Lesico Valuation Multiples

Enbridge owns extensive midstream assets that transport hydrocarbons across the US and Canada. Its pipeline network consists of the Canadian Mainline system, regional oil sands pipelines, and natural gas pipelines. The company also operates regulated natural gas utilities in the US and Canada, including Canada's largest natural gas distribution company. The firm has a small renewable energy portfolio primarily focused on onshore and offshore wind projects.

Quanta Services is a leading specialty contractor serving customers across the utility, telecom, oil and gas, and renewable energy markets. The company operates through two segments: electric and underground utility. Through a combination of organic growth and a disciplined acquisition strategy, Quanta has grown into the largest provider of electric transmission and distribution contracting services in the US.

Williams operates the Transco pipeline, which connects the Gulf Coast to the Northeast United States. It has additional natural gas transmission pipelines connecting the Rockies to the Pacific Northwest and midcontinent. At the field level, it operates substantial gathering and processing assets in Appalachia and other basins. The company has also struck several power supply agreements.

Enterprise Products Partners is a master limited partnership that transports and processes natural gas, natural gas liquids, crude oil, refined products, and petrochemicals. It is one of the largest midstream companies, with operations servicing most producing regions in the continental US. Enterprise is particularly dominant in the NGL market and is one of the few MLPs that provide midstream services across the full hydrocarbon value chain.

Kinder Morgan operates natural gas, crude oil, and refined products pipelines connecting producing regions to demand centers. It is principally involved in the gathering, storage, and transmission of natural gas across the continental United States. It also operates distribution centers for refined products along with the largest fleet of Jones Act-compliant tankers.

Energy Transfer LP is a Dallas, Texas-headquartered master limited partnership that owns one of the largest portfolios of midstream energy assets in the United States. It was founded in 1996 by Kelcy Warren and Ray Davis, and Warren is its chairman with Thomas Long and Marshall McCrea as co-chief executives. It owns or operates about 140,000 miles of pipelines, including roughly 105,000 miles for natural gas, plus crude oil, natural gas liquids and refined product infrastructure, and holds Sunoco LP and Lake Charles LNG. In 2024 it reported revenue of US$82.7 billion and net income of US$6.6 billion with about 16,200 employees. It earns mostly fee-based and commodity-linked revenue from transporting, storing and processing energy. Its acquisitions include Regency Energy Partners for US$11 billion in 2015, SemGroup for US$5 billion in 2019 and Crestwood Equity Partners in a US$7.1 billion all-equity deal that closed in November 2023.

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.

TC Energy operates natural gas transmission assets across North America. Segments are determined by country of operation, but both Canadian and US operations are interconnected. Mexican operations are disconnected from the US and only have one customer, the state utility CFE. They also operate power generation assets, with the largest being the Bruce Power nuclear plant.

Targa Resources Corp is a midstream firm that mainly operates gathering and processing assets with substantial positions in the Permian, Stack, Scoop, and Bakken plays. It has fractionation capacity at Mont Belvieu and operates a liquefied petroleum gas export terminal. The Grand Prix natural gas liquids pipeline is another important asset. It has two operating segments: Gathering and Processing, and, Logistics and Transportation (also referred to as the Downstream Business).

Cenovus Energy Inc is a Canadian integrated energy group. The group's upstream operations include oil sands projects in northern Alberta; thermal and conventional crude oil, natural gas, and natural gas liquids (NGLs) projects across Western Canada; crude oil production offshore Newfoundland and Labrador; and natural gas and NGLs production offshore China and Indonesia. Its downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada. The group's reportable segments are: Oil Sands, Conventional, Offshore, Canadian Refining, U.S Refining, and Corporate and Eliminations. Maximum revenue is generated from its Oil Sands segment. Geographically, the group derives maximum revenue from the U.S., followed by Canada and China.

