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Pantheon Infrastructure

PINT.L
59
Asset Management · Financial Services
Exchange
London Stock Exchange
Winston Score
59
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Strong
Growth
Good
Cash Flow
Weak
Stability
Good
Valuation
Good

Winston Score History

The full picture

Pantheon Infrastructure PLC is a UK-listed investment company that pools money from investors and uses it to buy stakes in real infrastructure assets around the world. These assets include things like roads, bridges, energy pipelines, digital networks, and utilities — the kind of essential services that people and businesses rely on every day. The company is managed by Pantheon, a large private markets investment firm with decades of experience allocating capital into hard-to-access private funds and direct deals.

The company makes money by earning returns on its portfolio of infrastructure investments, which generate relatively steady income because the underlying assets often have long-term contracts or regulated revenues. It operates globally, with exposure across North America, Europe, and other developed markets, and its main edge is access to Pantheon's established network of private infrastructure managers. The key risk is that rising interest rates can reduce the appeal of infrastructure assets to investors, which can push the share price to trade below the actual value of its holdings — a persistent challenge for many UK-listed investment trusts.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
94.6%
Premium pricing power — 94.6% gross margin
Profit after running costs
Operating Margin
83.8%
Excellent — 83.8% operating margin
Return on the money invested
ROCE
13.0%
Good — 13.0% 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
-21.8%
Shrinking sales (-21.8% YoY)
Profit growth
EPS YoY
+35.7%
Earnings growing fast (+35.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/6 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
28%
Weak — only 28% of profit becomes cash
Spare cash per sale
FCF Margin
-0.0%
Burning cash (-0.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
N/A
Data not available
Covers its interest
Interest Cover
68.19x
Comfortably covers interest (68.2x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
6.7x
no trend
Attractive valuation — P/E 6.7

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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