FIBRAeMX road concessions stock exchange sale

VTM was appointed by institutional investor CKD Infraestructura México to carry out a traffic demand and revenue due diligence of three toll road concessions in view of stock exchange sale.  Concessions ACSA, ACOMEX and COINSAN are located in different states of Mexico and include ten toll road sections, of which two greenfield urban bypasses.

The traffic and revenue projection exercise required a deep understanding of each asset’s key traffic demand drivers – from tourism to manufacturing, from interstate travel to urban commuting. This led to the development of four econometric models per asset – one per vehicle category. Additionally, logit models were elaborated to assess the competitive advantages brought by the greenfield projects. Finally, risk analysis was performed on the resulting traffic projections through Monte Carlo simulation.

The extensive work performed in close collaboration with the client team and their advisors constituted a solid technical basis for asset valuation and allowed CKD IM to successfully sell this 600-km road concession package to its new investment trust Fibra Infraestructura y Energía México (FIBRAeMX). The issuance saw the Fibra-E trust raise commitments of MXN 6.64bn (USD 368.1m).