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INPP
International Public Partnerships Ld
420/1000 Overall fit
AI beneficiary 35% 25
Operating leverage 25% 20
Valuation 25% 60
Downside protection 15% 85
First-pass take
INPP is a purely defensive infrastructure investor with government-backed, regulated revenue streams and 20 years of consistent dividend growth. AI exposure is explicitly stated as having 'limited direct impact' on the portfolio; the company operates low-leverage, cash-returning utility-like assets (regulated gas, OFTO transmission, rail leasing, sewage) with minimal upside optionality. Shares trade at ~18% NAV discount with only 1.1x dividend coverage.
Flags
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