DASHBOARD: Digital infrastructure valuation comps for November 2025
- Publisher : Venture Insights
- Publish Date : December 10, 2025
This Digital Infrastructure Valuation report provides a comprehensive analysis of key financial metrics for digital infrastructure stocks listed in Australia, New Zealand, and the broader regional market. It includes detailed visualisations of monthly and annual share price movements, key earnings multiples, and forward earnings multiples compared to forward growth estimates. Additionally, it tracks share price trends over the past twelve months, offering valuable insights for market participants.
Figure 1: Digital infrastructure share price changes November 2025
Source: Firehawk. Only includes top 10 movers.
Key developments
Overall, listed digital infrastructure stocks in the region did well in 2024 as demand for AI infrastructure saw growing interest in the sector. Over 2025, a gradual investor turn against tech stocks and “AI hype” has weighed on stock prices.
Cogent Communications
Cogent Communications’ stock plummeted nearly 54% during November after the company reported disappointing third-quarter results that fell short of revenue and EBITDA expectations. The internet service provider posted revenue of US$241.9 million, representing a 5.9% decrease year-on-year and missing Wall Street’s forecasts. Although the company’s loss of $0.87 per share was narrower than analysts had anticipated, this was overshadowed by the weak top-line performance. Furthermore, Cogent missed expectations for Adjusted EBITDA. Investors appeared to focus on the declining sales and weaker-than-expected profitability, signalling concerns about the company’s near-term business outlook.
NEXTDC
NEXTDC’s stock fell around 14% during the month, during which the company held its Annual General Meeting (AGM). During the meeting, the company faced a protest vote against its remuneration report. While the company’s chair, Douglas Flynn, defended the company’s remuneration policies during his address to the meeting, more than 71% of votes cast went against the adoption of the report. A vote of more than 25% against a remuneration report constitutes a first strike under Australian corporations law, with two consecutive strikes triggering a vote to potentially spill the board.
Adisyn
Adisyn’s stock dropped by around 11% during November, despite the micro-cap announcing that its subsidiary, 2D Generation, has validated a key cleaning step in its new process for growing graphene directly on computer chips, confirming it works in realistic test conditions and allowing the program to move into broader trials. The company develops graphene-based technology to help future chips run faster and use less power, and also provides cloud and IT services to small and mid-sized businesses.
Figure 2: Digital infrastructure valuation multiples
Source: Firehawk
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