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.

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Flagship reports
  • Ferrovial: I-66 to open in December with high truck revenues & toll upside given congestion & wealthy users
    29 Jan 2022

    We consider the market is underestimating the importance of trucks to revenues and current high congestion with lengthy trip times in peak hours on the I-66, that combined with high user income will lead to a high Willingness to Pay. We raise our valuation for Ferrovial’s 55.7% of I-66 from €2.2bn to €2.8bn, mainly due to higher price increases.
  • Towers: Entering the end game of 3 independent TowerCo.s in Europe
    14 Jan 2022

    We expect the European Towers market to undergo a final phase of consolidation with several large transactions in the next few years and potentially concentrated in 2022, resulting in 3 dominant independent TowerCo.s: Cellnex, Vantage Towers and American Tower Europe as in the US. It is significantly more efficient for MNO.s to share passive infrastructure and Tower transaction valuations have recently risen, allowing MNO.s to generate large capital releases to fund investment in 5G and de-lever balance sheets. Our preferred stock in Towers is Cellnex (TP €106, +145%, raising to no.2/25 pick), well placed to continue to grow acquisitively, raise tenancy and returns. We also rate Inwit (€19.4, +101%) and Vantage Towers (€59, +93%) as BUYS. Further consolidation benefit is not in any of our SOTP valuations.
  • Transactions: Indicate high upside for listed infrastructure
    18 Nov 2021

    Transaction volumes involving our covered companies and other large infrastructure corporates have risen threefold from €20bn pa in 2019-20 to €58bn in 2021, with acquirers preying on listed assets, such as ASPI, Sydney Airport, OMA and IRB. We have reviewed 109 largest transactions in 2015-21, concluding in Transportation Infrastructure listed valuations are at c.30% discounts to transactions based relative to our NAV.s set by DCF.s and share prices need to rise c.40% to close the valuation gap. In Towers listed valuations are similar to transactions as measured by EV/EBITDaL but we see high upside for both to reach our NAV.s.
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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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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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