IRB InvIT Fund Valuation Multiples

VINCI is a global concessions, energy, and construction group operating transport infrastructure, engineering, contracting, and facilities businesses. The organization serves B2B, B2G customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its principal economics are Services, while its competitive position depends on sector expertise, asset quality, customer relationships, execution, and disciplined capital allocation. The business was founded in 1899 and is headquartered in Nanterre. The Cegelec exchange expanded VINCI’s energy-services operations and made Qatari Diar a substantial shareholder. The profile reflects the legal or operating business at the transaction date, including its historical identity where a subsequent listing, merger, privatization, disposal, or reorganization changed its name or ownership.

Ferrovial is a global transportation infrastructure investor, developer, and operator, with a strong presence in North American toll roads. In recent years, it shifted its portfolio toward North America and India, and lowered its exposure to Europe (including selling its stake in Heathrow Airport). The jewels in its crown include its stake in the 99-year lease to operate the Highway 407 ETR toll road in Toronto and its concession to develop and operate New Terminal One at JFK until 2060.

Transurban Group is a infrastructure investment firm that invests institutional capital in private and public-market opportunities. It pursues development, operation and long-term ownership of urban toll-road networks across Australia and North America, usually working with management teams and other long-term investors. Its revenue and return model is investment management: capital is committed to companies or assets and value is realised through operating improvement, distributions and eventual exits. Founded in 1996 and based in Melbourne, the organisation has built dedicated investment, portfolio-support and governance capabilities. Transurban is a publicly listed toll-road operator rather than a traditional private-equity sponsor. It earns toll and service revenue from motorways, invests in network expansions and sometimes forms acquisition consortia with long-term institutional capital. In consortium transactions it acts as a financial investor rather than an operating-company acquirer, and its participation can take the form of control equity, a structured minority stake or co-investment alongside another sponsor.

ACS Actividades de Construccion y Servicios SA completes construction and service activities for infrastructure and energy projects. In addition to infrastructure-related developments, the company constructs buildings and projects related to the mining sector. It has four operating segments: construction (majority of total revenue), Concessions, Services (which offers comprehensive maintenance services for buildings, public places and organisations) and corporate. Its services revolve around industrial engineering and operating energy, industrial, and mobility infrastructures. Additional sales are generated from aftermarket services and contracts to perform upkeep on existing structures. Approximately half of total revenue derives from the Americas.

China Railway Group Ltd is a construction conglomerate company. The company's operating segment includes Infrastructure construction; Survey, design and consulting services; Engineering equipment and component manufacturing; Property development, and Other businesses. It generates maximum revenue from the Infrastructure construction segment. The Infrastructure construction segment includes the construction of railways, highways, bridges, tunnels, metropolitan railways (including subways and light railways), buildings, irrigation works, hydroelectricity projects, ports, docks, airports, and other municipal works.

Eiffage is a leading French infrastructure concessions operator and construction business. It operates four business lines: construction, infrastructure, energy, and concessions. Its concession assets include 2,635 kilometers of toll roads (88% of which belong to APRR and AREA), two airports, and numerous public/private partnerships in France. The concessions segment accounts for 16% of group revenue but generates 66% of group adjusted EBIT. Eiffage’s contracting division currently benefits from a record backlog, providing good visibility on sales growth and margin expansion.

China Railway Construction Corp Ltd operates as an infrastructure construction firm. It largely derives contracting revenue. It builds railways, highways and municipal works, such as subways and light rail systems. The company also engages in survey and design, manufacturing, logistics, and property development. It operates the following business segments: Construction, Planning & Design, manufacturing and Real Estate; and Other Business Operations. The firm's revenue gets dominated by the Construction segment that engages in the construction of infrastructure such as railways, highways, metropolitan railways, and real estate projects.

Salik Company PJSC is engaged in the operations and maintenance of toll gates in Dubai. It also is involved in the design and construction of new tollgates, including without limitation, the required tolling equipment, infrastructure, and any other interface requirements. The Company is organised into one segment, which is the Tolling Business.

