REPORTS

Our analyses covering private equities, private infrastructure and infra debt markets.

Featured image for “Q4 2020 Index Release – Infrastructure and Covid: Was 2020 a bad year or the worst year?”

Q4 2020 Index Release – Infrastructure and Covid: Was 2020 a bad year or the worst year?

A first look at the performance of unlisted equity and private debt after a year of Covid-19. 2020 was a reminder that economic shocks can impact the bottom line of many infrastructure companies, which may also lead to solvency issues in some sectors. It was also a test of the resilience of the asset class. Above all, it was a...

Featured image for “Report: Q4 2020 Covid-19 Revenue Forecast Updates”

Report: Q4 2020 Covid-19 Revenue Forecast Updates

The Q4 2020 release of the EDHECinfra indices incorporates the views and asset-level revenue forecasts of our team of financial analysts. This report updates the Q3 2020 report and is presented following the TICCS® taxonomy of infrastructure companies. Each quarter, the team reviews the revenue forecasts of 650 companies that are currently living in the EDHECinfra universe, based on the...

Featured image for “The cost of capital of motorway concessions in France: A modern approach to toll regulation”

The cost of capital of motorway concessions in France: A modern approach to toll regulation

The high level of tolls on privatised highways is a sensitive matter in French politics. This research paper on the adequate level of tolls on French roads is prominently featured in a report released by the Senate Investigative Committee on the control and regulation of highway concession contracts and highlights the failure to set tolls using fair benchmarks....

Featured image for “Q2 2020 Index Release: More negative returns for unlisted infrastructure investments but Contracted assets show resilience to Covid-19”

Q2 2020 Index Release: More negative returns for unlisted infrastructure investments but Contracted assets show resilience to Covid-19

The Q2 2020 release of the EDHECinfra indices marks a new quarter of negative returns for the unlisted infrastructure asset class. The infra300 index is down -1.5% on the quarter ending 30 June 2020. This index measures the average mark-to-market performance of 300 unlisted infrastructure equity investments that make a representative sample by sector, corporate structure, and business model of...

Featured image for “Report: Impact of Covid-19 on Infrastructure Companies Forecast Revenues in Q2 2020”

Report: Impact of Covid-19 on Infrastructure Companies Forecast Revenues in Q2 2020

By Jack Lee and the data team. Overview IC10 Power Generation x-Renewables IC40 Energy and Water Resources IC60 Transport 4.1 IC6010 Airport Companies 4.2 IC6030 Port Companies 4.3 IC6040/60 Rail and Urban Commuter Companies 4.4 IC6050 Road Companies IC70 Renewable Power IC80 Network Utilities 6.1 IC8010/20 Electricity Distribution/Transmission Companies 6.2 IC8040 Water and Sewerage Companies Dividend Outlook for Covid-19 Impacted...

Featured image for “Infrastructure investors should abandon absolute return benchmarks: Lessons from the Covid-19 lockdowns”

Infrastructure investors should abandon absolute return benchmarks: Lessons from the Covid-19 lockdowns

This paper argues that there is no reason for investors in unlisted infrastructure to continue using absolute return or ‘cash +’ benchmarks. It calls for investors to abandon them and adopt market-relative benchmarks based on fair value and representative data....