Digital infrastructure valuation comps for June 2023

Dashboard containing:

• Monthly and annual share price movements for main listed stocks
• Key earnings multiples
• Forward earnings multiples vs forward growth estimates
• Share price movements tracked over last twelve months

Commentary

Key developments

Overall, many listed Digital Infrastructure stocks in the region are down over the last year, but with wide spreads in performance among the group. Economic growth is expected to be sluggish relative to 2022, creating uncertain performance for Digital Infrastructure equities.

Macquarie Telecom

Macquarie Telecom stock rose around 15% last month, with the company successfully completing a $160 million institutional placement to strengthen the company’s balance sheet and and provide further funding to pursue growth opportunities in its data centre portfolio.

DigitalBridge

DigitalBridge stock rose nearly 17% in June, with investors continuing to support the stock after strong 2023 first quarter results in May, where the company reported healthy YoY growth in Revenues and AUM. Second quarter results are due to come out on August 4.

Uniti Group (US)

Uniti released its 2023 first quarter results in early May, which reported slight growth in Revenue and EBITDA, suggesting that Uniti remains predominantly resilient despite unfavorable macroeconomic conditions. Investors appealed to this message and the stock has climbed over 6% in May.

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