Infrastructure group NTR is worth about €1.6 billion, according to research published yesterday by Davy. Ciarán Hancock, Business Affairs Correspondent, reports.

This represents a 26 per cent premium to the current value of the unlisted public company and reflects the progress NTR has made in renewable energy and waste management, the stockbroker said.

Davy has placed a "sum-of-the-parts" valuation of €7.02 cent a share on NTR's stock, which is traded on a grey market operated by stockbrokers in Dublin.

NTR's shares are currently trading at €5.60 apiece.

"The share appreciation reflects the progress that NTR has made on renewable and sustainable assets," Davy said. "This is particularly the case for Airtricity, which is becoming increasingly important in NTR's overall valuation."

NTR's biggest shareholders are Dreamport, a vehicle controlled by the Roche family, with a 35.5 per cent stake, and Philip Lynch's One51 with 25.6 per cent.

NTR is involved in wind energy through a 51 per cent stake in Airtricity; waste through Greenstar; and green energy via a company called Bioverda. It also has a stake in Irish Broadband and has toll concessions for the East Link bridge in Dublin, the M1, Waterford bypass and at Portlaoise. It recently sold its interest in the West Link for €488 million.

Davy has valued NTR's stake in Airtricity at €765 million. It said NTR's capital expenditure, including acquisitions, was likely to exceed €1 billion this year.

Davy estimates that the company will achieve earnings before interest, tax, depreciation and amortisation of €107.7 million on revenues of €655 million in the year to the end of March 2008.

It also noted that more than 50 per cent of NTR's assets are now outside Ireland. "This percentage will continue to increase," it said.