每周估值表

Restricted - External European InfrastructureNEUTRALEuropean Construction, BuildingMaterials & InfrastructurePierre Rousseau+33 (0)1 4458 3377pierre.rousseau@barclays.comBBI, ParisTom Zhang, CFA+44 (0)20 3555 1395tom.zhang1@barclays.comBarclays, UKVijay Phani Sekhar Naraharisetty+91 (0)22 6175 2384vijayphanisekhar.naraharisetty@barclays.comBarclays, UKKatherine Hearne+44 (0)20 7773 2041katherine.hearne@barclays.comBarclays, UKEuropean TransportationAndrew Lobbenberg+44 (0)20 3555 0639andrew.lobbenberg@barclays.comBarclays, UKMarco Limite+39 (0)2 6372 2582marco.limite@barclays.comBBI, Milan Macro estimates from BarclaysFIGURE 1. Real GDP growth (%)Real GDP2024United States2.8Brazil3.4Japan0.2Euro area0.8United Kingdom1.1China5India6.7Russia3.9Source: Barclays Research - Global Economics Weekly (Keyword: forecasts on Barclays Live)FIGURE 2. CPI (%)CPI2024United States2.9Brazil4.4Japan2.7Euro area2.4United Kingdom2.5China0.2India4.9Russia8.4Source: Barclays Research - Global Economics Weekly (Keyword: forecasts on Barclays Live)FIGURE 3. Central bank rates (%)Central bank ratesCurrentQ2 25Fed funds rate4.25-4.504.25-4.50ECB main refinancing rate2.42.15ECB deposit facility rate2.252BOE bank rate4.254.25India: Repo rate65.75Brazil: SELIC rate14.7515Russia: One-week repo rate2120BoJ: Uncollateralized overnightcall rate0.50.5China: 7d OMO rate1.41.4Source: Barclays Research - Global Economics Weekly (Keyword: forecasts on Barclays Live)FIGURE 4. Global bond yields (%)Global Bond YieldsQ2 25US 10y4.3Euro Govt. 10y2.75UK 10y4.6Japan 10y1.35Source: Barclays Research - Global Economics Weekly (Keyword: forecasts on Barclays Live) ValuationFIGURE 5. Barclays Global Infrastructure: Valuation CompsSectorTransport InfrastructureEuropean AirportsEuropean ATCAverage European Airports / ATCMexican AirportsAverage Mexican airportsEuropean Constructionand ConcessionsTunnel operatorAverage EU Construction and ConcessionsUS RailroadsAverage US RailroadsAverage Transport InfrastructurePrice as of close 02-June-2025. Stock Rating: OW = Overweight; EW= Equal Weight; UW = Underweight. Sector views: European Transportation - Neutral; Latin America Transportation - Neutral; European Construction, Building Materials &Infrastructure ("EU Construction and Concessions"), - Neutral; North America Transportation - Positive. For full disclosures on each covered company, including details of our company-specific valuation methodology and risks, please refer tohttps://publicresearch.barcap.comSource: Company reports, Bloomberg, Barclays Research3 June 2025 Share price performanceFIGURE 21. INFRA IndexesIndexed as of 2nd June'20Source: Bloomberg, Barclays ResearchFIGURE 23. Mexican Airports050100150200250300Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23OMAGAPASURIndexed as of 2nd June'20Source: Bloomberg, Barclays ResearchFIGURE 25. US Railroads507090110130150170190Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Can. National RailCan. Pacific KCCSXNorfolk SouthernIndexed as of 2nd June'20Source: Bloomberg, Barclays Research3 June 2025 Indexed as of 2nd June'20Source: Bloomberg, Barclays ResearchFIGURE 30. EU Renewables0100200300400500600Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22AccionaEDPRRWEIndexed as of 2nd June'20Source: Bloomberg, Barclays Research3 June 2025 Indexed as of 2nd June'20Source: Bloomberg, Barclays ResearchFIGURE 34. US Large Cap Electrics (Pt 2)050100150200Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22EvergyExelonPG&EPinnacle WestWEC EnergyXCEL EnergyIndexed as of 2nd June'20Source: Bloomberg, Barclays ResearchFIGURE 36. US Energy T&S (Pt 1)0100200300400500600Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Cheniere EnergyCheniere Energy LPEnterprise Prod. LPEnergy Transfer LPIndexed as of 2nd June'20Source: Bloomberg, Barclays ResearchFIGURE 38. Infrastructure & Renewable Infra Investment Companies(Pt 1)0255075100125150175200Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Aquila European Renewables IncomeForesight Solar FundGreencoat UK WindGresham House Energy StorageIndexed as of 2nd June'20Source: Bloomberg, Barclays Research3 June 2025 Indexed as of 2nd June'20Source: Bloomberg, Barclays Research Indexed as of 2nd June'20Source: Bloomberg, Barclays Research GLIO Index Vs. Sector PerformanceFIGURE 41. GLIO Index Vs. Sector PerformanceIndexed as of 2nd June'20Source: Bloomberg, Barclays ResearchFIGURE 43. GLIO Index Vs. Sector Performance050100150200250Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22Jun-22Sep-22Dec-22Mar-23Jun-23Sep-23Dec-23Mar-24Jun-24Sep-24Dec-24GLIO Global Listed Infrastructure IndexEU RegulatedEU RenewablesEU GeneratorsEU WasteIndexed as of 2nd June'20Source: Bloomberg, Barclays Research3 June 2025 Dividend YieldsFIGURE 45. Index DYSource: Bloomberg, Barclays ResearchFIGURE 47. US segments vs. index DY0%4%8%12%16%20%24%Jun-20Sep-20Dec-20Mar-21Jun-21Sep-21Dec-21Mar-22OMAB MMCSX USSO USNWE US