Insight Infrastructure Research is a top ranked independent boutique dedicated to Global Infrastructure equity research. They leverage extensive equity research experience, industry knowledge and strong corporate relationships to produce differentiated analysis and provide new insights on infrastructure stocks (toll roads, airports, telecom towers) and the industry to global institutional investors.
Insight counts 13 of the world’s 15 dedicated infrastructure funds as clients.


Robert Crimes

Partner & Founder

Prior to founding Insight, Mr. Crimes gained extensive experience covering the infrastructure sector for leading sell-side banks. A director at Credit Suisse, Mr. Crimes ran the infrastructure research team for 5 years. During his 9 year engagement with JP Morgan, he was a member of the Construction and Materials team before his promotion to the head of the Contracting and Concessions team. Mr. Crimes investment experience also includes several years at a buy-side fund, allowing him to understand the needs of institutional investors today.

Hein Smit

Equity Research Analyst

Hein Smit joined Insight in 2015 after graduating from Warwick Business School with a Masters in Finance (distinction). In 2014, Mr. Smit completed the internship program at Investec Asset Management.

Max Dolbey

Equity Research Analyst

Max Dolbey joined Insight in 2017 after completing his ACA over 3 1/2 years at Deloitte LLP, where he focused on audit in Private Equity. Mr. Dolby also has prior internship experience in equity research.



Despite increasing globalization, the infrastructure sector is almost exclusively covered by regional analysts. This type of analysis makes it difficult to compare one infrastructure play to another, especially when they reside in different geographies. To successfully invest in the infrastructure sector, a global comparative perspective is required. Insight uses standardized metrics across continents to provide investors with a better understanding of the international activity of corporates and to identify global valuation anomalies leading to actionable investment recommendations.


Insight’s models, providing a level of detail not usually found on the sell-side, are critical to their track-record of successful analysis. Insight takes a ‘bottom-up’ approach, assessing the value of infrastructure assets with a DCF. Inputs such as traffic and cost of capital are carefully scraped for accuracy before being aggregated into a detailed Sum of the Parts. Using standardized metrics for IRR, cash-flow forecasting and cost of capital allow Insight to compare valuations for infrastructure projects from one continent to another – and then identify the best investments.


Flagship Report: Monthly report focused on assets and companies which are mispriced by the market.

Marketing Pack: Updated every 4-6 weeks, contains a comprehensive overview of the global infrastructure space including top investment recommendations, updated company financials and a chart pack offering insight into the key drivers of the sector.

Chart Pack: Published every 4-6 weeks with forward indicator dashboards for the space.

Notes from The Road: Feedback and Insights from our regular 1×1 visits with corporate management.

Models: Proprietary financial models with up-to-date and live estimates, fully interlinked on dedicated Microsoft SharePoint web site.

Meetings & Conference Calls with Insight’s Senior Analyst as required. Punctual response to events & results by email including company updates (outside office hours when necessary).

Distribution: All models and reports distributed by email & Bloomberg portal


ContractorsToll RoadsAirportsOther
FerrovialAleaticaAeroports de ParisENAV
OHLAtlantiaAuckland AirportGetlink
VinciAtlas ArteriaASURInwit
CCRBeijing Capital InternationalVopak
PINFRAFlughafen Zurich
Sydney Airport

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