Cheniere Energy is a liquified natural gas, or LNG, producer with two facilities in Corpus Christi, Texas and Sabine Pass, Louisiana. It generates most of its revenue through long-term contracts with customers on a fixed and variable fee payout structure. It also generates revenue by selling uncontracted LNG to customers on a short or one-time basis. A subsidiary, Cheniere Energy Partners, owns the Sabine Pass facility and trades as a master limited partnership.

MPLX is a partnership that owns pipelines and gathering and processing assets with extensive holdings in the Appalachian and Permian regions. The asset base is made up of crude oil and refined products assets dropped down from Marathon Petroleum, its sponsor, and natural gas and natural gas liquids gathering and processing assets that were purchased or built.

Oneok is a diversified midstream service provider specializing in natural gas gathering, processing, storage, and transportation, as well as natural gas liquids transportation and fractionation. It also operates in the refined product and crude oil segment, connecting producers, refiners, and consumers. Operations are in the midcontinent, Permian, and Rocky Mountain regions.

CRH is a global building materials group headquartered in Dublin, Ireland and New York, which moved its primary stock listing to the New York Stock Exchange in June 2023. It was formed on 20 October 1970 through the merger of Cement Limited and Roadstone Limited and listed on the Irish Stock Exchange in 1973. It operates through CRH Americas, covering materials and building solutions across 48 US states and 7 Canadian provinces, and CRH International, with operations in Europe, Australia and the Philippines, from about 3,961 locations in 28 countries. For 2025 it reported revenue of US$37.4 billion and net income of US$3.75 billion with about 83,000 employees, and it earns revenue from aggregates, cement, asphalt, ready-mixed concrete and building products. Its acquisitions include the EUR 6.5 billion Lafarge and Holcim assets in 2015, which included Tarmac in the UK, and Ash Grove Cement for US$3.5 billion in 2018. Jim Mintern is chief executive.

Larsen & Toubro Ltd is a technology, engineering, manufacturing, and financial services conglomerate operating globally. It enters into contracts to construct various facilities, develop solutions for offshore and onshore hydrocarbon projects, serve power plants, build ships, and perform other engineering projects. Its integrated capabilities help customers throughout the entire value chain, from design to delivering a project. The company's operating segments are: Infrastructure projects, Energy projects, Hi-Tech Manufacturing, IT & Technology services, Financial services, Development projects, and other segments. A majority of its revenue is generated from the Infrastructure projects segment. Geographically, the group generates maximum revenue from its operations in India.

Comfort Systems USA Inc provides comprehensive mechanical contracting services, including heating, ventilation, & air conditioning, or HVAC; plumbing; piping & controls; construction; and other electrical components. Projects are mainly for commercial, industrial, & institutional buildings, & tend to be geared toward HVAC. Revenue is roughly split between installation services for newly constructed facilities & maintenance services for existing buildings. The company installs & repairs products and systems throughout the United States. It operates in two segments, Mechanical services & Electrical services, the majority is from the Mechanical services segment.

Martin Marietta Materials is one of the United States' largest producer of construction aggregates (crushed stone, sand, and gravel). In 2024, Martin Marietta sold 191 million tons of aggregates. Martin Marietta's most important markets include Texas, North Carolina, Colorado, California, and Georgia, accounting for most of its sales. The company also uses its aggregates in its asphalt and ready-mixed concrete businesses. Martin’s magnesia specialties business produces magnesia-based chemical products and dolomitic lime.

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.

Samsung C&T is a South Korean construction, trading and consumer-business group headquartered in Seoul and listed on the Korea Exchange, and it is often regarded as the de facto holding company of the Samsung group because of its large stakes in other Samsung affiliates. It is organised into Engineering & Construction, Trading & Investment, Fashion and Resort groups, plus a biopharmaceutical business built around its stake in contract manufacturer Samsung Biologics. The construction group is an engineering, procurement and construction contractor known for skyscrapers such as the Burj Khalifa, the Petronas Towers, Merdeka 118 and Taipei 101; the trading group handles international trade in industrial goods; the fashion group sells apparel brands such as Bean Pole; and the resort group runs the Everland and Caribbean Bay theme parks, golf courses and the Samsung Welstory food service business. In 2025 the company reported revenue of KRW 40.742 trillion and operating profit of KRW 3.293 trillion, with construction contributing KRW 14.1 trillion and trading KRW 14.6 trillion, and it employs more than 17,000 people. Samsung C&T was founded in 1938 by Lee Byung-chul as the first Samsung company, was designated Korea's first general trading company in 1975, merged with Samsung Construction in 1995 and combined with Cheil Industries in September 2015.

