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Antin Infrastructure Partners S.A.

ANTIN.PA
75
Asset Management · Financial Services
Price
€8.92
+0.07 (+0.79%)
Market Cap
€1.59B
Exchange
Euronext Paris
Winston Score
75
Winston is happy
A high-quality business with solid fundamentals.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Exceptional
Growth
Mixed
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good
Dividends
Exceptional

Share count rising — dilution

+2.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 174.6M (2021) → 178.7M (2025)

Winston Score History

The full picture

Antin Infrastructure Partners is a private investment firm based in Paris, France. It raises money from large investors — like pension funds and insurance companies — and uses that money to buy and manage infrastructure assets such as roads, pipelines, fiber networks, and renewable energy projects. The firm focuses on assets that provide steady, long-term cash flows, which makes them attractive to big institutional investors.

Antin makes money by charging management fees on the capital it oversees and by taking a share of profits when investments are sold, a model common in private equity and infrastructure investing. The firm operates mainly across Europe and North America and manages several billion euros across multiple funds. Its competitive edge comes from its specialized focus on infrastructure, which is a less crowded space than broader private equity. The key growth driver is rising global demand for infrastructure investment, particularly in energy transition and digital infrastructure, though the main risk is that higher interest rates can reduce the appeal of infrastructure assets and slow fundraising.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
71.2%
Premium pricing power — 71.2% gross margin
Profit after running costs
Operating Margin
42.4%
Excellent — 42.4% operating margin
Return on the money invested
ROCE
27.4%
Exceptional — 27.4% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
-8.2%
Shrinking sales (-8.2% YoY)
Profit growth
EPS YoY
-16.2%
Earnings shrinking (-16.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
117%
Turns 117% of profit into real cash
Spare cash per sale
FCF Margin
40.6%
Converts sales into free cash efficiently (40.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.02
Conservative — low debt load (0.02)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.4x
Attractive valuation — P/E 14.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
7.85%
Healthy income — 7.85% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record
Dividend Growth
+25.7%
Dividend growing fast (25.7% YoY)

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