Opinion pieces from the team, and uses cases covering private markets, infrastructure investment, climate change, social risk, and more.

Featured image for “IRR Comps: the Quickline Deal”

IRR Comps: the Quickline Deal

Nov. 11, 2023
This month, instead of looking at a transaction changing hands through a willing buyer and seller, we are looking at a topic that could be a significant interest for investors in network utilities today: equity injection and, specifically, how the infraMetrics® platform can help you determine the IRR you should expect for such a transaction. Currently, we see that the
Featured image for “Ebitda Multiple Comps: Perth Airport”

Ebitda Multiple Comps: Perth Airport

Aug. 30, 2023
We have demonstrated over the last few newsletters how to employ infraMetrics® data to price up already completed deals. This month we’re looking to try something different: price up a possible transaction. This deal hasn’t happened, and we’re not sure if it will, but this is a demonstration of the value of the data available in the infraMetrics® platform. In
Featured image for “Risk Premia: Good times are over, now it gets harder”

Risk Premia: Good times are over, now it gets harder

Aug. 30, 2023
This is a grim headline, but with the economic shifts over the last two years, we might be seeing a more difficult market for infrastructure investment. From our perspective, we are observing some interesting shifts in the market. Firstly, despite the evidence that inflation may be cooling in major economies, there is evidence that interest rates might be higher for
Featured image for “Ebitda Multiple Comps: Angel Trains”

Ebitda Multiple Comps: Angel Trains

Jul. 27, 2023
In June, Arjun Infrastructure Partners acquired a 10% stake in Angel Trains from Public Sector Pension Investment Board (PSP Investments), a Canadian pension fund. Despite this transaction, PSP Investments will continue to hold the majority ownership of Angel Trains, retaining a 64.25% stake in the company. The financial details of the transaction have not been publicly disclosed. Established in 1994,
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Q2 2023 InfraMetrics Data Release: infrastructure flat as macroeconomic environment stabilises

Jul. 27, 2023
EDHECinfra unlisted infrastructure equity indicesOur analysis of infrastructure equity indices has been based on three indices in equal weights and local currency: infra300 index: a global infrastructure index, comprised of 300 assets with a total market capitalisation of USD320 billion. infra100 Core index: consists of 100 infrastructure companies in the core segment of the infrastructure market. InfraGreen index: with 106
Featured image for “Is Thames Water just a case of bad management?”

Is Thames Water just a case of bad management?

Jul. 18, 2023
Can you really lose GBP1.5Bn in a couple of quarters when investing in a water utility? Investments in infrastructure like water utilities are very often presented as ‘boring’, slow-moving, low-risk assets, that also happen to be cash cows. That latter point is true, as my colleagues have shown in previous research. The rest is wishful thinking at best, but mostly