Vulcan Materials is the largest producer of construction aggregates in the US. The company produced around 228 million tons of aggregates in 2025 and has 16.6 billion tons of proven and probable reserves, equivalent to roughly 83 years of supply at current production levels. Over the past several years, Vulcan has increasingly focused its portfolio on aggregates while reducing its exposure to downstream businesses such as ready-mix concrete and asphalt. The company operates across 23 US states, with additional operations in Mexico.

EMCOR Group Inc is a specialty contractor in the United States and a provider of electrical and mechanical construction and facilities services, building services, and industrial services. Its services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. The company's operating subsidiaries are organized into reportable segments: United States mechanical construction and facilities services, which derives key revenue; United States electrical construction and facilities services; United States building services; United States industrial services; and United Kingdom building services. Geographically, its key revenue is derived from the United States.

Venture Global operates two liquefied natural gas production facilities in Louisiana. It has pioneered the use of modular, factory-built equipment, producing high yields. With a substantial development plan, it seeks to become a vertically integrated LNG producer and supplier to end consumers around the world.

Hochtief AG develops and constructs building and infrastructure projects. It works on complex projects in transportation, energy, urban infrastructure, and mining markets. It expands transportation networks with roads, bridges, and tunnels, or designs and constructs office buildings, hospitals, and power plants. The company leans on expertise and technical know-how in developing, financing, building, and operating in designated business areas. Also, it will partner with external groups to work on specific components of a project. Its regional divisions are Americas, Asia Pacific, and Europe. The Americas and the Asia Pacific account for the majority of sales and are where the company's assets are located.

Cheniere Energy Partners is a liquified natural gas producer operating one facility in Sabine Pass, Louisiana. It generates most of its revenue through long-term contracts with customers on a fixed- and variable-fee payout structure. It also generates revenue by selling uncontracted LNG to customers on a short or one-time basis. The profit generated through those activities is split with parent and operator Cheniere Energy.

Epiroc is a global manufacturer of niche equipment and services used by mining and infrastructure customers. The company’s products include hard rock drilling equipment and excavation technologies for underground and surface mining, as well as servicing and spare parts. Approximately 69% of group sales are from the aftermarket, which includes services and the sale of spare parts and consumables. Epiroc was spun out of Atlas Copco and listed as a stand-alone company on Nasdaq Stockholm in 2018.

Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio. Its operations include transmission pipelines, oil and gas gathering, fractionation, storage, and natural gas liquid exports. It also has a joint venture through the Cedar LNG export terminal.

China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management.

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.

Power Grid Corp Of India Ltd is a state-owned electric utility company in India. The activities of the firm are operated through Transmission, Telecom, and Consultancy segments. Under the Transmission division, the company's principal business is the transmission of bulk power across different states of India. Whereas the Telecom division leverages the firm's nationwide transmission infrastructure and operates as a neutral carrier in the point-to-point Bandwidth Leasing Business. The company is also involved in the Consultancy business in which it provides in-house expertise in the Transmission, Distribution, and Telecom sectors, including planning, design, engineering, load dispatch, procurement management, financing, and others. It derives maximum revenue from the Transmission segment.

Sany Heavy Industry Co Ltd is a construction machinery manufacturer in China. Its products range from concrete and crane machinery to excavators, road construction, piling machinery, and others. The company operates its businesses through seven segments: Concrete Machinery, Excavator Machinery, Hoisting Machinery, Piling Machinery, Road Machinery, Financial Services, and Others. It generates the majority of its revenue from the Excavator Machinery segment, which engages in research, development, manufacture, and sale of excavator machinery products.

