olivLaw · European equity research
International Public Partnerships Limited INPP.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
International Public Partnerships invests in essential public infrastructure, mainly public-private partnerships, regulated assets and utility operators, with revenues tied to government or regulation. The company matters now because it met its 2025 dividend target and recently committed capital to the Sizewell C nuclear project.
At the close of 05 Nov 2026, International Public Partnerships Limited (INPP.L) stock was 1.42 GBP (+0.43% on the day), with market capitalisation 2.6 bn GBP, P/E 9.9 on diluted EPS of 0.14 GBP over the last 12 months, dividend yield 5.97%, beta 0.29, 52-week range 1.17–1.45 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)
- 63.1
- strong (55–70)
- Bollinger (20, 2)
- 1.34 – 1.42
- in the upper half of the band · %B 0.92 · band width 6.0%
- SMA 50 / 200
- 1.38 / 1.35
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.01 / 0.00
- MACD above 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 | +3.7% | −0.6% | +4.3 pp | — |
| 3 months | −2.1% | −4.2% | +2.1 pp | — |
| 6 months | +5.8% | +4.3% | +1.5 pp | — |
| Year to date | +13.1% | +7.5% | +5.6 pp | — |
| 1 year | +13.5% | +9.9% | +3.5 pp | +6.7% |
| 3 years | +13.3% | +49.8% | −36.6 pp | +24.8% |
| 5 years | −16.1% | +42.8% | −58.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 8.8, median 94.1, max 6,060.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 27.9 m | 465.0 k | 263.7 m |
| Net income YoY | unavailable | −98.3% | +56,610.5% |
| Diluted EPS | 0.01 | 0.00 | 0.14 |
| Diluted EPS YoY | unavailable | −98.6% | +71,300.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.5 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 2.7 bn GBP
- Total assets
- 2.8 bn GBP
- Debt / equity
- unavailable
- Current ratio
- 12.12x
- ROE
- 9.7%
- ROA
- 9.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 35.2 m | 4.4 m | 267.1 m | esef· 29 Apr 2026verified |
| Interest expense | 7.3 m | 4.0 m | 3.2 m | esef· 29 Apr 2026verified |
| Pre-tax income | 28.0 m | 481.0 k | 263.9 m | esef· 29 Apr 2026verified |
| Income tax | 104.0 k | 16.0 k | 150.0 k | esef· 29 Apr 2026verified |
| Net income | 27.9 m | 465.0 k | 263.7 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.01 | 0.00 | 0.14 | esef· 29 Apr 2026verified |
| Dividend per share | 0.08 | — | 0.08 | esef· 29 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 128.6 m | 76.5 m | 54.5 m | esef· 29 Apr 2026verified |
| Receivables | 43.3 m | 55.8 m | 57.9 m | esef· 29 Apr 2026verified |
| Current assets | 173.3 m | 135.5 m | 114.5 m | esef· 29 Apr 2026verified |
| Total assets | 3.0 bn | 2.7 bn | 2.8 bn | esef· 29 Apr 2026verified |
| Accounts payable | 11.0 m | 11.9 m | 9.4 m | esef· 29 Apr 2026verified |
| Long-term debt | 65.0 m | 0 | — | esef· 07 May 2025verified |
| Current liabilities | 11.0 m | 11.9 m | 9.4 m | esef· 29 Apr 2026verified |
| Total liabilities | 76.0 m | 11.9 m | — | esef· 07 May 2025verified |
| Equity | 2.9 bn | 2.7 bn | 2.7 bn | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 1.9 bn | — | 1.8 bn | esef· 29 Apr 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 133.3 m | 141.0 m | 161.4 m | esef· 29 Apr 2026verified |
| Investing cash flow | 26.3 m | 74.5 m | 54.7 m | esef· 29 Apr 2026verified |
| Financing cash flow | -123.6 m | -267.9 m | -237.5 m | esef· 29 Apr 2026verified |
| Dividends paid | 151.6 m | 156.8 m | 156.3 m | esef· 29 Apr 2026verified |
| Share repurchases | 0 | 42.9 m | 76.9 m | esef· 29 Apr 2026verified |
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.6 bn GBP
Key indicators
Coverage and freshness
Score by group
27% · 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 83.3x | 100 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 12.1x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 9.9x | 84 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.9% | 100 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial84/100 · 1/3 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
INTERNATIONAL PUBLIC PARTNERSHIPS LIMITED (INPP.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 9.7%.
