Insight Investment Research LLP

Insight Investment Research is a top ranked sell side boutique dedicated to Global Infrastructure equity research. We leverage extensive equity research experience, industry knowledge and strong corporate relationships to produce differentiated independent research and provide new insights on infrastructure stocks (toll roads, airports, telecom towers) and the industry to global institutional investors.

We provide clients with timely, concise and in depth reports based on detailed company and industry models. Coverage includes twenty five stocks across the Infrastructure sector across Europe, South America and Asia Pacific. We are expanding our integrated global coverage in a sector almost exclusively covered by regional analysts.

Why Insight?

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Flagship reports
  • Inwit: Visible, strong and non-volatile Recurring FCF growth driven by 5G
    25 May 2021

    We have restructured our Inwit model with more precise revenue build up by division, including fees paid by different types of tenants. We continue to expect moderate outperformance of Inwit’s Business Plan with EBITDaL of €800m and Recurring FCF of €730m in 2026E, driven by 5G and the need for network densification to accommodate ever increasing mobile data. Inwit to benefit from visible, solid commitments for new POP from Anchors, TIM and VOD and additional POP from OLO.s. We raise our TP from €19.5 to €20.3 (+123% upside potential).
  • Ferrovial: NTE-35W: Raising valuation to €4.8bn on trucks, e-commerce, Alliance Texas & 3C extension
    11 May 2021

    The NTE-35W has exceeded our expectations throughout the global pandemic, with a 50% increase in EBITDA in 2020. We consider it the most attractive of Ferrovial’s Managed Lanes due to high truck traffic and Alliance Texas with a multi-modal logistics hub, part focused on e-commerce.
  • Aena: Value accretive long-term capacity and traffic growth to resume in 2023-50E
    26 Jan 2021

    Although extremely severe, we expect Covid-19 to have a limited 7% reduction of Aena’s lifetime discounted FCF. We expect 2019 traffic recovered with 278m pax in 2024E. We forecast strong FCF generation driven by traffic growth to attractive destinations benefiting from higher propensity for air travel as economic wealth improves, combined with efficiency, attractive regulation and unlimited duration.
Latest reports

Why Insight? 

We understand our clients needs, produce research product to achieve them, do what we say we will do, have fun and play to win. 

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Our approach

A niche non traditional sector requires a specialist solution. We concentrate on thoughtful, thorough, insightful analysis not maintenance research and challenge market views. 

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