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?

Members research

Flagship reports
  • Transurban: Attractive assets but priced in
    26 Aug 2018

    We initiate coverage of Transurban (TCL) with a Sell as our SOTP-based TP is A$13.0 (+11% upside), below our global infrastructure universe av. upside of 34%. We believe TCL’s toll roads vs. its global peers have good traffic growth prospects due to population growth, are efficiently run, have a relatively long concession duration and an efficient capital structure but we consider this priced in.
  • Flughafen Zurich: Value accretive capacity growth to 2051E
    25 Jul 2018

    We add ongoing terminal capacity expansion, allowing value accretive traffic growth to 2051E with returns in Regulated Business close to our COC but higher returns and FCF in Non-regulated Business. Our TP increases to CHF328.
  • Auckland Airport initiation: Back end loaded FCF reduces IRR, SYD preferred
    26 Jun 2018

    We initiate on Auckland International Airport (AIA) with a Sell as our SOTP-based TP of NZ$8.0 indicates upside of 16%, below our global infrastructure sector average of 32%. In our view AIA is a quality asset but we prefer Sydney Airport given its more attractive FCF profile, traffic mix development and long term retail growth.
Latest reports
  • Getlink: Hi-speed traffic may double on new routes by 2030E
    07 Dec 2018

    We believe mainly due to short term Brexit concerns, Getlink’s share price undervalues its strong, long duration FCF, including its longer term potential from new hi-speed rail routes to Amsterdam (launched successfully), Frankfurt/ Cologne, Geneva and linking Birmingham to Europe with HS2 in 2027. We expect close to a doubling of hi-speed rail traffic from 10m pa new route trips by 2030E.
  • Vinci: Eurovia valuation below consensus post CMD
    21 Nov 2018

    Following today’s Vinci’s CMD for Eurovia, we examine its 10 year record and conclude along with Construction, it is less attractive in terms of FCF generation and FCF volatility than Energies and we maintain our below consensus valuation.
  • Cellnex: Raising EBITDA on POP growth, TP €29.7
    17 Nov 2018

    On 9 November Cellnex reported 9M adj. EBITDA of €309m before IFRS16, +19% YOY, 1.6% above Insight. We raise our EBITDA mainly due to higher POP growth, notably from Illiad’s network build out in Italy and our TP rises to €29.7.
  • Atlantia: Abertis to partly offset suspended ASPI distributions
    14 Nov 2018

    Given distributions from Abertis and Hochtief to be received in early ‘19, we now expect ATL to pay a DPS of €0.90 from ‘18 earnings, even though we don’t expect ASPI to distribute given the Polcevera bridge collapse. Our ATL dividend yield in ‘19E is the highest in our global infrastructure universe.
  • Flughafen Zurich: Ongoing Reg returns below COC, TP cut to CHF246
    13 Nov 2018

    The regulator (FOCA) has made a firm proposal for airport charges with much higher than expected cross subsidies from Non-regulated to Regulated. We reduce our TP to CHF246 as we estimate ongoing Regulated returns (ex. the cross subsidy), meaningfully below our increased WACC (given higher regulatory risk). 

  • Atlantia: Cutting dividend but TP remains €36
    11 Nov 2018

    Atlantia has reported 9M EBITDA of €2,913m, +3% YOY (+4% LFL), 2% above Insight. We reduce our DPS in ‘18E (not unexpected) but our TP remains €36 and we continue to believe the Polcevera bridge collapse is very over discounted.
  • Ferrovial: Thoughts on a potential sale process for Services
    05 Nov 2018

    Ferrovial has appointed an external advisor to explore selling all or part of Services. We expect Ferrovial to sell all of Services over time but we see slightly different exit strategies for sub-segments, which could potentially facilitate a special dividend and lead to its share price closing the gap to SOTP valuations.
  • Auckland: Raising our estimated allowed return for PSE3
    02 Nov 2018

    The NZCC on 1 November released its final report into Auckland Airport’s prices for PSE3 indicating appropriate returns maybe above their original proposal of 6.4%. Thus, we raise our est. aeronautical allowed return from 6.4% to 6.7% in PSE3 and we expect AIA to reduce its targeted return also to 6.7%.
  • Flughafen Zurich: Slightly slower rents at The Circle, still value accretive
    01 Nov 2018

    We expect The Circle’s rental occupancy to increase slightly slower than previously given uptake to date, notably in offices. However, we remain positive as The Circle leverages FHZ’s position as a transport hub and we see initial value accretion with further potential upside if long term air traffic develops as we forecast.
  • Ferrovial: Construction EBIT & EPS cut but TP resilient
    31 Oct 2018

    Ferrovial has reported 9M EBIT ex. impairments, provisions and disposals of €332m, -29% YOY, 7% above Insight. However, we reduce our EBIT estimates, mainly in Construction but we maintain our TP at €33 due to resilience of our long term Infrastructure DCF.s. We expect Contracting EBIT to recover in ‘19E.
  • PINFRA: 9M: Lowering EBITDA, EPS and TP to MX$236
    30 Oct 2018

    PINFRA has reported 9M 2018 Concession EBITDA of MX$4,604m, +8.8% YOY, 1.7% below Insight. We reduce our traffic, EBITDA and TP to MX$236 (higher bond yields). In our view, PINFRA has quality assets with high EBITDA margins but the results highlighted the need for better disclosure, including revenues and EBITDA by individual toll road, in line with peers.
  • Aleatica: Few revisions, remains no.2 toll road pick
    26 Oct 2018

    Aleatica has reported 9M toll EBITDA of MX$3,800m, +25% YOY, 2% above Insight. Our toll EBITDA is little changed but we reduce our TP to MX$40 on higher bond yields. Aleatica is our 2nd preferred pick in global toll roads.

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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