Our recent paper on the factors that drive unlisted infrastructure equity valuations and recent market trends was highlighted in French Business Newspaper Les Echos, ahead of its key note presentation by Frederic Blanc-Brude at the Infrastructure Investor Global Summit in Berlin.
The paper shows that systematic risk factors explain asset prices well in unlisted infrastructure markets and that the evolution of prices has been ‘rational’ over the past 10 years. Infrastructure is expensive because it is a low risk asset.
The research paper also discusses the implications of its findings for asset pricing and fair value measurement.
Read the article in Les Echos here (in French).