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
  • 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.
  • Ferrovial: New DCFs estimate value accretion for I-66 and I-77
    08 Jun 2019

    Given success of the NTE, LBJ and NTE-35W, the I-77 has partially opened and potential for more projects, we expect the market to increasingly focus on Ferrovial’s managed lanes (ML.s). Our new DCF.s estimate good value accretion for the I-66 and I-77. N. American toll roads with congestion pricing are 68% of EV in our SOTP, including the ML.s with 24pp.
Latest reports
  • 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.
  • Ferrovial: Adding value accretive 3C to NTE 35W DCF
    23 Aug 2019

    Ferrovial will invest €813m to extend north its highly attractive NTE 35W by building and operating Segment 3C, the missing link connecting NTE 35W to Denton County and the Alliance Texas freight distribution facility. We raise our TP to €45 due to Segment 3C equity value accretion of €600m/ €0.8 a share and lower US and Canadian bond yields reduce our COC.
  • Auckland: FY 19: Reducing traffic but TP up to NZ$12.4 on lower COC
    23 Aug 2019

    AIA has reported FY June 2019 EBITDA (ex. FV adj.) of NZ$555m +9.6% YOY, 2% above Insight. Recurrent net income (ex. FV adj.) of NZ$275m +4.4% YOY was in line with Insight. We reduce our EBITDA mainly on lower traffic but raise EPS and our TP to NZ$12.4.
  • Sydney: H1: Reducing traffic offset by lower bond yields
    15 Aug 2019

    SYD’s H1 EBITDA of A$649m, +4.1% YOY was 1% below Insight. We reduce our traffic, EBITDA and EPS but as SYD is the most sensitive stock in our global infrastructure universe to significantly lower bond yields, our TP rises to A$16.6. Marking to market a lower COC each year until 2097 far more than offsets flat near term traffic in one year in 2019.
  • CCR: H1: Raising TP to R$11.8 on traffic and COC but still SELL
    14 Aug 2019

    H1 2019 adj. EBITDA of R$2,762m, +21% YOY was in line Insight and 2% below consensus. We raise our traffic in 19 and our EBITDA slightly in 19-20E but significantly lower our EPS on higher depreciation and financial charges. We raise our TP to R$11.8 due to our higher EBITDA and lower Brazilian bond yields reducing our COC but maintain our SELL.
  • PINFRA: H1: Reducing Concessions EBITDA and TP to MX$296
    13 Aug 2019

    PINFRA H1 19 Concession EBITDA of MX$3,047m, +0.6% YOY, was -14% below Insight. We significantly reduce our traffic and EBITDA but lower Mexican bond yields reduce our COC, thus our TP is little unchanged at MX$296. In our view, the deterioration in financial disclosure has become critical and if not improved we may need to add a risk premium to our COC, which arguably has already been applied by the share price (-16% since 1 July).

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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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