China Merchants Expressway Network & Technology Holdings Co Ltd is engaged in Highway-related operations, including toll road business and transportation technology business. Its operating segments include Intelligent transportation, Investment operation, Traffic ecology, and Transportation technology. It generates the majority of its revenue from the Investment operation segment, which provides highway investment and operation services.

Jiangsu Expressway Co Ltd is principally engaged in the investment, construction, operation and management of toll roads and bridges in Jiangsu Province and the development of service areas along expressways. It operates through the following segments: Shanghai-Nanjing Expressway, Ningchang Expressway and Zhenli Expressway, Guangjing Expressway and Xicheng Expressway, Xiyi Expressway and Wuxi Huantaihu Expressway, Zhendan Expressway, Wufengshan Bridge, Changyi Expressway, Yichang Expressway, Longtan Bridge, Xitai Expressway, Danjin Expressway, ancillary services (including petrol, food and retail in service zones along the expressways), real estate development, sales of electricity and advertising and others. The Shanghai-Nanjing Expressway is the maximum revenue driver.

Shandong Hi-Speed Co Ltd is a China-based company mainly engaged in the investment and operation of transportation infrastructure. It is also engaged in activities of equity investment in the upstream and downstream industries, finance, and environmental protection of the highway industry chain. It operates and maintains toll roads, bridges, tunnels, and other infrastructure facilities. The company earns majority revenue in the form of Toll, railway transportation, sales of goods, project construction, and other businesses.

Sterling Infrastructure Inc operates through subsidiaries within three segments: E-Infrastructure, Transportation, and Building Solutions in the United States, mainly across the Southern, Northeastern, Mid-Atlantic, and Rocky Mountain regions and the Pacific Islands. E-Infrastructure Solutions generates maximum revenue and provides site development and mission-critical electrical services for data centers, manufacturing, distribution centers, warehousing, and power generation. Transportation Solutions includes infrastructure and rehabilitation projects for highways, airports, ports, rail, and storm drainage systems. Building Solutions includes residential and commercial concrete foundations, parking structures, plumbing services, and surveys for new single-family residential builds.

Impulsora del Desarrollo Y El Empleo En America Latina SAB de CV, or IDEAL, is a Mexican construction and engineering company. The company operates through five main reporting lines: toll roads, service, sale of electricity, prison services, and other. Toll roads, which generates the vast majority of revenue, constructs, operates, and maintains domestic toll roads. Prison services, the next most significant segment, generates income from the operation and maintenance of rehabilitation centres within Mexico.

Promotora Y Operadora de Infraestructura SAB de CV, or Pinfra, develops and constructs infrastructure projects in Mexico. It completes highways, ports, railways, sewer systems, and other projects related to industrial development. The company has three business segments: concession, construction, and manufacture. The construction division provides services to its concessions, but has the capability to partner with third parties. Many concessions are fully operational, and the company supplies maintenance and operational support to adhere to requirements.

Motiva Infraestrutura De Mobilidade SA is a mobility infrastructure company in Brazil, operating in highway, train, subway and airport concessions.

Granite Construction Inc engages in the construction and development of various infrastructure projects on behalf of public and private clients in the United States. The company focuses on heavy civil infrastructure projects, including roads, highways, transit facilities, airports, bridges, dams, tunnels, and other infrastructure projects. In addition, the company performs site preparation and infrastructure services for residential development, energy development, and other facilities. The majority of revenue is derived from the company's Construction operating segment, and rest from Materials segment.

Parkin Co is engaged in offering convenient and cost-effective parking solutions for both residents and visitors in Dubai. It is responsible for operating, overseeing, monitoring, inspecting, and enforcing parking services in public areas, such as on-street parking, off-street parking, multi-story car parks, and designated developer zones within Dubai. The parking fares are collected through various payment channels including the Roads and Transport Authority (RTA) website, cash, nol cards, and smart applications.

