投资公司每周综述：‌Schiehallion‌和PINT的强劲FY25得益于SpaceX的提振

SpaceXupliftfor Schiehallion,PINT's strong FY25 This week, we highlight: 1) SpaceX drives further growth forSchiehallion, 2) HICL Infrastructure guides to largeupliftoncapital deployment in Cross London Trains, and 3) PantheonInfrastructure delivers another strong year in FY25. This week's headlines(details below) •HICL Infrastructure (OW): Guidance of >35%uplifton capital deployed into XLTtransaction •3i Infrastructure (OW):Return target secured by TCRuplift•Pantheon Infrastructure (OW): 14%+ delivered again in FY25•HgCapital Group (EW): Small exit, but well-timed Chart of the week FIGURE 1. Chart of the week: Schiehallion's SpaceX exposure in $m and % of GAV Alongside other funds managed by BaillieGifford,Schiehallion yesterday reported a25% increase in the carrying value of its position in SpaceX. Schiehallion'sinvestment was last revalued upwards in December 2025 at the time of SpaceX'ssecondary share sale at an $800bn valuation. Following a partial sell-down lastmonth, Schiehallion's exposure is now 12.8% of GAV and the carrying value is broadlyin line with the $1.25 trillion reported under the merger of xAI. There are furtherpotential catalysts for Schiehallion with Bloomberg reporting today that SpaceX isseeking a $2 trillion valuation at IPO (c.60% higher than Schiehallion's currentcarrying value). Company news Infrastructure HICL Infrastructure (OW): Guidance of >35%uplifton capital deployed into XLT transactionMarket Cap: £2,301m | Prem/ [Disc] to NAV: -22.1% | Div yield: 7.0% HICL Infrastructure agreed the acquisition of an additional 6.65% stake in Cross London Trains(XLT) for c.£52m. HICL will have aneffective13.1% stake in the business post-completion. XLT isa Public Private Partnership that owns the fleet of rolling stock operating on the Thameslinkpassenger rail route. The fleet leased to Govia Thameslink Railway on a 20-year availabilitycontract with a revenue underpin from the Department of Transport until 2036. At the end of the20 years, the assets revert to XLT. HICL has guided to a NAV increase of at least 1.0p per share (~£19m), which would represent anupliftof approximately 36% on the £52m invested capital. The acquisition price reflects theminority position being divested. HICL's existing 6.5% in XLT was valued at c.£85m at September2025 and we therefore expect theupliftto be closer to 1.5p per share. The acquisition follows the recently announced disposal of the A63 motorway for £311m (seeHICL Infrastructure: Disposal track record extends further, £1bn+ since 2023 at an average 11%uplift, 25 March 2026). Part of the proceeds from the sale will be redeployed into XLT and weexpect the allocation to buybacks to increase given the current discount. The upcoming FY2026results (due in May) gives the company an opportunity to provide greater clarity around itscapital allocation framework. The balance sheet is well-placed to fund accretive activity. As at31 March 2026, HICL expects to hold £90m of cash in addition to £336m of proceeds within thegroup structure and and an undrawn £400m RCF available. £118m of this is committed toBlankenburg, B247 equity payments and the XLT transaction. 3i Infrastructure (OW): Return target secured by TCRupliftMarket Cap: £3,085m | Prem/ [Disc] to NAV: -15.7% | Div yield: 4.0% The TCR exit should ensure that the 8-10% return target for FY2026 is achieved despite theimpact of the likely DNS writedown. Deployment has ratcheted up notably both in terms of newacquisitions (Lefdal) and bolt-on investments with the portfolio well-placed for further accretiveactivity. For more, please see 3i Infrastructure: Return target secured by TCRuplift, 31 March2026. Pantheon Infrastructure (OW): 14%+ delivered again in FY25Market Cap: £497m | Prem/ [Disc] to NAV: -18.7% | Div yield: 3.8% PINT has delivered another year of strong performance (13.5% annualised over 3 years) withreturns underpinned by highly profitable exits and strong EBITDA growth. With a low-coststructure and evidence of portfolio maturity, we see the 17% discount to NAV as a compellingentry point. For more, please seePantheon Infrastructure: 14%+ delivered again in FY25, 31March 2026. Private Equity & Growth Capital HgCapital Trust (EW): Small exit, but well-timed Market Cap: £1,729m | Prem/ [Disc] to NAV: -32.4% | Div yield: 1.3% HgCapital has agreed the full exit of Geomatikk Group, a Nordic infrastructure-tech and servicescompany that helps prevent damage to underground and above-ground networks by managing“check-before-you-dig” risk and critical-asset data. Hg first invested in Geomatikk in December2020. HgCapital Trust's share of the proceeds will be £20.4m (3% above the December 2025carrying value). Geomatikk is small relative to HgCapital Trust's overall portfolio (less than 1% of total portfoliovalue), but the disposal is helpful for sentiment as the share rating is now at the lowest level inthe last decade. The 32% discount implies a c.20% LTM EV/EBITDA multipleafteradjusting