The estimated value range is 1.26–2.04 GBP per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.55 GBP, the price of 1.42 GBP leaves a potential of 9.7% (value / price − 1) and a margin of safety of 8.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Interest coverage: 83.3x
- Current ratio: 12.1x
- P/E (TTM): 9.9x
- Shareholder yield (distributions): 8.9%
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| 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% |
1- and 3-year price returns: for INPP.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
International Public Partnerships invests in essential public infrastructure, mainly public-private partnerships, regulated assets and utility operators, with revenues tied to government or regulation. The company matters now because it met its 2025 dividend target 1 and recently committed capital to the Sizewell C nuclear project 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Discount ratesmedium
Asset valuations depend on discount rates, and changes to these could affect net asset value.
- Portfolio concentrationmedium
A few large assets make up a significant part of total value, increasing sensitivity to a single project.
- Dependence on the investment advisermedium
Origination and management of assets rely on an external adviser, and the contract may influence costs and alignment of interests.
- Sizewell C execution riskhigh
The long-term nuclear project carries construction and schedule risks that could affect expected returns.
- Regulatory risklow
Changes to tariff rules or PPP contracts could affect regulated revenues.
Investment thesis
What would need to be true (bull case)
- If revenues stay government or regulated and the dividend keeps growing, the company could offer a stable, inflation-linked income.
- Sizewell C and asset recycling could open higher returns without diluting shareholders, if execution stays on track.
- If bond yields fall, listed infrastructure valuations could recover and net asset value could rise.
What would break the thesis
- If government yields stay high, valuations and the share price could remain under pressure.
- Reliance on an external adviser and a few large assets could limit flexibility in a shock.
- Long-term projects such as Sizewell C could face delays or extra costs, reducing returns.
What to watch
- Performance of quarterly dividend payments and cash cover2026
- Progress of the Sizewell C project and funding through asset recycling2027
- Discount rates used in valuation and movement in the weighted average discount ratenext 10-K
- Execution of the share buyback programme until 31 March 20272027
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
The company, listed in London, aims to give investors stable, long-term, inflation-linked returns through growing dividends and potential capital appreciation 1. Its portfolio includes assets such as Tideway, Cadent, OFTOs and many PPPs across the UK, Europe, North America, Australia and New Zealand 1. Day-to-day asset management is handled by investment adviser Amber Infrastructure, which has originated and structured most opportunities 1.
The business model rests on disciplined capital allocation: lower-returning assets are sold and proceeds redeployed into higher-returning investments and share buybacks 1. Revenues are predominantly government or regulated, which limits exposure to demand and volume risk 1. The company recently moved to quarterly dividend payments, giving investors more regular income 1.
The board oversees investments, and a change of chair is planned for the June 2026 AGM 1. A revised adviser fee structure from 1 July 2025 was intended to better align the adviser's interests with shareholders' 1.
Segments
PPP and government-backed assets
Most revenue comes from assets paid through government availability payments, where the public sector pays for a service being available 1. This is the main driver of dividend predictability 1.
Market context
The company operates in the listed infrastructure sector, where government bond yields influence valuations of yield-sensitive assets 1. The board states that the portfolio's projected return is well above that of UK government bonds 1.
Listed values of the company and its peers were affected by rising government bond yields, while portfolio performance stayed above targets 1. If these pressures persist, the share price could continue to diverge from net asset value.
Trends
- Interest rates and government yieldsheadwind
Rising bond yields have compressed valuations of listed infrastructure, and the company adjusted the discount rates used for valuation 1. If yields stay high, valuation pressure could persist.
- Nuclear and energy investmentmixed
The Sizewell C commitment opens access to a privately financed nuclear project under an RAB structure 1. The project could bring higher returns, but involves long construction timelines and execution risk.
- Inflation and linked revenuestailwind
Many asset revenues are linked to inflation, which gives a natural protection to dividends 1. If inflation falls significantly, this advantage could weaken.
- Asset recycling and buybacksmixed
Asset sales at or above carrying value and share buybacks can support net asset value per share 1. Execution depends on market conditions.
Competitive position
The company competes with other listed infrastructure funds targeting similar PPP, regulated and utility assets. Its differentiation comes from the diversified portfolio and long-term dividend model 1.
When acquiring new assets, competition from private investors and infrastructure funds can influence prices and yields. The company says its adviser's network helps it identify opportunities 1.
- UK-listed infrastructure funds
Companies with similar strategies in regulated infrastructure and PPP assets, compared with INPP on dividends and net asset value return.
- Private infrastructure investors
Private funds competing for the same PPP and regulated assets, influencing acquisition prices and yields.
- Pension funds and insurers
Long-horizon institutional investors seeking stable, inflation-linked assets, competing for the same holdings.
- Other infrastructure managers
Investment platforms that originate and manage infrastructure assets and may compete for the same acquisition opportunities.
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 202529 Apr 2026
- Annual report 202407 May 2025
- Annual report 202307 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / International Public Partnerships 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.