Zhejiang Expressway Co Ltd is a Chinese infrastructure company which, through its subsidiaries, develops, maintains, and operates high-grade roads. The company organizes itself into three segments: toll operation, securities business, and other business. The company derives the majority of revenue and earnings from the toll road business. The securities business, the next segment, provides brokerage services, including advisory, margin lending, and asset management. The company earns the entirety of revenue domestically.

Construction Partners Inc operates as a civil infrastructure company. It specializes in the construction and maintenance of roadways. The company through its subsidiaries, provides various products and services to both public and private infrastructure projects, with an emphasis on highways, roads, bridges, airports, and commercial and residential developments. Its operations consist of manufacturing and distributing hot mix asphalt, paving activities, including the construction of roadway base layers and application of asphalt pavement, site development, including the installation of utility and drainage systems, and others. The company has a single segment which predominantly consists of infrastructure and road construction, and operates across various states in the United States.

Anhui Expressway Co Ltd is engaged in the investment, construction, operation, and management of toll roads within Anhui province. The company acquires operating expressway assets through various means such as investment and construction, acquisition, or cooperative operation. The company provides toll service for vehicles, collects vehicles' tolls according to the charging standard, maintains repairs, and carries out safety maintenance for the operating expressways. All of the company's external revenue is derived from customers based in Mainland China.

Guangdong Provincial Expressway Development Co Ltd is principally engaged in the development and operation of expressways and large bridges. It is involved in tolling and maintenance of Guangfo Expressway, Fokai Expressway, Jiujiang Bridge, Huiyan Expressway, Maozhan Expressway, Jiangzhong Expressway, Kangda Expressway and Gankang Expressway.

Atlas Arteria is a global toll-road investor created out of the reorganization of Macquarie Infrastructure Group in 2010. The firm's main asset is a 30.82% stake in Autoroutes Paris-Rhin-Rhone, or APRR. APRR owns concessions to toll more than 2,300 kilometers of motorways in eastern France, most ending late 2035. The firm also wholly owns the Dulles Greenway and 66.67% of the Chicago Skyway, both in the US.

Infraestrctura Visble Sa De through its subsidiary engaged in the infrastructure sector. It's engaged in the construction, operation, maintenance, financing, and promotion of toll roads and port projects, as well as the production of asphalt mixes.

Primoris Services Corp is a provider of critical infrastructure services operating mainly in the United States and Canada. The company provides a range of construction, maintenance, replacement, and engineering services. The Utilities segment operates throughout the United States and specializes in a range of services, including the construction and maintenance of new and existing natural gas and electric utility distribution and transmission systems, and communications systems. The Energy segment operates throughout the United States and Canada and specializes in a range of services that include engineering, procurement, construction, and maintenance services to various industries. The majority of the company's revenue is derived from the Energy segment.

While Ventia is not the largest player with an estimated sub 10% share of addressable markets, it is nonetheless a leading infrastructure maintenance services provider in Australia and New Zealand. Its capabilities span the full asset lifecycle including operations and maintenance, facilities management, minor capital works, environmental services, and other solutions. And its business model is favorably capital-light via flexing of a large contractor base complementing a deep pool of talented employees. Ventia has long-term relationships with a diverse range of public and private sector clients with many client relationships maintained for decades. Contracts are favorably long with an average five-year duration at inception and most containing some form of embedded price escalation.

Shenzhen Expressway Corp Ltd is a Company engaged in the construction, operation, management, and investment of toll highways and environmental protection in China. Environmental protection mainly includes recycling and treating solid waste and clean energy power generation. The group has identified two reporting segments, namely the toll road segment and the environmental protection segment. The toll road segment takes charge of the operation and management of toll roads in Mainland China. The environmental protection segment operates and manages environmentally related infrastructure, mainly including solid waste treatment, clean energy, and other related fields. The majority of its revenue is derived from the Toll segment.

