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.

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Flagship reports
  • Ferrovial: I-77 proves ability to develop highly value accretive Managed Lanes outside Texas
    27 Jun 2022

    The I-77 has been fully operational for 2½ years and meaningfully beaten our and Cintra’s traffic and pricing forecasts despite the pandemic. Our proprietary Google Maps survey shows decent average peak time savings of 18 mins and Cost of Time Saved per hour of US$41, the later similar to Ferrovial’s Texas Managed Lanes and in line with our Value of Time (basically user hourly household post tax income) of $41. We consider as a newer, smaller asset than the Texas Managed Lanes the I-77 has been overlooked by the market.
  • Ferrovial: I-66 to open in December with high truck revenues & toll upside given congestion & wealthy users
    29 Jan 2022

    We consider the market is underestimating the importance of trucks to revenues and current high congestion with lengthy trip times in peak hours on the I-66, that combined with high user income will lead to a high Willingness to Pay. We raise our valuation for Ferrovial’s 55.7% of I-66 from €2.2bn to €2.8bn, mainly due to higher price increases.
  • Towers: Entering the end game of 3 independent TowerCo.s in Europe
    14 Jan 2022

    We expect the European Towers market to undergo a final phase of consolidation with several large transactions in the next few years and potentially concentrated in 2022, resulting in 3 dominant independent TowerCo.s: Cellnex, Vantage Towers and American Tower Europe as in the US. It is significantly more efficient for MNO.s to share passive infrastructure and Tower transaction valuations have recently risen, allowing MNO.s to generate large capital releases to fund investment in 5G and de-lever balance sheets. Our preferred stock in Towers is Cellnex (TP €106, +145%, raising to no.2/25 pick), well placed to continue to grow acquisitively, raise tenancy and returns. We also rate Inwit (€19.4, +101%) and Vantage Towers (€59, +93%) as BUYS. Further consolidation benefit is not in any of our SOTP valuations.
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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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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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