EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
Filters

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

PINFRA (PINFRA MM) Mexico

Industrials

Insight Investment Research

Following the release of PINFRA’s FY23 results, Robert Crimes updates his long-term model forecasts - his price target of MX$343 offers nearly 100% upside. The investment case focuses on 1) An attractive mix of mature assets and newer developed assets ramping up. 2) High EM traffic growth (+2.9% CAGR in 2023-35E). 3) Strong returns in Mexican toll roads - EBITDA margins of 79.6% in 2023 (LT EBITDA growth of +6.0% CAGR in 2024-40E). Toll road opex is low and Robert estimates average construction costs per km of c.€7m, to be 1/3 of Europe but tolls per km of €0.07 only 1/3 less. 4) High IRR guarantees. 5) Rising dividend yield - from 3.1% in 2023 to 5.5% in 2025E and 13.0% in 2030E.

Edition: 185

- 03 May, 2024


Insight’s Global Infrastructure Stocks Offer Massive Upside

Industrials

Insight Investment Research

Strong recovery from Covid, high lifetime FCF & IRR.s intact - companies covered by Robert Crimes offer an average upside of 73%. Europe (+98%) leads the way, followed by Asia Pacific (+51%) and South America (+43%). Highest average upside for Towers (+98%); prefers Inwit (+130%) to Vantage Towers and Cellnex. Airports (+81%); top pick is Aena (+131%). Stock selection in Toll roads is crucial - favours PINFRA & Aleatica in Mexico, offset by no upside for CCR in Brazil. In Contractors, Robert's top pick (and his No.1 ranked stock) is Ferrovial (+143%).

Edition: 119

- 17 September, 2021