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BROOKFIELD INFRASTRUCTUR - BIP 5 1/2 PERP (BIP-PR-B.CA) Stock Fundamental Analysis

TSX:BIP-PR-B - Toronto Stock Exchange - BMG162521436 - Currency: CAD

25.16  +0.15 (+0.6%)

Fundamental Rating

3

Overall BIP-PR-B gets a fundamental rating of 3 out of 10. We evaluated BIP-PR-B against 21 industry peers in the Multi-Utilities industry. While BIP-PR-B is still in line with the averages on profitability rating, there are concerns on its financial health. BIP-PR-B is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

BIP-PR-B had positive earnings in the past year.
In the past year BIP-PR-B had a positive cash flow from operations.
Of the past 5 years BIP-PR-B 4 years were profitable.
Of the past 5 years BIP-PR-B 4 years had a positive operating cash flow.
BIP-PR-B.CA Yearly Net Income VS EBIT VS OCF VS FCFBIP-PR-B.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B 4B

1.2 Ratios

With a Return On Assets value of -0.21%, BIP-PR-B is not doing good in the industry: 73.68% of the companies in the same industry are doing better.
BIP-PR-B has a Return On Equity of -2.99%. This is in the lower half of the industry: BIP-PR-B underperforms 73.68% of its industry peers.
The Return On Invested Capital of BIP-PR-B (3.66%) is better than 84.21% of its industry peers.
The Average Return On Invested Capital over the past 3 years for BIP-PR-B is in line with the industry average of 2.92%.
The last Return On Invested Capital (3.66%) for BIP-PR-B is above the 3 year average (3.39%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA -0.21%
ROE -2.99%
ROIC 3.66%
ROA(3y)0.34%
ROA(5y)0.26%
ROE(3y)3.21%
ROE(5y)2.43%
ROIC(3y)3.39%
ROIC(5y)3.03%
BIP-PR-B.CA Yearly ROA, ROE, ROICBIP-PR-B.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2 4 6

1.3 Margins

BIP-PR-B's Profit Margin has declined in the last couple of years.
BIP-PR-B has a Operating Margin of 23.83%. This is amongst the best in the industry. BIP-PR-B outperforms 84.21% of its industry peers.
In the last couple of years the Operating Margin of BIP-PR-B has declined.
BIP-PR-B's Gross Margin of 42.64% is on the low side compared to the rest of the industry. BIP-PR-B is outperformed by 89.47% of its industry peers.
In the last couple of years the Gross Margin of BIP-PR-B has declined.
Industry RankSector Rank
OM 23.83%
PM (TTM) N/A
GM 42.64%
OM growth 3Y-0.32%
OM growth 5Y-5.85%
PM growth 3Y-29.11%
PM growth 5Y-32.66%
GM growth 3Y-4.08%
GM growth 5Y-5.23%
BIP-PR-B.CA Yearly Profit, Operating, Gross MarginsBIP-PR-B.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 20 30 40 50

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0

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BIP-PR-B is destroying value.
There is no outstanding debt for BIP-PR-B. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
BIP-PR-B.CA Yearly Shares OutstandingBIP-PR-B.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M
BIP-PR-B.CA Yearly Total Debt VS Total AssetsBIP-PR-B.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 20B 40B 60B 80B 100B

2.2 Solvency

Based on the Altman-Z score of 0.32, we must say that BIP-PR-B is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.32, BIP-PR-B is doing worse than 73.68% of the companies in the same industry.
BIP-PR-B has a debt to FCF ratio of 794.36. This is a negative value and a sign of low solvency as BIP-PR-B would need 794.36 years to pay back of all of its debts.
The Debt to FCF ratio of BIP-PR-B (794.36) is worse than 73.68% of its industry peers.
A Debt/Equity ratio of 7.44 is on the high side and indicates that BIP-PR-B has dependencies on debt financing.
BIP-PR-B has a Debt to Equity ratio of 7.44. This is amonst the worse of the industry: BIP-PR-B underperforms 89.47% of its industry peers.
Industry RankSector Rank
Debt/Equity 7.44
Debt/FCF 794.36
Altman-Z 0.32
ROIC/WACC0.71
WACC5.13%
BIP-PR-B.CA Yearly LT Debt VS Equity VS FCFBIP-PR-B.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 10B 20B 30B 40B

2.3 Liquidity

BIP-PR-B has a Current Ratio of 0.77. This is a bad value and indicates that BIP-PR-B is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 0.77, BIP-PR-B is doing worse than 89.47% of the companies in the same industry.
A Quick Ratio of 0.72 indicates that BIP-PR-B may have some problems paying its short term obligations.
BIP-PR-B has a worse Quick ratio (0.72) than 89.47% of its industry peers.
Industry RankSector Rank
Current Ratio 0.77
Quick Ratio 0.72
BIP-PR-B.CA Yearly Current Assets VS Current LiabilitesBIP-PR-B.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B 10B

