infraMetrics® Valuation Data

Tired of the denominator effect? Our next generation valuation inputs for private investments in infrastructure ensure that NAVs never stay stale anymore, allow nowCasting valuations monthly and building robust valuation anchors ensuring that the latest market data has been used to update private asset values in institutional and retail product portfolios.

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use The power of quant RESEARCH

infraMetrics relies on a model that processes prices from thousands of private infrastructure market transactions. This model accurately predicts average private asset prices by market segment and is used to estimate the value of thousands of other private infrastructure companies each month. This minimises and averages errors across segments, ensuring reliable market averages. The results can be customised to assess individual assets, enabling realistic comparisons.
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Financial & Valuation Metrics
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TICCS segment combinations
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robust market Data

infraMetrics provides valuation inputs for both income and market methods. At the heart of infraMetrics is a risk factor model to estimate the market risk premia of unlisted infrastructure equity over time.

This model is calibrated with the latest transactions in the market. It allows producing updated shadow-prices for hundreds of assets each month and  to create robust and dynamic comparables that can be used as valuation anchors of individual assets or to track the level of  market prices.

Using inframetrics data

As an input for asset valuation and validation
  • Investors and valuers who need a valuation starting point or anchor can use infraMetrics to find the most up to date level of risk premia or discount rates for infrastructure companies of any kind. For a given segment and geography, they can view the level of discount rates i.e., expected returns, implied by current transactions and adjust this number for the risk factor profile of the asset under consideration.  From this Market Valuation Anchor (MVA), different asset or deal-level. adjustments can be made.

  • Investors needing to to review or challenge reported valuations can use infraMetrics to derive a price multiple for the relevant segment, geography and risk profile following the same logic as a valuer, to establish a robust comparable. The multiple returned by infraMetrics is a true comparable since it has the same profile than the asset being reviewed and is based on hundreds of data points, therefore being the most robust available. 

As a check on the level of market prices

  • Investors considering acquisitions or exits can use infraMetrics to gauge the average level of market prices with equally high robustness and granularity and can adjust bid prices and better justify the distance between the average market price and the bid-ask of a given transaction.

As a NAV nowCasting tool

  • Investors needing to estimate NAV changes at a higher frequency than reported values can use infraMetrics to "nowCast" the value of their portfolio using the month-on-month change of value of a comparable representing the average change in the market resulting from changes in cash flows, yield curve and private infrastructure equity risk premia.
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a wealth of VALUATION DATA

infraMetrics valuation data represent the market and can be used to anchor the valuation of individual assets in a given segment, geography and even given a certain risk profile (risk factors). It does not give an investor a price for an individual asset but is the best systematic starting point from which to evaluate private infrastructure investments, given where the market is at on a given date. From this comparable starting point, individual adjustments would be made that may change the final price by a significant margin. This is the idiosyncratic part of the asset value. 

infraMetrics valuation data and tools cover both income (DCF) and market (Multiples) methods. Thanks to a large and robust dataset, infraMetrics allows slicing and dicing valuation inputs (risk premia, discount rates, ebitda multiples etc).

Beyond TICCS segments and geographies, infraMetrics users can adjust the valuation  anchor using a "Comps Builder" by selecting a risk factor profile e.g., the size leverage and profitability of the investment.

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Read the latest research

Low Tide

Low Tide: What the Data Showed About Thames Water

In this paper, we ask what investors in Thames Water – and its holding company Kemble Water – would have learned about the level of risk of their investment and its likely market value had they compared its characteristics to market and peer group data....

WATCH THE VIDEO

INFRASTRUCTURE: WHY Getting the discount rate Right MATTERS

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