The Arbitrage Between Unlisted & Listed Infrastructure Assets
Report by Insight Investment Research
Transaction volumes have risen from €20bn p.a. in 2019-20 to €58bn in 2021, with acquirers preying on listed assets, such as ASPI, Sydney Airport, OMA and IRB. Having reviewed the 109 largest deals (2015-21), Robert Crimes reveals transportation infrastructure listed valuations are at c.30% discounts to transactions based relative to Insight’s NAV.s (set by DCF.s) and share prices need to rise c.40% to close the valuation gap. His top picks (combining undervaluation and probability of a takeover) are Inwit, Getlink, Aleatica and Ferrovial.