The Euros have had more than their usual share of highs and lows, particularly for England fans now waiting anxiously to see if it really is coming home.
Despite early elimination, viewers in Poland and the Czech Republic have been enthusiastic followers of the tournament, helped by UK-listed Cordiant Digital Infrastructure.
Cordiant owns mobile phone towers, cables and data centres that make it possible to buy goods online, stream live TV, make calls, send emails and much else via the internet.
Result: Live TV streaming to a phone uses Cordiant technology
Modern life would be almost impossible without these assets and Cordiant owns hundreds of them in Eastern Europe, Belgium, Ireland and America.
Cordiant joined the stock market in February 2021, with shares priced at £1 each. Then, there were high hopes of growth and initial performance was strong.
Today, though, the stock is trading at just 76p, hit by market woes, worries about Cordiant’s prospects and comparisons with struggling peer Digital 9.
Many of these concerns seem overblown, as Cordiant is well-managed, conservatively financed and has shown it can buy assets well and generate decent income.
Dividends have increased steadily since flotation, from 3p in 2022 to 4.2p in the year to last March.
There are expectations of a further hike in 2025 and boss Steven Marshall has expanded the portfolio, buying phone towers in Belgium, amassing fibre cables in Ireland and winning contracts in Poland.
Marshall knows what he is about. An engineering graduate from Manchester, he spent 11 years at New York-listed American Tower, a mobile phone tower business whose profits soared fourfold on his watch.
Other team members benefit from long-term industry knowledge, too, helpful in attracting top tenants.
These include Microsoft, Google and Amazon, phone firms such as Vodafone and O2 and dozens of banks and major businesses.
The group’s portfolio is valued at £920million or £1.20 a share, which means the stock is trading at a discount of almost 40 per cent to the value of its assets.
The discrepancy reflects fears that Cordiant’s stable is worth less than Marshall says it is – but this seems overly harsh.
The group uses an independent administrator, accountants BDO and a third-party valuer to come to the £920million figure and their customer list adds reassurance.
Marshall has shown his faith in the firm by energetically buying stock, acquiring 800,000 shares last month and taking his holding to over nine million shares.
Further comfort came earlier this month, with new funding plans which leave Cordiant with more than £200million to spend, expanding existing assets or acquiring new ones.
Midas verdict: The digital infrastructure market expanded 60-fold between 2010 and 2023, as households and businesses became ever-more reliant on the internet and usage soared.
Growth is expected to continue at pace and Cordiant should benefit. Shareholders who bought on flotation have been poorly served but, at 76p, the shares deserve to rebound and investors can take heart from the 5 per cent dividend yield along the way.
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