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
  • Aena: Over discounting slowing traffic growth
    12 Sep 2018

    Aena’s share price has fallen 20% since its peak of €180 in mid-May, which we consider an overreaction to the change in government and slowing traffic growth. On our preferred metrics SOTP and IRR and near term ratios vs its history since its Feb 2015 IPO and vs. its peers, Aena’s valuation is attractive.
  • Transurban: Estimating value dilution from WestConnex
    12 Sep 2018

    On 31 August a TCL led consortium agreed to acquire 51% of WestConnex (WCX), a project mostly expanding existing toll roads in west Sydney. We believe TCL’s traffic forecasts are above ours and far above the NSW govt. TCL has paid above our new WCX DDM valuation, we believe to complete their Sydney network and strengthen their position for further toll road privatisations in Australia.
  • Sydney: MP 2039 adapts SYD for more international pax
    03 Sep 2018

    On 27 August SYD published its draft Master Plan 2039, forecasting a higher proportion of more profitable international passengers and its plans to adapt its infrastructure to accommodate this, supporting our view SYD will significantly benefit from a long term traffic mix improvement, undervalued by the share price.
  • BCIA: H1 - Reducing EBITDA, EPS and TP to HK$16.2
    01 Sep 2018

    H1 2018 EBITDA of ¥2,768m, grew +11% YOY, -7.1% below Insight. EBITDA grew strongly but contributions from new duty free contracts and operating leverage missed, thus we lower our EBITDA, EPS and TP to HK$16.2.
  • Eiffage: Strong H1, raising EBIT and EPS, TP up to €130
    30 Aug 2018

    Eiffage’s H1 2018 group EBIT of €806m, grew +11.2% YOY, 2.5% above Insight. Given further strong growth across both Contracting and Concessions, we raise our EBIT, EPS and TP to €130.
  • Atlantia: Risk of ASPI & ATL dividend cut more than priced in
    30 Aug 2018

    We maintain our dividend forecasts, yet we see a risk to near term ASPI and ATL dividends, given political sensitivities and ASPI’s compensation commitment for the Morandi bridge collapse. However, we believe any potential near term suspension/ reduction of dividends is more than reflected in the fall in ASPI’s equity value of €5.3bn that we estimate is implied by ATL’s share price.
  • Atlantia: Slight cut in ASPI valuation, v high upside remains
    27 Aug 2018

    We reduce our ASPI valuation by -€1bn (TP -€1 to €36) due to the Morandi bridge collapse (a compensation fund contribution, higher ongoing capex, higher financing costs and a slight traffic reduction). However, we est. ATL’s share price implies a 39% reduction in ASPI’s value to only €6.9bn and our Grey Sky TP of €28.5 (+47% upside) includes ASPI at our est. termination value.
  • Auckland: FY18: Reducing EPS but TP up to NZ$8.5
    24 Aug 2018

    AIA has reported FY18 to end June EBITDA (ex. FV adj.s) of NZ$506m +7.0% YOY, 1.6% below Insight. Recurrent net income NZ$263m, +6.2% YOY, was 4% below Insight. We maintain our EBITDA, reduce EPS but our TP rises to NZ$8.5.
  • Sydney: H1 - Raising EBITDA & TP to A$11.3
    22 Aug 2018

    SYD has reported H1 EBITDA of A$623m, +8.1% YOY, 1.8% above Insight. We raise our EBITDA estimates on higher non-aeronautical revenues but slightly reduce our EPS, given higher finance costs. Our TP increases to A$11.3.
  • CCR: H1 - Lowering traffic, EPS and TP to R$8.2
    18 Aug 2018

    H1 2018 adjusted EBITDA was R$2,277m, -14.4% YOY but +4.7% LFL, 1% below Insight. We reduce 2018E traffic due to underlying weakness and the truck driver’s strike, lowering our 2018-19E EBITDA and EPS. Our TP falls to R$8.2.
  • Vopak: H1 weak, reducing EBITDA and TP to €34
    18 Aug 2018

    Vopak has reported H1 group EBITDA ex-exceptionals of €371m, -6% YOY, 2% below Insight. We lower our EBITDA and EPS estimates and our TP to €34. We see more value in stocks with clearer end market visibility and less cyclicality.
  • Atlantia: Morandi bridge collapse risks way over discounted
    17 Aug 2018

    Atlantia share price has fallen 23% since the Morandi bridge collapsed and the government has said it will start the process to terminate ASPI’s concession. We believe the risks are over discounted and it is highly unlikely the concession will be terminated. We raise Atlantia from 6th to 1st of 25 on our Stock Ranking System.

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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