Data Center REITs

CCOI

COGENT COMMUNICATIONS HOLDINGS, INC.

Deep Undervalued

Communication Services

Price$12.64

Model IV$22.64

P/IV0.78

Discount 44% Return to IV: +79.1%

Market implies -9.0%/yr vs model +13.4% · below model

DLR

DIGITAL REALTY TRUST, INC.

Deep Overvalued

Financial Services

Price$179.33

Model IV$89.88

P/IV2.11

Premium +100% Return to IV: -49.9%

Market implies +14.1%/yr vs model +5.8% · above model

EQIX

EQUINIX INC

Deep Overvalued

Financial Services

Price$1,034.87

Model IV$454.67

P/IV2.35

Premium +128% Return to IV: -56.1%

Market implies +15.5%/yr vs model +6.0% · above model

IHS

IHS Holding Ltd

Valuation N/A

Communication Services

Price$8.16

Model IV—

P/IV—

Limited data — see page

UZF

ARRAY DIGITAL INFRASTRUCTURE, INC.

Valuation N/A

Communication Services

Price$16.66

Model IV—

P/IV—

Market implies -28.6%/yr vs model +25.0% · below model

VNET

VNET Group, Inc.

Valuation N/A

Technology

Price$8.33

Model IV—

P/IV—

Limited data — see page