Cordiant Digital Infrastructure (CORD)

Cordiant Digital Infrastructure (CORD) is a digital infrastructure specialist with a strategy of buying, building and growing core digital infrastructure assets that provide the ‘plumbing for the internet’. Although CORD is structured as an investment trust, it can be viewed as a diversified operational company, with control ownership over six companies, of which the largest two make up over 80% of the portfolio. Portfolio companies are located in Poland, the Czech Republic, Ireland, Belgium and the US in descending order of value.

Key to CORD’s strategy is that, while it is building out datacentre infrastructure related to the growth in AI, revenues are anchored on existing digital infrastructure models such as TV, radio, mobile telecoms and fibre networks, and it has a large book of contracted revenues extending over many years. By design, CORD can self-fund its investment programme, rather than having to rely on raising fresh capital from investors periodically. CORD’s management team is led by Steven Marshall, who has a wealth of experience in the infrastructure sector, notably in his role at the American Tower Corporation, where he pioneered many of the approaches used to manage CORD’s portfolio of businesses. Recently, Steven took over 99% ownership of CORD’s portfolio advisor, which we expand on in the Management section.

Since its IPO, CORD has maintained a progressive and fully covered dividend and is guiding for the same in the financial year ending 31/03/2027. The dividend yield, 3.6%, is lower than average for an infrastructure trust and reflects the total return approach, where cash is reinvested into the portfolio businesses to fund further growth opportunities. In an infrastructure context, CORD’s gearing is conservative, at approximately 40% LTV, with the majority of that at fixed rates and no imminent refinancing events.