DigiCo Earnings: Immediate Focus Remains on Value Uplift at SYD1

We maintain our AUD 3.40 per security fair value estimate for no-moat DigiCo. This follows the REIT’s update presented at the half-year results of HMC Capital, the company’s investment manager. DigiCo itself is not releasing a financial report for the first half of fiscal 2025, as it has received Australian Securities and Investments Commission relief from the half-year reporting requirements, due to its short first financial year. However, the REIT reconfirms the prior guidance it provided in the IPO prospectus for the full year.