Results analysis from Kepler Trust Intelligence

Cordiant Digital Infrastructure (CORD)

24/06/2026

Results analysis from Kepler Trust Intelligence

Cordiant Digital Infrastructure (CORD), the digital infrastructure specialist investment trust with a strategy of buying, building and growing core digital infrastructure assets that provide the 'plumbing for the internet', has released final results to 31/03/2026 which show an NAV and share price total return of 16.3% and 24.3% respectively, with the NAV per share increasing to 146.0p (2025: 129.6p).

Total dividends were 4.45p (2025: 4.35p), a 2.3% increase. Based on the share price at 17/06/2026 this equates to a dividend yield of 3.6%. Dividend cover was 1.7x (2025: 1.7x) based on adjusted funds from operations, the manager's preferred measure of cashflow. The forward dividend target is 4.45p. CORD has over £950m of contracted revenues over the remaining life of contracts, which coincidentally is approximately equal to its current market capitalisation.

From CORD's IPO in February 2021 the annualised NAV total return is 14.0% and dividend growth over the last four years annualises at 10.4%.

Kepler View

In an era where interest rates are, at best, on a very slow path down, higher capital and dividend growth prospects are becoming much more attractive to income investors. In our view CORD should be considered by investors looking to capture the growth from digital infrastructure, by value investors seeking under-appreciated but growing assets, or good old income investors looking to balance up some higher yield holdings with some real income growth for the future. Until the discount disappears, it will remain a conundrum to us. 

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