Investment Companies Daily GRID NAV/new investment, HVPE April NAV, CORD Emitel 2MW data centre, IEM AGM/EGM circular

Research evidence excerpt

Investment Companies Daily GRID NAV/new investment, HVPE April NAV, CORD Emitel 2MW data centre, IEM AGM/EGM circular

533m. Combined, the net debt is 21.3%

of NAV.

• J.P. Morgan View: The 30/4/26 NAV was 0.8% ahead of our sterling terms estimate of

4,367pps and after updating, we estimate a live NAV of 4,471pps/$60.30ps, up 1.1% from

our prior live estimate. This also includes adding in the latest share buybacks. Based on

a current price of 3,230pps (@10:00) HVPE is trading at a 27.8% discount to our live NAV

and after adding back the unlisted holdings at NAV and deducting net debt, the implied

discount on the unlisted assets is 24.1%. These compare to a market cap weighted average

headline discount of 27.2% and implied private asset discount of 25.3% for the peers as

a whole. HVPE has more debt than most of the peers if including the look-through fund

level debt, although HVPE is better than most in actually providing that number on a

regular basis so the comparison may not be a true like for like. HVPE has a strategy to

address that debt by moving to its SMA structure but it will probably take significant time

for that to come down, although much will depend on the outlook for realisations and the

impact of the previously disclosed plans for regular tenders. A tick up in the realisation

events is welcome after a marked dip in March, both probably reflecting the general

market sentiment around energy prices and the US/Iran war. We are Neutral HVPE.

• Cordiant Digital Infrastructure (CORD, Neutral) - Emitel acquires 2MW data

centre - CORD has announced that its portfolio company Emitel has acquired a data

centre in a location just outside Warsaw, Poland, with 2MW of total IT load capacity and

scope for future expansion, allowing it to launch data centre services.