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
  • Transactions: Indicate high upside for listed infrastructure
    18 Nov 2021

    Transaction volumes involving our covered companies and other large infrastructure corporates have risen threefold from €20bn pa in 2019-20 to €58bn in 2021, with acquirers preying on listed assets, such as ASPI, Sydney Airport, OMA and IRB. We have reviewed 109 largest transactions in 2015-21, concluding in Transportation Infrastructure listed valuations are at c.30% discounts to transactions based relative to our NAV.s set by DCF.s and share prices need to rise c.40% to close the valuation gap. In Towers listed valuations are similar to transactions as measured by EV/EBITDaL but we see high upside for both to reach our NAV.s.
  • 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.
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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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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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