Alternative assets valuation and valuation oversight: infrastructure

The infrastructure sector sits at a collision point of global disruptions, including shifts in capital availability, evolving social and environmental priorities, and rapid urbanisation. Additionally, it has been proved that some profile of infrastructures (green energy or utilities transportation) present more financial and operational resilience than general investments during uncertainty periods like the COVID-19, increasing the appealing for this profile of investments among institutional investors who use them as a potential source of risk diversification.

The pressing global need for substantial infrastructure is widely recognised. The challenge is not just to fund the massive investment required and target it at the right infrastructure projects. It is also necessary to provide the required infrastructure on an affordable, socially equitable and environmentally sustainable basis.

Therefore, there is an emerging need of developing knowledge and critical thinking within the investors community in order to narrow the gap between funding availability and the market opportunities in the infrastructure sub-sectors.

By the end of this course, participants will be able to:

• gain a deep view on the different main segments included within the infrastructure sector;
• understand the different key concepts impacting the infrastructure operations (focused on the main infrastructure categories, including green energy and transportation);
• understand and apply the conceptual framework to perform a valuation assessment (focused on the main infrastructure categories, including green energy and transportation);
• understand the various recognised valuation methodologies used.

• Key technical concepts of infrastructure
• Key valuation terms of infrastructure
• Recognised valuation methodologies
• Market multiples
• Transaction multiples
• Discounted cash flows
• Risk assessment (discount rates adjustment for stage of life of the project)
• A case study to apply the concepts covered in the training

This training is coordinated by Alexandre Goossens, Partner, and Rafaël Le Saux, Director at PwC Luxembourg.

Rafaël is a director within PwC Corporate Finance Luxembourg and leads the Valuation and Modelling Advisory services offering locally. Rafaël has 13 years of relevant valuation experience and, prior to joining PwC, was Conducting Officer Valuation for Partners Group’s AIFM, one of the largest in-house AIFMs in Luxembourg as well as standing member of all four asset-class specific global valuation committees overseeing more than USD100bn of AUM.

Rafaël shows a strong expertise in valuation and modelling across several industries. He is a Chartered Financial Analyst, a Chartered Alternative Investment Analyst, a Chartered Financial Modeller and Accredited in Business Valuation by AICPA. Rafaël is also vice-chairman of the Luxembourg Valuation Professionals Association (LVPA) and leads LVPA Technical Working Group.

Alexandre, Partner, joined PwC Luxembourg in September 2014 and is responsible for the Real Estate and Infrastructure Advisory services. Alexandre has gained a strong experience through his missions as consultant and valuer.

He leads a team dedicated to the annual review of more than 2,000 assets in real estate, debt (backed by real estate collaterals), infrastructure and forestry with an exposure on world markets and is managing an extensive real estate market database that covers all markets and all sectors. Alexandre is responsible for the implementation of models and processes for the three key functions of fund management companies in the context of AIFMD (valuation, risk management, portfolio management). He is also an active member of the Royal Institution of Chartered Surveyors (RICS) and is the lead instructor in real estate valuation.