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

Featured image for “NAV 2.0: A better asset pricing model for private infra”

NAV 2.0: A better asset pricing model for private infra

May. 02, 2024
CAPM may be ‘one of the founding frameworks of modern finance’, but for determining the net asset value of unlisted infrastructure it is terribly inadequate. Frédéric Blanc-Brude, the director of the EDHEC Infrastructure Institute explains why and offers an alternative. Originally published in Infrastructure Investor. When reporting the NAV of unlisted assets like infrastructure using discounted cashflows, best practice consists
Featured image for “Analysing UK power using infraMetrics®”

Analysing UK power using infraMetrics®

Apr. 09, 2024
This in-depth analysis explores the financial dynamics of the UK power sector between 2018 and 2022, unveiling infraMetrics’ extensive analytical possibilities. The research meticulously compares the performance of renewable and conventional power sources across key metrics like revenue, profit margins, returns, and cost of capital, providing a comprehensive view of the industry landscape. Our research is supported by dynamic visualizations
Featured image for “Low Tide: What the Data Showed About Thames Water”

Low Tide: What the Data Showed About Thames Water

Jan. 04, 2024
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.
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