FTAI Infrastructure: American Hard Assets With Upside

Monty Rakusen I initiate coverage on FTAI Infrastructure (NASDAQ:FIP) with a buy rating and price target of $11/sh by 1Q2025. Cash flows from Transtar's strong and consistent performance will enable FIP to finalize agreements on its remaining segments, unlocking accretive EBITDA by the fourth quarter of 2024. There is a high probability that the company can generate roughly $200mm in EBITDA by the second quarter of 2025, translating to an intrinsic value of $14 per share, minus a generous discount for poten ...