Pantheon Infrastructure PLC · LSE:PINT
Pantheon Infrastructure — Investor Day (November 2023)
22 slides from Pantheon Infrastructure's investor day presentation, Nov 7, 2023
Slide 1: Pantheon Infrastructure PLC Capital Markets Day
Pantheon Infrastructure PLC Capital Markets Day – 7 November 2023 PRIVATE & CONFIDENTIAL PRIVATE & CONFIDENTIAL
Slide 2: Welcome and introduction
Welcome and introduction
Slide 3: PINT's key differentiators: operating model & portfolio diversification
PINT’s key differentiators: operating model & portfolio diversification Operating Model Investment universe Renewables & Digital Efficiency Recycle Buy Exit Grow Power & Transport & Utilities Logistics Diversification by sub-sector and geography, PINT seeks to add value via its co-investment whilst
Slide 4: PINT's achievements since launch
PINT’s achievements since launch Primafrio £44m CyrusOne Vantage Data Centers £28m £27m National Gas Fudura RCF announced RCF increased £41m £45m £62.5m £115m March 2022 July 2022 December 2022 June 2023 Cartier Energy GD Towers Zenobe £33m £40m £35m May 2022 January 2023 September 2023 June 2022 No
Slide 5: Market perspectives
Market perspectives
Slide 6: Infrastructure market indicators
Infrastructure market indicators Deal activity by geography ($bn)1 Deal activity by sector ($bn)1 893 893 CAGR4 +14% 755 CAGR4 +14% 755 574 594 594 576 553 576 553 574 429 429 351 371 351 371 2015 2016 2017 2018 2019 2020 2021 2022 Sep-23 2015 2016 2017 2018 2019 2020 2021 2022 Sep-23 North America
Slide 7: Current inflationary environment
Current inflationary environment Private infrastructure has been defensive in nature and has held value in recessionary environments Current inflationary environment 140 12 Revenues 130 11 120 10 110 9 Costs / capital expenditures 100 8 90 7 % 80 6 Leverage vs interest rates 70 5 60 4 50 3 Discount
Slide 8: Pantheon platform: Sector activity and infrastructure asset allocations over time
Pantheon platform: Sector activity and infrastructure asset allocations over time Number of assets1 169 168 182 209 165 4% Observations2 18% 17% 10% 25% 27% 7% 6% Expansion of digital 19% infrastructure since 2015 15% 14% 10% 28% 15% 11% 16% 17% Decline in energy 0% infrastructure post-2017; consist
Slide 9: Pantheon Infrastructure realisations
Pantheon Infrastructure realisations ~35% average increase in value for realised companies in year prior to exit Liquidity events across 2021 – Q2 2023 for Average % uplift in TVPI across all realised single asset Pantheon's infrastructure investments1 secondary companies and co-investments in the l
Slide 10: Scaled infrastructure platform to source co-investment transactions
Scaled infrastructure platform to source co-investment transactions Proprietary information advantage backed by longstanding sponsor relationships1 $10bn 95 200+ 55 100+ Infra & RA Infra funds Sponsor Infra sponsors Infra funds primary AUM invested in relationships Pantheon committed Advisory Board
Slide 11: Infrastructure deal characteristics
Infrastructure deal characteristics Deal selection: characteristics and sourcing Emphasis on high-quality assets with downside protection Infrastructure co-investment deal funnel1 1 Top-quality infrastructure sponsors Deals Screened $77.7bn 784 deals 2 Essential service provider Advanced Diligence 3
Slide 12: PINT positioning
PINT positioning
Slide 13: Portfolio overview
Portfolio overview As of 30 June 2023 £458m invested / committed to 13 assets1 Geography Sector Market segment2 Sponsors 6% 6% 6% 6% 14% 4% 19% 9% 9% 5% 16% 6% 41% 8% 16% 19% 7% 10% 7% 10% 37% 11% 77% 8% 25% 9% 9% Digital Bridge Europe Digital - Towers ECP Contracted North America Digital - Fibre As
Slide 14: Portfolio characteristics
Portfolio characteristics Diversified portfolio with significant growth potential, inflation protection, and limited volume, financing and commodity risk Growth Yield Inflation linkage Volume Financing Commodity Primafrio CyrusOne National Gas Transmission Vertical Bridge Delta Fiber Cartier Energy
Slide 15: Forecast expansion
Forecast expansion Digitalisation Decarbonisation Today 1,100MW 2,500,000 1,000 1,000MW 50,000 725MW data centre homes passed electric buses & battery energy telecom towers renewables capacity with fibre lorries storage systems 5,100MW 105,000 3,900,000 1,000MW >8,000 6,000MW 2030 Source: Investment
Slide 16: Forecast expansion
Forecast expansion Share of capex (£m) 700 600 90 500 82 400 65 69 300 606 57 200 81 81 100 82 0 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 Total Source: Investment sponsors’ base case growth forecasts converted into GBP as at 1 November 2023. There is no guarant
Slide 17: Forecast earnings growth
Forecast earnings growth EBITDA share (£m) and look through leverage (Net Debt / EBITDA) 120 16.0x 105 14.0x CAGR +11% 90 12.0x 75 10.0x 60 8.0x 45 6.0x 30 4.0x 15 2.0x - - 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 PINT EBITDA share PINT Net Debt/EBITDA Source:
Slide 18: Portfolio sensitivities
Portfolio sensitivities Portfolio IRR sensitivity to investment outcomes Exit timing (+/- 12 months) -0.4% 0.1% Exit price (+/- 10%) -1.9% 1.8% Exit price (+/- 20%) -4.0% 3.4% Distributions (+/- 50%) -1.6% 1.6% Outperform / Crash -5.3% 6.0% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% 22.00% + /
Slide 19: Disclosure and important notice
Disclosure and important notice
Slide 20: Important notice
Important notice The information contained in this document is confidential and for the sole use of the recipient and must not be forwarded to any other person. This document does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscr
Slide 21: Disclosure – case studies
Disclosure 1 – case studies These case studies provide information about certain investments made by PINT. It should NOT be regarded as a recommendation. Pantheon makes no representation or forecast about the performance, profitability or success of such investments. You should not assume that futur
Slide 22: Important notice (continued)
Important notice (continued) This document may contain certain forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. By their nature forward looking statements involve risk and uncertainty because they relate to events a
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