China Merchants Energy Shipping Co Ltd is a China-based company that engages in tanker transportation, bulk cargo vessel transportation, and liquid natural gas (LNG) vessel transportation. It provides a full range of energy transportation services running a large diversity of vessels, including crude oil tankers, dry bulk carriers, and LNG carriers. It provides services to customers from China, Japan, Korea, Southeast Asia, the United States, and other countries.

China Tower Corp Ltd is a telecommunications tower infrastructure service provider. The Company is principally engaged in the construction, maintenance, and operation of base station ancillary facilities such as telecommunications towers, public network coverage in high-speed railways and subways, and large-scale indoor Distributed Antenna Systems (DAS). The business of the company includes Tower business; DAS business; Smart Tower business and Energy business. The Group’s revenue is generated from the Three TSPs.

Western Midstream Partners LP is a USA-based company which own, operate, acquire and develop midstream energy assets. The company through its subsidiary is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, NGLs and crude oil. It owns or has investments in assets located in the Rocky Mountains (Colorado, Utah, and Wyoming), the Mid-Continent (Kansas and Oklahoma) and Texas.

Bouygues is a family-controlled French conglomerate that comprises a disparate range of assets: construction businesses, a TV network, and a telecom network. It is one of the largest construction companies in France and Europe, with over EUR 45 billion in revenue across the four engineering, procurement, and construction businesses under its ownership, as well as one of the four telecom operators in France.

Plains All American Pipeline LP through its subsidiaries, engages in the pipeline transportation, terminaling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL. The Crude Oil segment offers gathering and transporting crude oil through pipelines, gathering systems, trucks, and barges or railcars. The NGL segment is involved in natural gas processing and NGL fractionation, storage, transportation, and terminalling. It generates the majority of its revenue from the Crude Oil segment.

Adani Energy Solutions Ltd is a power transmission company in India. It is involved in the business activity of transmission of electric energy. The company is also engaged in the trading of Agri commodities business. The operating segments of the company are the Transmission segment which involves power transmission activities; the Trading segment; GTD Business, and Smart Metering. It derives a majority of its revenue from the GTD Business segment. The company operates in India.

APi Group Corp operates in two segments: Safety Services segment includes providing safety services in North America, Asia Pacific, and Europe, focusing on end-to-end integrated occupancy systems (fire protection solutions, Heating, Ventilation, and Air Conditioning and entry systems), including design, installation, inspection, and service of these integrated systems. These services are provided in commercial, education, healthcare, high tech, industrial, and special-hazard settings. Specialty Services segment includes providing a variety of infrastructure services and specialized industrial plant services, which include maintenance and repair of critical infrastructure such as underground electric, gas, water, sewer, and telecommunications infrastructure.

Brookfield Infrastructure Partners is a publicly traded limited partnership, listed in New York and Toronto, that owns and operates infrastructure assets worldwide from its corporate headquarters in Toronto. Its portfolio has four segments: utilities, including natural gas pipelines, electricity transmission lines and electricity and gas connections serving about 10 million customers; transport, including ports, railways, toll roads and logistics networks; midstream pipelines, storage and processing facilities; and data infrastructure such as cell towers, fibre networks and data centres. It earns regulated and contracted revenue from these assets, reported revenue of about US$21 billion in 2024, and targets annual distribution growth of 5% to 9%. Brookfield Infrastructure was an operating unit of Brookfield Asset Management until its spin-off in January 2008; Brookfield remains its general manager and a major unitholder, and Sam Pollock has been chief executive since 2006. Its businesses employ about 57,000 operating staff across 12 corporate offices. Notable deals include the 2016 purchase, with partners, of Asciano's port assets for US$6.55 billion and a 90% stake in a Petrobras gas pipeline network for US$5.2 billion, and a 2022 agreement with Intel to co-invest up to US$30 billion in a chip plant in Arizona.