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4

3. Growth

3.1 Past

The earnings per share for BIP-PR-B have decreased strongly by -20.98% in the last year.
BIP-PR-B shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 23.55% yearly.
EPS 1Y (TTM)-20.98%
EPS 3Y-51.26%
EPS 5Y23.55%
EPS Q2Q%284.9%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%9.54%

3.2 Future

Based on estimates for the next years, BIP-PR-B will show a very strong growth in Earnings Per Share. The EPS will grow by 63.48% on average per year.
BIP-PR-B is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 8.63% yearly.
EPS Next Y484.21%
EPS Next 2Y193.45%
EPS Next 3Y118.32%
EPS Next 5Y63.48%
Revenue Next Year-18.18%
Revenue Next 2Y-6.32%
Revenue Next 3Y-1.96%
Revenue Next 5Y8.63%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
BIP-PR-B.CA Yearly Revenue VS EstimatesBIP-PR-B.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 5B 10B 15B 20B
BIP-PR-B.CA Yearly EPS VS EstimatesBIP-PR-B.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 0.5 1

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3

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 132.42, BIP-PR-B can be considered very expensive at the moment.
Based on the Price/Earnings ratio, BIP-PR-B is valued more expensive than 89.47% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 29.63. BIP-PR-B is valued rather expensively when compared to this.
BIP-PR-B is valuated rather expensively with a Price/Forward Earnings ratio of 22.58.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BIP-PR-B indicates a slightly more expensive valuation: BIP-PR-B is more expensive than 78.95% of the companies listed in the same industry.
When comparing the Price/Forward Earnings ratio of BIP-PR-B to the average of the S&P500 Index (22.68), we can say BIP-PR-B is valued inline with the index average.
Industry RankSector Rank
PE 132.42
Fwd PE 22.58
BIP-PR-B.CA Price Earnings VS Forward Price EarningsBIP-PR-B.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

BIP-PR-B's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BIP-PR-B is cheaper than 84.21% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, BIP-PR-B is valued a bit more expensive than the industry average as 73.68% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 112.11
EV/EBITDA 7.58
BIP-PR-B.CA Per share dataBIP-PR-B.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 -40 60 -60

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as BIP-PR-B's earnings are expected to grow with 118.32% in the coming years.
PEG (NY)0.27
PEG (5Y)5.62
EPS Next 2Y193.45%
EPS Next 3Y118.32%

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6

5. Dividend

5.1 Amount

BIP-PR-B has a Yearly Dividend Yield of 5.15%, which is a nice return.
BIP-PR-B's Dividend Yield is slightly below the industry average, which is at 5.33.
BIP-PR-B's Dividend Yield is rather good when compared to the S&P500 average which is at 2.27.
Industry RankSector Rank
Dividend Yield 5.15%

5.2 History

On average, the dividend of BIP-PR-B grows each year by 7.67%, which is quite nice.
BIP-PR-B has been paying a dividend for at least 10 years, so it has a reliable track record.
BIP-PR-B has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)7.67%
Div Incr Years0
Div Non Decr Years7
BIP-PR-B.CA Yearly Dividends per shareBIP-PR-B.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1

5.3 Sustainability

BIP-PR-B has negative earnings and hence a negative payout ratio. The dividend may be in danger.
The dividend of BIP-PR-B is growing, but earnings are growing more, so the dividend growth is sustainable.
DP-615.28%
EPS Next 2Y193.45%
EPS Next 3Y118.32%
BIP-PR-B.CA Yearly Income VS Free CF VS DividendBIP-PR-B.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B

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BROOKFIELD INFRASTRUCTUR - BIP 5 1/2 PERP

TSX:BIP-PR-B (2/21/2025, 7:00:00 PM)

25.16

+0.15 (+0.6%)

