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
  • PINFRA: Highest quality EM toll road in our global universe
    15 Nov 2019

    PINFRA generates high FCF from quality, long duration, well diversified assets, 39% covered by globally unique IRR guarantees. We believe the shares over discount weak disclosure and uncertainty over capital allocation, notably its net cash, which should either be distributed as per our model or invested in new projects, likely value accretive to our SOTP.
  • Ferrovial: A roadmap for higher shareholder remuneration
    19 Jul 2019

    We expect after selling Services (est. proceeds €1.3bn in 2020E) Ferrovial will have sufficient capital to invest in new projects and raise shareholder remuneration. Our roadmap for shareholder remuneration includes a €1bn share buyback to raise exposure to 407-ETR and the ML.s and higher ongoing dividend growth backed by raised 407-ETR distributions.
  • Transurban: New DCF value accretion for Washington ML extensions
    03 Jul 2019

    Transurban has a strong record extending its existing concessions and the I-395 and I-95 Fredericksburg Extension will extend its successful Washington managed lane network. We expect reasonably priced time savings and our new DCF.s estimate attractive value accretion.
Latest reports
  • Inwit: Shares still not pricing in highly value accretive merger
    19 Nov 2019

    Inwit’s board has approved the plan to merge Vodafone Towers into Inwit. Although the EU approval process is taking longer, we believe corporate elements of the merger are on track and the special dividend beat our expectations. Although, we reduce our “New Inwit” scenario weighted TP from €16.3 to €14.7, it is mostly related to higher Italian bond yields.
  • Flughafen Zurich: Tariff decree little impact but TP cut on traffic & bond yields
    12 Nov 2019

    The FOCA has issued a decree under the Ordinance on Airport Charges (OAC) to cut tariffs -15% from 1 April 2020 due to overearning vs. the cost covering principal. Although less tariff cuts than already in our model, such intervention is a negative sign during current negotiation with airlines for tariffs from 9/2020. Separately, we reduce our EBITDA and EPS on lower traffic and our TP to CHF234, also partly due to higher Swiss bond yields/ COC.
  • Atlantia: 9M: Resilient despite Polcevera bridge costs
    10 Nov 2019

    ATL has reported 9M 2019 EBITDA of €5,698m, +1.0% LFL incl. Abertis, 1% below Insight but resilient given the Polcevera bridge collapse. We raise our EBITDA on RCO, reduce EPS on Abertis PPA and lower our TP to €43 on higher Italian Motorways maintenance costs.
  • Ferrovial: Raising Managed Lanes valuation to €12bn
    28 Oct 2019

    We raise our equity valuation for Ferrovial’s Managed Lanes (ML.s) from €10bn to €12bn and our TP to €47. We remove our new asset risk premium and include refinancing for NTE and LBJ. Our behavioural analysis of users suggests light vehicles mostly have low usage and low monthly bills, thus inelasticity to tolls. For NTE-35W, we now forecast heavy vehicle traffic separately, with higher growth than light vehicles, leading to a positive mix on revenues.
  • Sydney: Productivity Commission confirms regulatory continuity
    22 Oct 2019

    The Productivity Commission has published its final report on Economic Regulation of Airports, concluding Australia’s top 4 airports do not exercise market power detrimental to the community and light touch monitoring should continue. We believe SYD’s share price rise in the last 12M can be attributed to falling bond yields/ COC and is over discounting near term slowing traffic growth but our TP of A$15.0 is more dependent on long term international traffic.
  • Atlantia: New DCF indicates RCA acquisition value accretive
    13 Oct 2019

    Abertis has agreed to acquire 50.1% of RCA, a toll road network in Mexico for €1.5bn, which we consider attractive. We rate the market in Mexico one of the most attractive in our global toll road universe. Our RCA DCF estimates solid value accretion. To us, the transaction highlights undervaluation of even higher quality Mexican peers, PINFRA and Aleatica.
  • Cellnex: Strategically sound Arqiva deal, slight value accretion
    12 Oct 2019

    Cellnex has agreed to acquire 7,400 of Arqiva’s UK telecom sites and rights to market c900 sites, becoming the UK’s top independent tower operator, ahead of increasing network densification, 5G upgrades and Small Cell rollout. We raise our EBITDA and TP €1 to €52.
  • Getlink: More than discounting our Hard Brexit scenario
    03 Oct 2019

    Listed infrastructure stocks often over discount short term temporary concerns and undervalue solid long term FCF generation. Getlink’s share price is more than discounting our Hard Brexit scenario, with a one off structural loss in truck traffic, lower shuttle prices and further fall in the £/ € rate. Although we reduce moderately our shuttle traffic and EBITDA, our TP is resilient at €22.3. We expect the share price to be underpinned by the shareholder structure.
  • Getlink: Hard Brexit but not low bond yields in the price
    09 Sep 2019

    We believe Getlink is over discounting a hard Brexit scenario, which we expect would be limited to truck traffic with any disruption only short term but is not pricing in the recent sharp fall in bond yields and COC close to historic lows, leading to us raising our TP to €23.3.
  • BCIA: H1: Raising EBITDA and EPS, TP little changed at HK13.8
    30 Aug 2019

    BCIA has reported H1 2019 EBITDA of ¥2,502m, -9.9% YOY, +1.4% above Insight ¥2,467m. We raise our EBITDA and EPS in 19E, mainly on stronger Retail. We reduce slightly our TP to HK13.8 as lower Chinese 10YR bond yields reduce our COC but are more than offset by lower near term traffic and margins due to Daxing airport opening.
  • Atlas Arteria: H1: Reducing DPS and Dulles Greenway valuation
    30 Aug 2019

    Atlas Arteria has reported proportional H1 2019 EBITDA of A$450m, +1.6% LFL, in line with Insight. We reduce our traffic and DPS estimates but maintain our TP at A$8.7.
  • Eiffage: H1 19: Raising EBIT, EPS and TP to €151
    29 Aug 2019

    Eiffage’s H1 2019 group EBIT of €836m grew +3.7% YOY, 2% below Insight. Recurrent net income of €290m grew 34% YOY. We raise slightly our EBIT and EPS with strong Contracting more than offsetting weak Concessions traffic. We raise our TP to €151.

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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