Antin Infrastructure Partners: Hold Rating Amidst EBITDA Outperformance and Cautious Investment Activity

Analyst Marina Massuti of Morgan Stanley maintained a Hold rating on Antin Infrastructure Partners, with a price target of €13.00.

Marina Massuti’s rating is based on several key considerations regarding Antin Infrastructure Partners. The company reported a 7% EBITDA beat, which indicates a slight outperformance compared to expectations. However, the lack of new investments and exits in the second quarter, mirroring the slow pace of the first quarter, suggests a cautious outlook. Although Antin announced a new investment expected to close by year-end, the overall muted activity may have influenced the Hold rating.
Additionally, while the fund performance remains on or above plan, there were slight declines in Gross MOICs for some funds due to negative foreign exchange effects. Antin’s trading at a discount compared to global peers, with a 2026 estimated P/E ratio of approximately 16x versus the peer average of 21x, also plays a role in the Hold recommendation. Despite these factors, the company’s updated guidance and solid exit pipeline provide a balanced view, leading to the Hold rating.