Every reference page explains how an asset earns; this page shows what buyers have been paying for it. Indicative EV/EBITDA ranges by sub-sector, premium-to-RAB for the regulated networks, and the shape of the landmark deal record, each range linking back to the economics that justify it.
Infrastructure multiples are not one market. They stack in the order of the risk ladder the whole platform teaches: contracted, escalator-linked annuities (towers, data centres) at the top; demand-risk transport in the middle; commodity-exposed processing at the bottom; and regulated networks priced off a different yardstick entirely, the premium to the regulated asset base. Hover or tap any bar for the evidence, and click through to the sub-sector's economics.
Two readings matter more than any single number. Within a sector, the range is the story: the bottom is a minority stake in a mature asset in a tough cycle, the top is a control premium for a scarce platform in a hot one, AirTrunk at A$24bn and the AI repricing of data centres being the recent extreme. Across sectors, the ordering is remarkably stable, because it prices the same three questions everywhere: how contracted is the revenue, who bears volume and price risk, and how much of the return depends on growth capex yet to be spent. A regulated network at 1.3× RAB and a towerco at 22× EBITDA can be the same underlying return; the WACC builder and each reference page's calculator let you check that equivalence yourself.
The full record, 59 landmark transactions with values, buyers and the strategic logic, is in the deals database, and the M&A module lets you run an acquisition against any asset in the library at whatever multiple you believe.
Methodology & caveats. Ranges are indicative announcement EV/EBITDA (or EV/RAB) for controlling or co-controlling stakes in quality assets, synthesised from the landmark deal record on this site and reported broker/press figures; they are cycle-dependent and move with rates. Single deals routinely print outside these bands, distressed altnets have changed hands below 8× while scarce hyperscale platforms have cleared 30×. EBITDA-light growth sectors (EV charging, hydrogen) are omitted because EBITDA multiples are not how they are priced. PPP/PFI equity trades on secondary-market discount rates (roughly 7–9% for availability assets) rather than multiples. Nothing here is investment advice.