Why terminal value matters more for platforms
This recording is our first quarterly valuation update of 2026. It covers the latest trends in the valuation of energy and infrastructure assets, then turns to terminal value.
As infrastructure investment moves from individual assets to platform companies, the terminal value assumption carries more of the value. A single asset with a fixed concession life can often be valued without one. A platform that keeps investing usually cannot.
What you will learn
- When to use free cash flow to firm (FCFF) and when to use free cash flow to equity (FCFE)
- How to think about terminal value at different points in a forecast
- The use of multiples in a terminal valuation
- The use of variable discount rates in a terminal valuation