Hill & Smith PLC creates sustainable infrastructure and safe transport through innovation. It is organized into three main business divisions. Galvanizing Services increase the sustainability and maintenance-free life of steel products including structural steelwork, lighting, bridges, agricultural and other products for the industrial and infrastructure markets. Engineered Solutions supplies engineered steel and composite solutions for a wide range of infrastructure markets including energy generation and distribution, marine, rail, and housing. Roads & Security division supplies products and services to support road and highway infrastructure including temporary and permanent road safety barriers, renewable energy lighting and power solutions, and Intelligent Traffic Solutions.

Elecnor SA is a Spanish engineering and construction company. The company organizes itself into two segments: Services and Projects business, and Concessions business. It generates the vast majority of revenue from the Services and Projects business segment. It generates electricity, operates power lines and substations, provides gas pipeline services, provides services for railways, develops telecommunications infrastructure, and constructs and maintains other infrastructure projects. The company derives majority of its revenue Internationally.

IRB Infrastructure Developers Ltd is an infrastructure and construction company. The company organizes itself into segments: Built, Operate and Transfer (BOT)/ Toll, Operate and Transfer (TOT) segment consist of operation and maintenance of roads; InvITs & Related Assets segment consists of investments in units of IRB Infrastructure Trust, IRB InvIT Fund and other related assets; and Construction segment consists of development and maintenance of roads. It derives maximum revenue from Construction segment.

Cube Highways Trust is an Indian infrastructure investment trust formed to invest in infrastructure assets, mainly in the road sector in India. It is engaged in the business of toll operations and maintenance, and operates a group of approximately twenty-seven road assets spread across various states and a union territory in India. At the transaction date, the organisation operated in Road Infrastructure and participated through the products, services, assets or investment capabilities described in the cited materials. It served B2B and B2G customers, users or counterparties through those activities. Its commercial model generated revenue through services, supported by sector expertise, operating execution and customer relationships. The business depended on its people, technology, physical assets, regulatory position or investment capital as appropriate to the sector. This profile identifies the legal or operating participant in the historical transaction and preserves that identity where a later merger, disposal, delisting or reorganisation changed the company’s name or ownership.

Park24 Co Ltd is a Japanese operator of parking facilities. The company is organised into three segments: Parking Business Japan, Parking Business International, and Mobility Business. The parking business, which contributes the majority of revenue, operates fully automated parking facilities and related services. The Parking business in the international segment provides Parking facility management overseas. The mobility business car rental services through the Times Car RENTAL brand, car sharing services through the Times Car PLUS brand, and related services. While the company operates in Japan, Taiwan, and South Korea, the company earns the majority of its revenue domestically.

Shenzhen International Holdings Ltd is a Chinese investment company which constructs and operates logistic infrastructure facilities. The company operates through two main segments: Toll roads and general-environmental protection business and Logistics business. Toll roads contributes the vast majority of revenue, develops, operates, and manages tolls roads. The logistics business constructs, operates, and manages logistics centers and integrated logistics hubs; provides third party logistic services, logistic information services, and financial services to customers; and offers port and related services.

Interise Trust is an Indian infrastructure investment trust formed in 2018 and formerly named IndInfravit Trust. It owns operating highway concessions through project companies and is listed on the National Stock Exchange of India and BSE on a private-placement basis. The current portfolio covers 15 road projects totaling about 6,400 lane kilometres across eight Indian states, with roughly 500,000 vehicles using the network each day. Revenue is generated primarily from toll collections and annuity payments under long-term road concessions. An external investment manager oversees capital allocation, operations, maintenance, safety and stakeholder obligations across the portfolio. Institutional unitholders have included CPP Investments, OMERS, Allianz and domestic Indian investors. The trust changed its legal name to Interise in June 2024 but remains the same investment platform acquired by OMERS under the IndInfravit name in 2019.

