HICL Infrastructure PLC (HICL) Fair Value & Analysis

Financial Services · GB · Market cap 2.5B GBX

A strong business, screening 69% undervalued on our models.

What matters now

• The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict.
• The price is below even our cautious bear case (£1.71). The market is more pessimistic than our downside scenario.
• For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range £0.9400 – £1.36 · fair‑value band £1.71 – £2.84 · the £1.35 price screens below the £2.27 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

HICL Infrastructure PLC (HICL) currently trades at £1.35, while our model-based Fair Value estimate is £2.27, implying the stock looks roughly 68.6% undervalued today. The Quality Score stands at 76/100 (high quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, HICL Infrastructure PLC generated revenue of £125M at a net margin of 96.2%. Revenue grew 159.3% year over year. It earns a return on equity of 3.9%. The stock trades on a trailing P/E of 9.5. Fundamentals as of Jul 14, 2026

Our scenario range runs from £1.71 (bear case) to £2.84 (bull case); at £1.35, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 69%, HICL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Earnings-Based (£4.49) versus Asset-Based (£1.09). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

HICL Infrastructure PLC is an infrastructure investment firm specializes in direct and fund of funds investments. For direct investments, it seeks to invest in infrastructure projects.

Full company description

HICL Infrastructure PLC is an infrastructure investment firm specializes in direct and fund of funds investments. For direct investments, it seeks to invest in infrastructure projects. It invests in project companies which have not yet completed the construction phases of their concessions including project companies which are in the process of bidding for project concessions. The fund also invests project companies with "demand' based concessions and project companies which do not have public sector sponsored/awarded or government backed concessions. It seeks to invest in PFI, PPP, P3, social infrastructure projects, toll roads, bridges, and tunnels, airports, ports, utilities, communication networks, and renewables. The fund makes fund of funds investments in limited partnerships and other funds that make infrastructure investments and financial instruments and securities issued by companies that make infrastructure investments, or whose activities are similar or comparable to infrastructure investments. The fund invests in European Union, Norway, Switzerland, North America, South America, and selected territories in Asia and Australasia.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

HICL Infrastructure PLC reported revenue of £172M in FY2026 versus £372M in FY2022, a compound −17.5%/yr. Reported net income was £267M in FY2026, compounding −7.8%/yr from FY2022.

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Peer Group

Asset Management · 973 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation Multiples vs Asset Management median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.