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Argo Global Listed Infrastructure Limited

ALI.AX
53
Asset Management - Global · Financial Services
Price
A$2.65
+0.11 (+4.33%)
Market Cap
A$499.2M
Exchange
Australian Securities Exchange
Winston Score
53
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Strong
Growth
Weak
Cash Flow
Strong
Stability
Good
Valuation
Good
Dividends
Strong

Share count rising — dilution

+9.4% over 4y

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

Diluted shares outstanding: 163.1M (2022) → 178.4M (2026)

Winston Score History

The full picture

Argo Global Listed Infrastructure Limited is an Australian listed investment company (LIC) that pools money from everyday investors and uses it to buy shares in infrastructure businesses around the world. These infrastructure businesses own things like toll roads, airports, pipelines, electricity networks, and water utilities. The fund is managed by Cohen & Steers, a specialist global infrastructure investment manager, and it trades on the Australian Securities Exchange.

The company makes money by earning dividends and capital gains from its portfolio of infrastructure stocks, and it charges a management fee on the assets it oversees. It invests globally, with exposure to North America, Europe, and other developed markets, giving Australian investors access to international infrastructure they could not easily buy on their own. The main risk is that rising interest rates can hurt infrastructure valuations, since these assets are often valued like bonds, and a prolonged high-rate environment could weigh on both the portfolio and the share price.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
77.8%
Premium pricing power — 77.8% gross margin
Profit after running costs
Operating Margin
240.8%
Excellent — 240.8% operating margin
Return on the money invested
ROCE
11.3%
Below par — 11.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
-45.7%
Shrinking sales (-45.7% YoY)
Profit growth
EPS YoY
-26.1%
Earnings shrinking (-26.1% YoY)

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

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
69%
Modest — 69% of profit becomes cash
Spare cash per sale
FCF Margin
60.1%
Converts sales into free cash efficiently (60.1%)

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
N/A
Data not available
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)
12.2x
Attractive valuation — P/E 12.2

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
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
3.40%
Moderate income — 3.40% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+11.8%
Dividend growing fast (11.8% YoY)

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