olivLaw · European equity research
CK Infrastructure Holdings Limited CKI.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
CK Infrastructure Holdings (CKI) holds a diversified portfolio of infrastructure assets in energy, water, transport, waste management and household services, with operations on four continents. Profit attributable to shareholders rose slightly in 2025, and the company is preparing the full sale of UK Power Networks, a flagship transaction for the group.
At the close of 05 Nov 2026, CK Infrastructure Holdings Limited (CKI.L) stock was 6.51 GBP (+0.00% on the day), with beta 0.06, 52-week range 5.02–6.64 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.1
- strong (55–70)
- Bollinger (20, 2)
- 6.29 – 6.67
- in the upper half of the band · %B 0.58 · band width 5.8%
- SMA 50 / 200
- 6.29 / 6.02
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.07 / 0.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.0% | +0.4% | +4.6 pp | — |
| 3 months | +13.0% | −3.3% | +16.3 pp | — |
| 6 months | +3.3% | +4.0% | −0.6 pp | — |
| Year to date | +17.5% | +8.1% | +9.4 pp | — |
| 1 year | +28.4% | +10.7% | +17.7 pp | +5.8% |
| 3 years | unavailable | +50.1% | unavailable | +26.3% |
| 5 years | unavailable | +43.6% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 6.0 bn | 5.0 bn | 4.4 bn |
| Revenue YoY | unavailable | −16.6% | −11.5% |
| Net income | 8.0 bn | 8.1 bn | 8.3 bn |
| Net income YoY | unavailable | +1.1% | +1.8% |
| Diluted EPS | 3.19 | 3.22 | 3.28 |
| Diluted EPS YoY | unavailable | +0.9% | +1.9% |
| net % | 134.0% | 162.5% | 187.1% |
| Free cash flow | 3.5 bn | 1.6 bn | 1.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.4 bn HKD
- Financial debt
- 20.8 bn HKD
- Net debt
- 13.5 bn HKD
- Equity
- 137.9 bn HKD
- Total assets
- unavailable HKD
- Debt / equity
- 0.15x
- Current ratio
- 0.89x
- ROE
- 6.1%
- ROA
- unavailable
- FCF margin
- 43.3%
Financial statements (source on every figure)
Revenue and net income (HKD)
Margins
Income statement · HKD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 6.0 bn | 5.0 bn | 4.4 bn | esef· 29 Apr 2026verified |
| Interest expense | 769.0 m | 865.0 m | 815.0 m | esef· 29 Apr 2026verified |
| Pre-tax income | 8.6 bn | 8.7 bn | 8.8 bn | esef· 29 Apr 2026verified |
| Income tax | 119.0 m | 126.0 m | 165.0 m | esef· 29 Apr 2026verified |
| Net income | 8.0 bn | 8.1 bn | 8.3 bn | esef· 29 Apr 2026verified |
| Diluted EPS | 3.19 | 3.22 | 3.28 | esef· 29 Apr 2026verified |
Balance sheet · HKD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 13.1 bn | 8.1 bn | 7.4 bn | esef· 29 Apr 2026verified |
| Receivables | 796.0 m | 732.0 m | 599.0 m | esef· 29 Apr 2026verified |
| Inventories | 178.0 m | 113.0 m | 118.0 m | esef· 29 Apr 2026verified |
| Current assets | 14.6 bn | 9.5 bn | 8.2 bn | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 3.1 bn | 2.9 bn | 2.9 bn | esef· 29 Apr 2026verified |
| Short-term debt | 9.0 bn | 4.6 bn | 2.7 bn | esef· 29 Apr 2026verified |
| Long-term debt | 15.2 bn | 14.6 bn | 18.1 bn | esef· 29 Apr 2026verified |
| Current liabilities | 16.1 bn | 11.2 bn | 9.2 bn | esef· 29 Apr 2026verified |
| Equity | 133.3 bn | 131.2 bn | 137.9 bn | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 2.5 bn | 2.5 bn | 2.5 bn | esef· 29 Apr 2026derived |
Cash flow · HKD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 3.8 bn | 2.0 bn | 2.2 bn | esef· 29 Apr 2026verified |
| Capex | 320.0 m | 367.0 m | 302.0 m | esef· 29 Apr 2026verified |
| Free cash flow | 3.5 bn ≈ | 1.6 bn ≈ | 1.9 bn ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | 2.4 bn | 3.2 bn | 4.0 bn | esef· 29 Apr 2026verified |
| Financing cash flow | -11.2 bn | -10.1 bn | -6.9 bn | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
17% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 187.1% | 100 (vs peers) | 38% |
| FCF conversion · Quality | 23.1% | 0 (on a fixed band) | 38% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial7/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CK INFRASTRUCTURE HOLDINGS LIMITED (CKI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 4.4 bn HKD in 2025; YoY growth -11.5%; net margin 187.1%; ROE 6.6%.