Jacobs Solutions is a global provider of engineering, design, procurement, construction, and maintenance services as well as cyber engineering and security solutions. The firm serves industrial, commercial, and government clients in a wide variety of sectors, including water, transportation, healthcare, technology, and chemicals. Jacobs Solutions employs approximately 60,000 workers. The company generated $12 billion in revenue in fiscal 2025.

WSP Global Inc provides a professional services consulting firm offering technical expertise and advice to clients in the Transportation & Infrastructure, Earth & Environment, Property & Buildings, and Power & Energy sectors. The company also offers specialized services in project and program delivery and advisory services. The firm operates through four reportable segments namely, Canada, Americas ( United States and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand and Asia).

MasTec is a leading infrastructure construction company operating mainly in North America across a range of industries. Its primary activities include engineering, building, installing, maintaining, and upgrading communications, oil and gas, utility, renewable energy, and other infrastructure. MasTec reports its results under five segments: communications; clean energy and infrastructure; pipeline infrastructure; power delivery; and other.

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.

Cemex SAB de CV is a ready-mix concrete company that mainly engaged in activities that are oriented to the construction industry, mainly through the production, marketing, sale, and distribution of cement, ready-mix concrete, aggregates, urbanization solutions, and other construction materials and also provide related services and reliable construction-related services to customers and communities and maintain business relationships in more than 60 countries throughout the world. The company operates in different parts of the world, with operations in Mexico, the United States, the EMEA region and the SCA&C region.

Singapore-based Keppel is an alternative asset manager and operator with SGD 95 billion of funds under management as of the end of December 2025. The group’s key segments are infrastructure, real estate, and connectivity (including telecommunication services and operation of data centers). Most of its earnings are derived from its infrastructure segment, where it invests and operates in a portfolio of infrastructure assets. The group also has a fund management platform comprising listed and unlisted investment trusts that generates recurring fee income.

CG Power & Industrial Solutions Ltd is an India-based company engaged in providing products, services, and solutions to utilities, industries, and consumers for the management and application of sustainable electrical energy. It has two reportable business segments: Industrial Systems, which derives key revenue, and Power Systems. The Power Systems segment includes products and services from ultra-high-voltage, high voltage, medium voltage and low voltage like transformer, switchgear, and turnkey projects; and the Industrial Systems segment, includes rotating machines of power and ratings, automated AC, DC, and frequency drives and control systems like electric motors, alternators, drives, traction electronics, and SCADA. Geographically, it derives key revenue from the domestic market.

Kajima Corp provides civil engineering and project management for multiple industries. It works in multiple phases, from planning and development to maintenance and renovation. The company constructs skyscrapers, power plants, office buildings, and other large structures. It enters into contracts to complete construction work at the designated site and add the necessary improvements. The company has five reportable segments: civil engineering, building business, real estate development, and other domestic subsidiaries, and overseas subsidiaries. The company utilizes research and development for all segments and allows engineers to receive training and enhance expertise through various programs. Japan accounts for the majority of the total revenue.

Hitachi Energy India Ltd serves utility, industry, and infrastructure customers with solutions and services across the value chain. The company is engaged in the business relating to products, projects, and services for Power technology. It manufactures and supplies systems, equipment, devices, and accessories products such as disconnectors, cable accessories, electric motors, semiconductors, transformers, and others. The company also provides project and service engineering, installation, commissioning, and support services. Geographically, the company generates a majority of its revenue from India and the rest from other countries.

STRABAG SE is a European-based technology group for construction services, a leader in innovation and financial strength. Its activities span all areas of the construction industry and cover the entire construction value chain. It has four operating segments: North and West; South and East; International and Special divisions; and Other. It builds large transportation infrastructure, plants, commercial and industrial facilities, and other large structures related to industrial development. The company generates revenue in Germany, Austria, the Rest of Europe, and the Rest of world of which majority of revenue comes from Germany.