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
  • Atlantia: Attractive multi-asset infrastructure platform
    26 Apr 2019

    Atlantia has recently successfully accelerated the development of its multi-asset infrastructure platform, which we expect to generate high, diversified, solid and growing distributions to fund an attractive group dividend, that has not been reflected in its share price, partly due to the market over discounting the tragic Polcevera bridge collapse.
  • French Toll Roads - Limited reduction in toll revenues from discounts
    12 Feb 2019

    We believe the French toll road light vehicle discount scheme will reduce toll revenues by only c1% in 2019E, limited mainly by low eligibility and shorter average trip lengths and lower revenues per trip for commuters. We re-iterate our positive view on French toll roads with Buys on Atlantia (SANEF), Eiffage (APRR) and Vinci (ASF, Cofiroute).
  • 407-ETR tolling strategy to continue outperformance
    08 Feb 2019

    We see continued positive development of 407-ETR’s tolling strategywith greater segmentation by zones, time periods and direction, to more effectively price time savings. Given driver behaviour is similar to managed lane projects with inelasticity to tolls, we expect 407-ETR to partly close its pricing gap with ML peers.
Latest reports
  • ADP: Lower privatisation potential but fundamental TP €263
    13 May 2019

    On 10 May a French Constitutional Council ruled to allow a referendum on privatisation of ADP, in our view significantly reducing its probability. ADP’s share price subsequently fell 15%. We raise our TP to €263, based on our fundamental SOTP valuation, not a privatisation scenario. We increase ADP on our Stock Ranking System from 9th to 8th.
  • Cellnex: Transformational acquisitions, TP raised to €37
    09 May 2019

    Cellnex has reported Q1 2019 adj. EBITDA of €159m, +11% YOY, broadly in line with Insight €160m. Cellnex has agreed to 3 new transformational acquisitions to add up to 15k sites in its existing geographies to its 20.1k sites at end Q1. We raise our EBITDA estimates and our TP to €37 due to acquisitions, with our TP also increasing due to slightly lower bond yields.
  • Ferrovial: Q1: Higher managed lane prices outweigh Construction
    08 May 2019

    Ferrovial has reported Q1 2019 EBIT ex. impairments and disposals of -€263m (€62m in Q1 2018), below Insight €107m or ex. the €345m provision in Construction, EBIT was €82m. We raise our TP to €40 as we increase our Managed Lane tolls after a strong beat in Q1, which are a base for revenues to 2061E but we expect the Construction provision to be one off.
  • Ferrovial: 3 strategic actions to transform into a purer infra play
    06 May 2019

    We believe Ferrovial has a unique opportunity to transform into a highly attractive purer infrastructure play by selling Services, acquiring 5-10% of 407-ETR to reach a shareholding of 48.4-53.2%, then raise 407-ETR distributions to reduce its COC and enable higher Ferrovial dividends. Given its unique focus N. American toll roads Ferrovial may become a takeover target.
  • ADP: Raising TP to €256 on regulated & retail plans in ERA4
    14 Apr 2019

    On 3 April ADP published a consultation document for Economic Regulatory Agreement (ERA4) 2021-25. We raise our TP to €256 as we slightly increase our Regulated valuation due to a higher est. Allowed reg. return in 2021-30E (but not beyond) and our Retail valuation due to slightly more positive long term growth assumptions from new space, notably at Terminal 4.
  • BCIA: FY18: Reducing EBITDA, EPS and TP to HK$15.7
    29 Mar 2019

    BCIA has reported FY 2018 EBITDA of ¥5,408m, +9.2% YOY, 5% below Insight. We reduce our EBITDA and EPS on lower margins and our TP to HK$15.7. We continue to believe new Daxing Airport fears are over discounted and traffic loss will be recouped in the mid-term.
  • CCR: FY18: Raising slightly EBITDA and EPS but TP only R$6.4
    26 Mar 2019

    CCR has reported adj. same basis EBITDA of R$4,560m +3.9% LFL, 4% below Insight. We raise slightly our traffic, EBITDA and EPS (also boosted by lower financing costs). We reduce slightly our TP to R$6.4 due to higher capex and net debt.
  • Fraport: FY18: Raising EPS and TP to €86, but remain Sell
    20 Mar 2019

    Fraport has reported 2018 EBITDA of €1,129m, +12.5% YOY or ex. €25m Hanover disposal gain €1,104m (+6% YOY) in line with Insight. We reduce our EBITDA estimates but increase our EPS and TP to €86. We remain a relative Sell given higher infra sector upside.
  • Flughafen Zurich: FY18: Raising slightly EBITDA & EPS, TP CHF233
    14 Mar 2019

    FH Zurich has reported FY 2018 EBITDA (clean, ex. noise) of CHF629m, +2% above Insight. We raise slightly our EBITDA, EPS and TP to CHF233 but capped by higher tariff increases, resulting from both Regulated and Non-regulated via the cross subsidy.
  • ENAV: FY18: EBITDA, EPS up on higher traffic & margins, TP to €6.4
    12 Mar 2019

    ENAV has reported FY 2018 EBITDA of €297m, +4.9% YOY, 2% above Insight. We raise our EBITDA and EPS in 2019E on higher traffic, improved margins and inclusion of new acquisitions but we raise our est. tariff cuts in 2020E. We increase our TP to €6.4.
  • Cellnex: FY18: Raising EBITDA and to TP up to €33
    10 Mar 2019

    On 22 February Cellnex reported FY18 EBITDA of €591m, +18% YOY, 2% above Insight. We raise our EBITDA mainly on higher EBITDA margins from efficiencies and our TP to €33, mainly lower bond yields reducing our COC (high sensitivity given unlimited duration).
  • Atlantia: FY18: Reducing ASPI EBITDA but TP up to €38
    09 Mar 2019

    Atlantia has reported 2018 EBITDA of €3,768m, +2.8% YOY (+2% LFL), 3% below Insight (ex. Polcevera bridge costs). We reduce our Italian motorway traffic and EBITDA but raise our TP to €38 due to lower Italian bond yields reducing our COC.

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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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