The estimated value range is 37.03–57.11 HKD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 187.1%
What contradicts it
- FCF conversion: 23.1%
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
| AEP.LAnglo-Eastern Plantations PLC | — | — | 16.1% | 19.5% | +25.0% | +5% / +113% |
1- and 3-year price returns: for CKI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CK Infrastructure Holdings (CKI) holds a diversified portfolio of infrastructure assets in energy, water, transport, waste management and household services, with operations on four continents. Profit attributable to shareholders rose slightly in 2025, and the company is preparing the full sale of UK Power Networks, a flagship transaction for the group.1
SWOT
Strengths
- A diversified portfolio across industries and regions, with recurring cash flows from regulated and contractual assets.
- A solid balance sheet with substantial cash reserves, low gearing and an 'A/Stable' credit rating.
- A long record of dividend growth, supported by prudent financial management and stable projects.
Weaknesses
- Dependence on regulatory decisions in several countries can limit flexibility in setting revenues.
- Cement and concrete activities in Hong Kong and Chinese Mainland have weakened and are exposed to low volumes and prices.
- Contributions from some Australian activities have declined after favourable contracts expired and because of low electricity prices.
Opportunities
- Investment in smart grids, energy storage and electric vehicle charging infrastructure could support long-term growth.
- The acquisition market may offer openings if liquidity stays tight and capital costs rise for other investors.
- Synergies with CK Group partners and geographic diversification could bring new projects.
Threats
- Trade tensions and geopolitical uncertainty could reduce demand in some segments, such as airport parking.
- Changes in regulation or taxation in the countries where the company operates could affect returns.
- Inflationary pressure and global economic volatility could affect costs and the capacity to finance.
Risks
- UK Power Networks salemedium
Completion of the sale is subject to approval under the UK National Security Investment Act and to approval by independent shareholders. If these conditions are not met, the transaction could be delayed.1
- Regulation in the United Kingdom and Australiamedium
Returns on regulated assets depend on regulators' decisions for future price periods, and reviews could reduce revenues.1
- Trade tensions in North Americalow
Trade tensions between the US and Canada have affected volumes at Park'N Fly, and escalation could reduce other travel-related activities.1
- Cement and concrete activitiesmedium
Weak volumes and falling prices in Hong Kong and Chinese Mainland have reduced the contribution of these activities, and the problem could persist if demand does not recover.1
- Cost of capital and acquisitionslow
Higher capital costs and tighter liquidity could make acquisitions more expensive or harder to finance, which could slow the growth strategy.1
Investment thesis
What would need to be true (bull case)
- If regulated assets keep delivering stable returns and new regulatory periods bring better terms, the company could sustain profit and dividend growth.
- Completing the UK Power Networks sale could release significant cash and could support new acquisitions in favourable market conditions.
- The solid balance sheet and funding capacity give the company flexibility to pursue opportunities in a market with restricted liquidity.
What would break the thesis
- If weak contributions from Hong Kong, Chinese Mainland or Australia persist, profit growth could remain limited.
- The UK Power Networks sale depends on several approvals, and a failure or delay could change capital plans.
- Trade tensions and regulatory decisions in several countries could reduce revenues in certain segments.
