking at the IRR or opportunity costs differently.If you take SEIT I think it not unreasonable that with interest rate cuts leading to an increase in NAV and a closure of some of the discount the share price might be 90p within 2 years. Add to that 2 years of dividends of 12.6p and I could get a gain of 39.6p on a share price of 63p, which is a 62.9% return over 2 years. Therefore my IRR is 30% for an investment far less risky than DGI9, so I'd probably want 35%+ to entice me in. At the current share price of 17.5p, that's equivalent to 32p in 2 years time and from there everything falls down to what the assets will get sold for. The biggest variable is actually time as much as price. If everything in DGI9 gets sold within a year (hard to see with all the required government compliance stuff) then DGI9 looks far more attractive. If it drags on 3 years, the balance tips even more in favour of SEIT. 13p might do it. I have two further points, one positive, one negative 1. Whilst we are waiting for Arqiva to be sold, it is generating decent profits and they are sizeable compared with DGI9's market cap. It's a big number in percentage terms. For sure, Arqiva is struggling with growth and margins but it's not a basket case investment, albeit my research suggests a cliff edge with regard to the BBC contract. It's kind of obvious but worth stating that today you can part a share of Arqiva for 17.5p not 46p if you get my drift and therefore a share of profits based on 17.5p not 46p. 2. Because the NAV's of each business unit are not published how do I make a judgement over whether the NAV is too high to too low? There are some respected posters on ADVFN who are now suggesting that all it may be sold for more than the NAV, but I do not see on what basis they can form a judgement without that information. I am unconvinced it has been kitchen-sinked and it's my view that will only happen once TP are replaced. I guess you could call this an opinion rather than fact but without this information I'm going to want even more in my IRR calculation. In conclusion I'm of the view that's it's not that 17.5p isn't a good price, it's more that it's not low enough to entice me to sell my SEIT to switch to DGI9 |
Posted at 02/10/2024 14:42 by cc2014 Hurrah - that's much better, much much better. That's more like a formed argument that one can digest and take a view on. 10/10 for the star pupil in the classHere's my ramp, er sorry formed argument. Mr Buffet says you don't need to get your money back on the same stock you've lost it. Go buy a similar set of assets but in a country with low GDP per capita and ride the wave. Oh and one with rising revenue, rising EBITDA and appropriate gearing. And a share price that's got some upward momentum if that's your sort of thing. Research note from Investec: Cordiant Digital Infrastructure (CORD) Price: 85.4p | Rec: Buy Ceské Radiokomunikace (CRA) is a strong, stable business which is growing revenues and EBITDA across all key business areas. It continues to strengthen its position as broadcasting market leader whilst also focusing on data centre and cloud development. The revenue CARs in broadcasting, towers/telecoms and data centres/cloud over the last two years (to March 2024) have been 3.3%, 7.7%, and 24.3% respectively, whilst CRA's overall EBITDA growth over the same period was 13.1%. The business has demonstrable future growth opportunities across key sectors and in particular in the Data Centre and Cloud segments, whilst the recent refinancing provides the company with additional flexibility to deploy growth capex and finance potential bolt-on acquisitions. The Enterprise Value (31 March 2024 valuation adjusted for FX) of the business is currently c.£512m and this gives an EV/EBITDA multiple of 11.6x (12m to March 2024 EBITDA), although clearly the multiple implied by CORD's share price is materially lower at around 8.9x. In our view, the prospects for revenue and EBITDA growth, through projects such as the Zbraslav Data Centre if they can be delivered, support future value accretion that is not priced into the current NAV and is clearly undervalued by CORD's share price. |
Posted at 01/10/2024 19:02 by craigso In the end, it appears that the HY results have made more investors throw in the towel than brought in new ones.I wouldn't expect to see too much share price reaction when/if the Elio and SeaEdge deals are announced - they're too small in the grand scheme of things. But hopefully those aren't too far off as they clear the RCF and completely remove the risk of bankruptcy. I predict that the next big impetus to the share price will be a major announcement re. Aqua/EMIC. If we get a good price, it will be 15p+ per share and DGI9 will bounce back to the high 20s at least. If the auction is terrible, we might get a "couldn't sell at a rational price" and we'll lose another 5p per share or so. Or naturally we're still dreaming of a bid for the whole company anywhere north of 40p. I'd be happy with some credible-sounding rumours even... ;) |
Posted at 01/10/2024 11:26 by craigso VLN is non-recourse to DGI9. Very simple structured finance concept. I'm sure anybody could dig through the various companies mentioned in DGI9 accounts and find that DGI9 Holdco owns some intermediate company that owes the VLN and owns the Arqiva shares and shareholder loans. That intermediate company will be in a jurisdiction where there are no tax implications to "receiving" shareholder loan interest. Nothing to worry about there.If at any point the shareholders of Arqiva wanted to make distributions to equity (instead of continuing to de-leverage), it could either pay dividends or repay shareholder loans. It doesn't really matter which. Under no circumstances would Macquarie be able to insist that its own shareholder loans are repaid before the other shareholders. That intermediate holding company would be unable to distribute any funds to DGI9 Holdco without first paying the VLN interest (until 2026 I believe) and then the principal as well (from 2027 and beyond). The only element I don't know is if the VLN has a firm and final repayment date, which would be the hard-and-fast deadline for selling or IPO-ing Arqiva. |
