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
  • Aena: Commercial: Revenue growth from traffic & mix to drive high FCF returns in 2024-50E
    14 Jul 2021

    We consider Aena’s share price is over discounting temporary low traffic levels due to Covid-19 and not reflecting its high lifetime FCF, mainly from its Commercial division. We estimate MAG discounts broadly in between Aena’s offer and those implied by the traffic decline in 2020-23E but the impact is limited on lifetime FCF. Our Commercial division valuation is driven by our estimated traffic recovery by 2024E, then spend per pax growth, improving traffic mix and high FCF returns on existing and new space in 2024-50E. We raise our TP by €7 to €301.
  • Ferrovial: 407-ETR: Willingness to Pay framework suggests tolls could rise up to 2-3x after 2024E
    25 Jun 2021

    We consider Ferrovial’s share price is over discounting temporary low traffic levels and WFH concerns for 407-ETR. We expect 407-ETR traffic and congestion to continue to recover as Covid-19 restrictions ease in Toronto, with more WFH offset by growth in trucks and other/ leisure uses by 2024E. We update our framework to assess maximum Light Vehicle toll levels, concluding that tolls could rise up to 2-3x after 2024E, if users are willing to pay up to their mostly high hourly household income to save time driving on 407-ETR versus alternative free congested highways.
  • Inwit: Visible, strong and non-volatile Recurring FCF growth driven by 5G
    25 May 2021

    We have restructured our Inwit model with more precise revenue build up by division, including fees paid by different types of tenants. We continue to expect moderate outperformance of Inwit’s Business Plan with EBITDaL of €800m and Recurring FCF of €730m in 2026E, driven by 5G and the need for network densification to accommodate ever increasing mobile data. Inwit to benefit from visible, solid commitments for new POP from Anchors, TIM and VOD and additional POP from OLO.s. We raise our TP from €19.5 to €20.3 (+123% upside potential).
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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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