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2.2.3 Private Infrastructure Comparables

Purpose

Performs a comparable computation for private infrastructure metrics. This involves finding data points which have similar TICCS classifications and factor values, and averaging the metric values.

Endpoint

POST

/compute-service/v2/pi-comparables/average/by/profiles

Parameters

  • metric (string, required):
    The metric for which the comparable has to be evaluated.
    Supported metrics are: "EvToEbitda", "Irr", "PriceToBook", "PriceToSales", "Premia", "RevenueGrowth", "Wacc" for equities and "CreditSpread", "Ytm" for debts.

  • age (int, optional):
    The age of the company in months, and the value should be between 24 and 240. Note that the computation extends 6-month before and after the specified age. For instance, 24 would indicate inclusion of companies of age between 18-month and 30-month.
    If age is set, startDate and endDate will be ignored.

  • startDate (string, optional):
    The starting date for the comparable dataset. If supplied, the value has to be formatted as YYYY-MM-DD.

  • endDate (string, optional):
    The maximum date of the comparable dataset. If supplied, the value has to be formatted as YYYY-MM-DD.

  • ticcsProfiles (list of TiccsProfile objects, optional):
    Filters to be applied to comparables dataset by TICCS profiles. Each of the profile should be wrapped within a “profile” object.

  • factorsProfiles (list of FactorProfile objects, optional):
    Financial factors to be applied to the comparables dataset. Each of the profile should be wrapped within a “profile” object.

  • factorWeight (float, optional):
    A numeric value between 0 and 1. At the extremes, 1 indicates that comparables are purely based on factors, while 0 indicates that comparables are purely based on TICCS. Values between 0 and 1 create a weighted average between the two.

  • intersectTiccs (boolean, optional):
    Intersect or union the TICCS filters when doing the calculation. Default value is false if omitted.

TiccsProfile (object)

FactorProfile (object)

  • factor (string, required):
    Name of the factor.
    Supported factors are: "Countries", "Investment", "Leverage", "Profitability", "Size", "TimeToMaturity" for equities and "FaceValue", "TimeToMaturity" for debts.

Depending on the factor, there are additional parameters required to be supplied:

Factor

Details

Equities

Countries

List of countries.

Investment

Capital expenditures over total assets. Represented either as a percentage or as a quintile value.

  • investment (float):
    Numerical value to be applied. Acceptable values are 0-100, e.g. 10 for 10%.

  • quintile (int):
    Quintile for the factor. Supported values are: 1, 2, 3, 4, 5.

Leverage

Total senior liabilities over total assets. Represented either as a percentage or as a quintile value.

  • leverage (float):
    Numerical value to be applied. Acceptable values are 0-100, e.g. 10 for 10%.

  • quintile (int):
    Quintile for the factor. Supported values are: 1, 2, 3, 4, 5.

Profitability

Return on assets or profitability metric. Represented either as a percentage or as a quintile value.

  • profitability (float):
    Numerical value to be applied. Acceptable values are 0-100, e.g. 10 for 10%.

  • quintile (int):
    Quintile for the factor. Supported values are: 1, 2, 3, 4, 5.

Size

Total assets or size of the company. Represented either as an absolute value in millions of the specified currency or as a quintile value.

  • size (float):
    Numerical value to be applied, e.g. 5.6 for 5.6 million.

  • currency (str, optional):
    Currency Code. Acceptable values are "AUD", "CAD", "EUR", "GBP", "JPY", "LCU", "USD". Default value is USD if omitted.

  • quintile (int):
    Quintile for the factor. Supported values are: 1, 2, 3, 4, 5.

TimeToMaturity

Years until maturity. Represented as either a numerical value or as a bucket.

  • timeToMaturity (float):
    Numerical value to be applied, e.g. 10 for 10 years.

  • timeToMaturityBucket (str):
    Name of the bucket. Supported values are: "<5", "5-10", "10-15", "15-20", ">20".

Debts

FaceValue

Face value of assets. Accepts same set of arguments as Size.

DebtTimeToMaturity

Years until maturity. Represented as either a numerical value or as a bucket.

  • debtTimeToMaturity (float):
    Numerical value to be applied, e.g. 10 for 10 years.

  • timeToMaturityBucket (str):
    Name of the bucket. Supported values are: "<5", "5-10", "10-15", "15-20", ">20".

Example 1: Equity

  • Request

    JSON
    {
        "metric": "EvToEbitda",
        "startDate": "2022-07-31",
        "endDate": "2024-07-31",
        "ticcsProfiles": [
            {
                "profile": {
                    "industrialActivities": [
                        "IC10"
                    ]
                }
            },
            {
                "profile": {
                    "businessModel": "BR1"
                }
            },
            {
                "profile": {
                    "corporateStructure": "CS1"
                }
            }
        ],
        "factorsProfiles": [
            {
                "profile": {
                    "factor": "Countries",
                    "countries": [
                        "AUS",
                        "NZL"
                    ]
                }
            },
            {
                "profile": {
                    "factor": "Size",
                    "quintile": 1,
                    "currency": "USD"
                }
            },
            {
                "profile": {
                    "factor": "Leverage",
                    "quintile": 1
                }
            },
            {
                "profile": {
                    "factor": "Profitability",
                    "quintile": 1
                }
            },
            {
                "profile": {
                    "factor": "Investment",
                    "quintile": 1
                }
            },
            {
                "profile": {
                    "factor": "TimeToMaturity",
                    "timeToMaturityBucket": "5-10"
                }
            }
        ]
    }
  • Response

    JSON
    {
        "data": {
            "results": {
                "mean": 14.98952036684318,
                "q1": 5.938549664124269,
                "median": 10.619352274120464,
                "q3": 16.859396636913413,
                "datumCount": 4641,
                "companyCount": 237,
                "min": 2.315806555748836,
                "max": 91.26980837453112
            }
        }
    }

 Example 2: Debt

  • Request

    JSON
    {
        "metric": "Ytm",
        "startDate": "2022-12-30",
        "endDate": "2023-12-30",
        "age": 24,
        "ticcsProfiles": [
            {
                "profile": {
                    "corporateStructure": "CS1"
                }
            }
        ],
        "factorsProfiles": [
            {
                "profile": {
                    "factor": "DebtTimeToMaturity",
                    "timeToMaturityBucket": "10-15"
                }
            }
        ]
    }
  • Response

    JSON
    {
        "data": {
            "results": {
                "mean": 4.624043689499098,
                "q1": 3.7088655931638774,
                "median": 4.673818514785335,
                "q3": 5.534429457772652,
                "datumCount": 3155,
                "companyCount": 179,
                "min": 1.6315966576672387,
                "max": 8.09558947391433
            }
        }
    }

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