Posted at 01/10/2024 10:48 by cc2014 You have it right hpcg.But whilst effectively the shareholder loan notes net off between the DGI9 accounts and Arqiva and the previous Board have stated they can be ignored I'm not so sure. DGI9 do not own 100% of Arqiva and therefore the other owners including Macquarie can insist the shareholder loan notes are paid off. For sure they could all agree to write them off but why should all the parties especially the smaller holders do that? These are liabilities Arqiva has and I would also worry what the tax treatment is if they write them off. I'm not sure that's a nil sum. I can't prove it to myself though. I have asked on here before about this but been met with either silence or the usual barrage of (unsophisticated) PI's talking their own book telling me there's nothing to consider. Even ignoring all this Arqiva's debts are large and the balance sheet doesn't look so great if you take the goodwill out. The senior lenders have been happy to lend against a stream of BBC contracted income but that contract is up for renewal in 2027 I think (might be 2029). That contract for sure is not going to get renewed at the same price. Much lower. There is a very interesting video from CORD some time ago where they were asked by an analyst about buying Arqiva. The answer was a decisive no and something to do with BBC contract and government influence IIRC. I take the view DGI9 is a bit of a binary investment. Alot does depend on what Arqiva can be sold for but given Macquarie have been trying to sell it for over a decade and the only mug they found was DGI9 I'm not sure the market has much enthusiasm for it. Everything has a price but I suspect that price is much better understood by the analysts than PI's and the share price may be a fair one given the opportunity cost of investing elsewhere where one can get a 10% return reasonably easily with little risk and hassle. For a bit of risk you could buy CORD which I'm not going to ramp but is treating me very well. |
Posted at 30/9/2024 20:49 by cc2014 I picked up that DGI9 can't get any cash out of Arqiva after March 2026 (or it might be a few months after) unless the whole VLN is paid off.I'm not a holder but what I read is that there's now a tighter boundary around the share price range. The upper boundary has been brought right down whilst for the brave there's an incentive to buy at the current share price. I think the jury's still out as far as I'm concerned. I expect the share price will bounce in the morning. (not that it really matters as Sea Edge is worth so little as part of the portfolio but this is the biggest laugh "The Company has agreed to defer the rent due as part of the sale process of SeaEdge." wtf!) |
Posted at 26/9/2024 09:55 by craigso It's fine to complain that Arqiva should have never been bought, and that DGI9 / TP overpaid. Maybe there is some recourse, maybe it's a waste of time and money.But a 17.5p share price is still valuing Arqiva at zero. For a business with £340m of EBITDA in 2023. Apply an undemanding multiple of 7 and you get an enterprise value of £2.4bn. Take off the external debt of £1.6bn and you still leave £800m for equity. DGI9 has 49% of that - £400m. But the first £150m + accrued interest goes to the VPN. That still leaves DGI9's value in the £200m range. Is the value lower than what Triple Point has been claiming? Obviously. Is the structure way too complicated? Undoubtedly. Will it take time and money to monetise the Arqiva stake? Definitely. But essentially worthless? That would require Arqiva's EBITDA to have crashed in the last year, when most of their revenue is essentially government guaranteed. |
Posted at 26/9/2024 07:03 by cc2014 Foetus,Firstly everything I know about the stock market I've learnt myself. I being doing this full-time for decades but I've never worked in the city and don't have access to expert resources or advice so I'm happy if someone wants to pull what I'm about to post apart and for me to learn something new. I do not think DGI9 spent £459m on Arqiva. I think it's all a bunch of financial engineering which can make it look like that but it's not the case. We know DGI9 paid £300m cash and issued a VLN for £159m (ish - round numbers and might be out a bit and I can't be bothered to go back and look). The VLN was issued by DGI9 (not Arqiva) and is non recourse For sure Macquarie ended up with £300m and an asset of £159m for the debt they are owed by DGI9, which makes it look like £459m but in DGI9's account they have the Arqiva asset and a £159m liability. Note they did not receive £159m cash when they issued the VLN, like they would have done if they had borrowed the £159m from a bank, so in many ways it's a one legged transaction for them. The fact they did not receive £159m cash is critically important! (That's why it's a VLN and not a traditional bank loan, no bank in their right mind was going to lend them £159m for this transaction. We should also bear in mind Macquarie have been desperate to sell Arqiva since at least 2015 and have failed to IPO it etc. Posters have pointed out on here that the VLN trades at par (or did 6 months ago anyway, I can't be bothered to check now). It trades at par as no-one in their right mind would pay par for it, but as Macquarie are the only holder and seller they never reduce the price below par. Or at least that's my view on it) So, I maintain the value of Arqiva when DGI9 bought it was £459m of assets less £159m of liabilities = £300m, which is what DGI9 say they invested in it on page 50 of the annual accounts for 2022. It's there in black and white (well colour lol) They then wrote the £300m up to £355m at year end (again on page 50) Page 41 of the annual accounts shows £355m was equal to 27% of the GAV so at the time of purchase £300m was equal to 22.8%, less than the 25% concentration risk. (which is all completely unsurprising, as DGI9 would have run the numbers before the purchase of Arqiva and that's why the concentration risk was lifted to 25%. If Arqiva had cost more it would have instead been lifted to 30% or whatever at the AGM) So from where I'm sitting I'll repeat the question as to whether DGI9 and the Board broke the concentration risk. It doesn't look like it to me. It looks like they ran all the numbers, realised that they couldn't buy Ariqva on a 20% concentration risk and went to shareholders to ask them to approve 25%. In which case if I've understood all this correctly (and I'm very happy to be corrected and learn something new as I said) then taking DGI9 Board to court is based on sand. |
Posted at 07/9/2024 19:12 by popit Cordiant Digital InfrastructureMarket Cap £600 million Share price 80p So a 3 for 5 shares offer from Cordiant would be worth about 48p per share for DGI9 shareholders And a 4 for 5 shares offer would be worth about 64p per share The board of directors could then tell DGI9 shareholders what a good offer price they have negotiated at a 40% premium to the “most recent” NAV of 45p An outcome like this looks quite possible now and 45p will obviously be the floor price for any offer from Cordiant or another large infrastructure company |
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