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
  • 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.
  • Sydney Airport: Unique ongoing ability to distribute all Op. FCF
    24 Dec 2018

    We believe high operational and financial optimisation, allows SYD to continue distributing all Op FCF as dividends without raising leverage, unique in our global airport universe, ideally positioning it to benefit from continued high growth in high spending Asian traffic boosting retail revenues.
Latest reports
  • Sydney: FY18: EBITDA little change but TP up to A$12.9
    21 Feb 2019

    SYD has reported FY 2018 EBITDA of A$1,282m, +7.2% YOY, in line with Insight. We broadly maintain our EBITDA and EPS estimates but our TP rises to A$12.9 on lower bond yields/ COC and rolling our SOTP forwards a year.
  • Getlink: FY18: Various EBITDA adjustments, TP up to €21.3
    21 Feb 2019

    Getlink has reported 2018 EBITDA of €569m, +8.7% (restated FX) or +6% ex. IFRS16 changes, broadly in line with Insight (ex. IFRS16). We reduce our traffic on Brexit, adjust our EBITDA (partly IFRS16 related) and raise our TP to €21.3.
  • Transurban: H1 19: Slight estimates cut but TP up to A$13.8
    17 Feb 2019

    Transurban has reported H1 to June 2019 proportional EBITDA (ex. M4 in Westconnex and acquisitions) of A$977m, c+4% YOY, c5% below Insight. We reduce slightly our traffic and proportional EBITDA but raise our TP to A$13.8.
  • ADP: FY18: Lower estimates on tariffs & TAV but TP €235
    16 Feb 2019

    ADP has reported FY 2018 EBITDA of €1,961m, +25.1% YOY, 2.2% above Insight. Net income of €610m, grew 7% YOY, 8% ahead of Insight €564m. We reduce our EBITDA and EPS estimates, mainly TAV volatility, but our TP increases to €235.
  • Vopak: FY18: Reducing EBITDA, EPS and TP to €34
    15 Feb 2019

    Vopak has reported FY 2018 EBITDA ex-exceptionals of €734m, -4%, 2% below Insight and net income ex-exceptionals of €255m, +8%, 5% below Insight €268m. We reduce our EBITDA and EPS estimates and our TP to €34. We see more value in other infra stocks with clearer end market visibility and less cyclicality.
  • OMA: FY 2018: Raising EBITDA & EPS and TP to MX$121
    12 Feb 2019

    OMA has reported FY’18 EBITDA (ex. maintenance prov.) of MX$4,733m, +24%, +4% above Insight. Net income MX$2,864m, +34% was 7% above Insight MX$2,683. We raise our EBITDA & EPS estimates and our TP to MX$121.
  • Vinci: FY 18 results: lower EPS growth but TP up to €109
    06 Feb 2019

    Vinci has reported FY ’18 EBIT of €4,997m (+8.5% YOY), in line with Insight €4,963m but net income ex. non-recurring items of €2,983m (+8.6% YOY), -8.5% below Insight. We reduce our earnings estimates but raise our TP 2% to €109.
  • Sydney: Productivity Commission review favourable to SYD
    05 Feb 2019

    Today the Australian Productivity Commission published a draft report on Economic Regulation of Airports in Australia. As we expected, the PC conclude Australian airports have not exercised market power detrimental to the community and do not see a case for price regulation and that light-touch monitoring should continue. We consider this favourable for Sydney Airport.
  • Aena: Real estate plans only slightly value accretive
    24 Jan 2019

    Our new DCF indicates only slight value accretion from the Madrid and Barcelona real estate Master Plans of €0.85bn (€6/share), included in our Blue Sky TP. We expect Retail will continue to be Aena’s key value creation driver. We value more highly the real estate activities at ADP, Auckland IA and FH Zurich.
  • Flughafen Zurich: Illustrating a worst case single till scenario
    16 Jan 2019

    We maintain our Buy and don’t expect a move to full single till regulation, however we estimate a worst case scenario, in 2024E we cut aeronautical tariffs again to lower overall ROIC towards our estimated reduced allowed return of 4.2%, resulting in our Grey Sky TP of CHF130 (-CHF101 below our base case TP). 
  • BCIA: Traffic mix improvement post Daxing transition
    12 Jan 2019

    The CAAC has announced plans to transfer some airlines from Beijing CIA to Daxing Airport by February 2022, with more passengers and quicker than we had expected. We reduce our traffic and EBITDA in 2020-21E but our TP only -2% to ¥ 17.0, as we expect the freed up mainly domestic slots will be filled with a higher mix of more profitable international passengers in 2022-30E.
  • Vinci: New Gatwick DCF indicates value dilution
    09 Jan 2019

    Vinci has agreed to acquire 50.01% of Gatwick airport for £2.9bn but our new DCF valuation is £2.0bn. We are cautious on aeronautical prices, which we expect will continue to be set close to the CAA’s “fair price” that will continue to be determined by an allowed regulatory return on a single till CAA calculated RAB.

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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