Inflection point reached: Share prices among UK Tier 1 contractors have grown 170% on average over the past five years, decoupling from the wider market, which has remained broadly flat based on the 250 index. We believe this reflects the market moving past legacy risk and beginning to price a more durable opportunity set: a clearer multi-year pipeline (eg the Government’s £725bn 10‑year infrastructure strategy) and a step-change in regulated capex (eg Ofwat-approved £104bn AMP8 spend for 2025-3 ....