What to watch
- Completion of the UK Power Networks sale and use of the proceeds2026
- New regulatory periods in Victoria and Australia, with the investment proposals1 July 2026
- Trends in Park'N Fly volumes and in cement and concrete activitiesnext 10-K
- New acquisitions in utility services and synergies with the CK Group2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CKI aims to make the world a better place through infrastructure investments and developments in different parts of the world. The group has investments in energy, transportation, water, waste management, waste-to-energy, household and infrastructure-related businesses, with operations stretching from Hong Kong and Chinese Mainland to the United Kingdom, Continental Europe, Australia, New Zealand, Canada and the United States.1 The company has grown from a regional player listed in 1996 with 19 projects in Hong Kong and Chinese Mainland into one of the world's largest global infrastructure players.1 Its model rests on regulated assets and contractual projects that generate steady returns and recurring cash flows.1
The business model combines capital-intensive investments in regulated activities with contractual projects, and these predictable flows support the company's dividend policy. The group says it maintains a comfortable gearing position and balances growth with stability, without pursuing acquisitions at any cost.1 CKI's balance sheet is also solid, with its 'A/Stable' credit rating reaffirmed by Standard & Poor's.1
The company is listed on the Stock Exchange of Hong Kong and has a secondary listing on the London Stock Exchange, so it is subject to both Hong Kong and UK listing rules.1
Segments
Energy investments (Power Assets and the United Kingdom)
The largest contribution comes from the stake in Power Assets and from UK assets, where UK Power Networks, Northumbrian Water and gas networks are the main businesses. Power Assets contributed HK$2,246 million in 2025, and the United Kingdom HK$3,983 million.1
Australia and Continental Europe
In Australia, CKI holds stakes in electricity and gas networks such as SA Power Networks and Australian Gas Networks, which contributed HK$1,784 million in 2025. In Continental Europe, ista and Dutch Enviro Energy (AVR) added HK$961 million, up 58%, partly thanks to a deferred tax credit following a corporate tax rate cut in Germany.1
Canada, New Zealand and Hong Kong/Chinese Mainland
Canada (Reliance Home Comfort, Park'N Fly) contributed HK$528 million, New Zealand (Enviro NZ, Wellington Electricity) HK$200 million, and the cement and concrete activities in Hong Kong and Chinese Mainland only HK$68 million, down 48%.1
Market context
The company operates in regulated utility and infrastructure markets, where demand for energy and essential services is relatively predictable, and where energy transition, storage and smart grids create new investment opportunities.1 The company notes that tighter liquidity and rising capital costs can work in its favour, while macroeconomic uncertainty, trade tensions and inflationary pressure remain elevated.1 The market for infrastructure assets is competitive, and transactions depend on regulatory approvals and the conditions of each market.1
The regulatory framework plays a central role, as new regulatory periods in the United Kingdom and Australia set the allowable returns and the investment permitted.1
Trends
- Energy transition and network investmenttailwind
Smart grid projects, electric vehicle charging infrastructure and the integration of renewable sources are growing. Proposals for the new regulatory periods in Victoria include higher capital investment to support demand generated by the transition.1
- Cost of capital and liquiditymixed
Tighter liquidity and higher capital costs could lower asset prices for buyers, but could favour a well-resourced player such as CKI if it can acquire assets on better terms.1
- Trade tensions and travelheadwind
Trade tensions between the US and Canada reduced volumes at Park'N Fly, and these pressures could affect travel-related activities.1
- Favourable regulation in Europe and the United Kingdomtailwind
A corporate tax rate cut in Germany produced a favourable deferred tax credit for ista, and new regulatory periods in the United Kingdom and Australia provide higher allowable returns.1
Competitive position
The sources reviewed do not describe competition in detail and do not explicitly name direct competitors. The company is implicitly compared with other global infrastructure and utility operators that hold regulated and contractual assets.1
The advantages the company declares relate to its capacity to finance acquisitions, its experience in streamlining infrastructure businesses, and its partnerships within the CK Group, including with CK Asset and Power Assets.1
- Other global infrastructure and utility operators
The sources do not name specific competitors; the company does not explicitly identify direct rivals.
- Regulated utility operators in the United Kingdom and Australia
The company runs regulated networks in these countries, where other operators with similar models exist, though the sources do not name them.
- Cement and concrete producers in East Asia
Cement and concrete activities in Chinese Mainland and Hong Kong face local competition, with no names given in the sources.
- Metering and installation service operators
ista's activities and its metering acquisitions compete with utility service firms in Europe, which the sources do not name.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / CK Infrastructure Holdings Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.