This release updates EDHECinfra’s equity and debt indices as of Q4 2020.
- The financials of 95 companies were updated in this quarter using the latest audited accounts and other contributed data.
Most of the revenue forecasts made in Q3 2020 remain applicable with slight revisions in the basis for airport, road, and also some rail companies based on the latest traffic data. Details are available here.
- We are also monitoring the impact of Brexit that took effect from 1 January 2021 and is expected to have an impact on the transport sector. While we monitor this impact, no Brexit-related revenue forecasts downgrades have been made. Revisions will be made as required in upcoming quarters.
- We have also lowered our estimates of profitability in some transport companies that have been most impacted by Covid-19, i.e., airports, merchant roads, and ports, based on the latest available financial accounts. Profitability is an integral component in our asset pricing model and a lower estimate results in higher risk premia for these companies.
- In Q4 2020, five infra300 index constituents were substituted due to financial data access limitations or reporting issues. They represent 1.67% of the index by value.
- In total, 9 companies, including the above 5, have been removed from broadmarket indices and corresponding sub-indices due to sustained unavailability of their financial data. They represented 0.5% of the broadmarket index by value as of Q3 2020.
- We have further added data to the Index Universe with 14 new companies including 50% in the renewable energy sector, highlighting our continued focus to increase the granularity of our coverage in this sector. They represent 0.3% of the broad-market index by value as of Q4 2020.
- There have been no changes to the asset pricing or cash flow models in this quarter.
- Index Freeze: Index calibrations are now frozen until Q1 2020
- Analytics: No new analytics have been released in this quarter