Chartmill FA Rating
GICS SectorUtilities
GICS IndustryGroupUtilities
GICS IndustryMulti-Utilities
Earnings (Last)01-30 2025-01-30/bmo
Earnings (Next)04-29 2025-04-29
Inst Owners62.19%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap11.62B
Analysts80
Price Target30.39 (20.79%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.15%
Yearly Dividend2.71
Dividend Growth(5Y)7.67%
DP-615.28%
Div Incr Years0
Div Non Decr Years7
Ex-Date02-28 2025-02-28 (0.34375)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-188.31%
Min EPS beat(2)-231.04%
Max EPS beat(2)-145.57%
EPS beat(4)0
Avg EPS beat(4)-145.29%
Min EPS beat(4)-231.04%
Max EPS beat(4)-9.99%
EPS beat(8)1
Avg EPS beat(8)-109.36%
EPS beat(12)2
Avg EPS beat(12)-86.56%
EPS beat(16)5
Avg EPS beat(16)6.23%
Revenue beat(2)2
Avg Revenue beat(2)170.21%
Min Revenue beat(2)165.94%
Max Revenue beat(2)174.48%
Revenue beat(4)4
Avg Revenue beat(4)166.66%
Min Revenue beat(4)142.32%
Max Revenue beat(4)183.91%
Revenue beat(8)8
Avg Revenue beat(8)121.7%
Revenue beat(12)12
Avg Revenue beat(12)102.53%
Revenue beat(16)16
Avg Revenue beat(16)111.96%
PT rev (1m)-4.1%
PT rev (3m)14.61%
EPS NQ rev (1m)4.05%
EPS NQ rev (3m)-18.66%
EPS NY rev (1m)-33.7%
EPS NY rev (3m)-21.42%
Revenue NQ rev (1m)-1.1%
Revenue NQ rev (3m)-1.1%
Revenue NY rev (1m)-6.69%
Revenue NY rev (3m)22.39%
Valuation
Industry RankSector Rank
PE 132.42
Fwd PE 22.58
P/S 0.4
P/FCF 112.11
P/OCF 1.78
P/B 1.13
P/tB N/A
EV/EBITDA 7.58
EPS(TTM)0.19
EY0.76%
EPS(NY)1.11
Fwd EY4.43%
FCF(TTM)0.22
FCFY0.89%
OCF(TTM)14.11
OCFY56.07%
SpS63.22
BVpS22.18
TBVpS-68.28
PEG (NY)0.27
PEG (5Y)5.62
Profitability
Industry RankSector Rank
ROA -0.21%
ROE -2.99%
ROCE 5.13%
ROIC 3.66%
ROICexc 3.74%
ROICexgc 5.46%
OM 23.83%
PM (TTM) N/A
GM 42.64%
FCFM 0.35%
ROA(3y)0.34%
ROA(5y)0.26%
ROE(3y)3.21%
ROE(5y)2.43%
ROIC(3y)3.39%
ROIC(5y)3.03%
ROICexc(3y)3.5%
ROICexc(5y)3.12%
ROICexgc(3y)5.35%
ROICexgc(5y)4.85%
ROCE(3y)4.78%
ROCE(5y)4.27%
ROICexcg growth 3Y8.5%
ROICexcg growth 5Y-1.89%
ROICexc growth 3Y7.86%
ROICexc growth 5Y1.93%
OM growth 3Y-0.32%
OM growth 5Y-5.85%
PM growth 3Y-29.11%
PM growth 5Y-32.66%
GM growth 3Y-4.08%
GM growth 5Y-5.23%
F-Score6
Asset Turnover0.2
Health
Industry RankSector Rank
Debt/Equity 7.44
Debt/FCF 794.36
Debt/EBITDA 6.42
Cap/Depr 130.33%
Cap/Sales 21.96%
Interest Coverage 250
Cash Conversion 54.86%
Profit Quality N/A
Current Ratio 0.77
Quick Ratio 0.72
Altman-Z 0.32
F-Score6
WACC5.13%
ROIC/WACC0.71
Cap/Depr(3y)106.97%
Cap/Depr(5y)100.92%
Cap/Sales(3y)17.01%
Cap/Sales(5y)17.1%
Profit Quality(3y)770.14%
Profit Quality(5y)1268.96%
High Growth Momentum
Growth
EPS 1Y (TTM)-20.98%
EPS 3Y-51.26%
EPS 5Y23.55%
EPS Q2Q%284.9%
EPS Next Y484.21%
EPS Next 2Y193.45%
EPS Next 3Y118.32%
EPS Next 5Y63.48%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%9.54%
Revenue Next Year-18.18%
Revenue Next 2Y-6.32%
Revenue Next 3Y-1.96%
Revenue Next 5Y8.63%
EBIT growth 1Y33.62%
EBIT growth 3Y25.97%
EBIT growth 5Y23.31%
EBIT Next Year33.9%
EBIT Next 3Y16.65%
EBIT Next 5Y8.48%
FCF growth 1Y176.04%
FCF growth 3Y14.57%
FCF growth 5Y24.92%
OCF growth 1Y67.48%
OCF growth 3Y17.25%
OCF growth 5Y24.52%