Cordiant Digital Infrastructure: FY26 NAV +16% driven by CRA/Emitel; Prague adds value upside

研报英文原文证据摘录

Cordiant Digital Infrastructure: FY26 NAV +16% driven by CRA/Emitel; Prague adds value upside

Equity Research

European Investment Companies

19 June 2026

Cordiant Digital Infrastructure

FY26 NAV +16% driven by CRA/

Emitel; Prague adds value upside First Look

Positive FY26 update with a 16% NAV TR (12% ex-FX) CORD.L/CORD LN OVERWEIGHT

NEUTRALhighlighting continued strong operational performance EuropeanCompaniesInvestment

(EBITDA +10%) allied to initiatives such as the Prague DC Price Target GBp 135

development. Emitel and CRA continue to drive performance Price (18-Jun-26) GBp 125 Potential Upside/Downside +8.0%

Source: Bloomberg, Barclays Research(11% annualised in the five years since IPO).

16% FY26 NAV TR: NAV per share grew to 146p at 31 March 2026, reflecting a 16.3% total return European Investment Companies

over the 12-month period (12.3% on a constant currency basis). Performance was underpinned Conor Finn, CFA

+44 (0)20 7116 6066by strong underlying portfolio delivery; adjusted revenue and EBITDA grew 9.9% and 7.8%

conor.finn@barclays.com

respectively (constant currency, ex-DCU), driven by contract wins, indexation and cost

Barclays, UK

control. Valuation gains (£135m) were concentrated in CRA and Emitel (+14.8% and +13.8% ex-

FX respectively), with incremental upside from Prague Gateway land recognition. LTM EBITDA of Rishikesh Panathuparambil Suresh

+91 (0)22 6175 4071£175m implies a 10.7x EV/EBITDA multiple for the portfolio (March 2025: 10.4x).

rishikesh.suresh@barclays.com

Prague DC uplift: CRA grew revenue and EBITDA by 3% and 6%. Progress on the Prague data Barclays, UK

centre development has contributed to the strong performance in FY26. With ground

works complete, the project will move to the main construction phase and management report