John Leonard, CFA
Special situations, micro-cap, contrarian, CFA

Pike Electric Is An Undervalued Infrastructure Play

Pike Electric (NYSE:PIKE) is an attractive way to play the global secular trend of increased infrastructure spending and is a preferred alternative to private equity infrastructure investments characterized by a lack of liquidity and high fees.

Company overview

PIKE provides outsourced utility engineering, construction and maintenance solutions to over 300 customers. The construction segment performs installation, maintenance and repair of power delivery systems including storm restoration services. The all other segment performs siting, permitting, engineering and design of power and telecommunications delivery systems, including storm assessment and inspection services.

Investment thesis

PIKE has a superior risk/reward profile as an infrastructure play on an absolute basis as well as relative to publicly traded peers and private infrastructure investments made...

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