Jasa Marga is an Indonesian state-controlled toll road operator listed on the Indonesia Stock Exchange. It was established in 1978 under government regulation, around the opening of the Jagorawi toll road, the country's first, and became a state-owned limited company in 1981. The company develops, finances, operates and maintains toll road concessions, mainly across Java and also in Sumatra and other regions, through a network of subsidiary concession companies such as PT Jasamarga Jogja Solo and PT Jasamarga Transjawa Tol. It earns revenue from toll charges paid by motorists, from other operating revenue and from construction services for its concessions. Its customers are road users, and the government is the regulator through the Toll Road Regulatory Agency. Jasa Marga is the largest toll road operator in Indonesia by length of operated road.

Sdiptech AB is engaged in infrastructures of society with specialized technology and solutions. The company has divided its operations into two new business areas: Resource Efficiency which includes Water & Sanitation, Power & Energy, Bioeconomy & Waste management. And Special Infrastructure Solutions, which includes Air and Climate Control, Safety and Security, and Transportation. Its geographical segments are Sweden, UK, Germany, Croatia, Austria, Norway, Finland, and Other countries.

Welspun Enterprises is an infrastructure developer focused on roads, water and wastewater projects, with a growing presence in data centers and real estate. It builds under government contracts and hybrid annuity road concessions. It is a Welspun Group company headquartered in Mumbai.

GRK Infra Plc designs, builds, repairs, and maintains infrastructure such as roads, highways, rail tracks, and bridges to support efficient transportation and sustainable development. The company provides end-to-end infrastructure services, including design, construction, project management, and maintenance for both large and small projects. Its core capabilities include civil engineering, road construction and paving, rail infrastructure, electricity network construction (Power), and environmental technology solutions. IT serves a diverse customer base comprising state administrations, municipalities, cities, and private sector clients, and frequently collaborates with other infrastructure companies' projects. It generates the majority of revenue from Finland.

G R Infraprojects builds roads, highways, bridges and railway projects, and holds road assets, mostly for government agencies. It has a backward-integrated base of bitumen and manufacturing units. Headquartered in Udaipur, Rajasthan.

Transjamaican Highway Ltd is engaged in the development, operation, and maintenance of the toll road in Jamaica known as the TransJam Highways. The company provide exceptional service and a road network maintained to International Standards for the benefit of customers.

Infrastructure construction company that builds highways, flyovers, bridges, tunnels and other civil works, mainly under government contracts and hybrid annuity road projects. It is one of the larger road contractors in northern India. Based in Ludhiana.

Dilip Buildcon builds roads, highways, bridges, irrigation and urban infrastructure, and has operated road concessions. Customers are government agencies. Headquartered in Bhopal.

EcoRodovias Infraestrutura E Logistica SA is an infrastructure and logistics company.

Hindustan Construction Company is an Indian engineering and construction group building roads, bridges, hydro and nuclear power projects, tunnels and water infrastructure. Customers are mostly government agencies and public utilities. It is headquartered in Mumbai.

Kirac Galv Telekom Metal Makine Insaat Elektrik Sanayi ve Ticaret AS is engaged in providing hot-dip galvanizing services and manufacturing road safety and infrastructure products. Its products and services include steel guardrail systems, motorcyclist protection systems, noise barriers, solar energy systems, crash cushions, traffic signs, pedestrian guardrails, and hot-dip galvanizing.

LCC Projects is an engineering, procurement and construction company working on roads, bridges, water and other infrastructure. Its customers are mostly government agencies and public sector bodies. It is headquartered in Ahmedabad.

PNC Infratech builds roads, highways, bridges and airport runways and runs some toll and annuity road assets. Customers are government bodies such as national highway authorities. It is based in Agra.

J Kumar Infraprojects builds metros, flyovers, bridges, tunnels and water projects, mostly in the Mumbai region and other large cities. Its customers are government agencies and public sector authorities. It is headquartered in Mumbai.

KNR Constructions builds roads, highways, irrigation and water projects, mainly for central and state government agencies, on both engineering contract and build-operate-transfer models. It is headquartered in Hyderabad.