Brookfield Infrastructure Finance ULC 5 % Notes 2021-24.05.81 Global (BIPH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+255.9%

$53.12

vs $14.92 price

Levered DCF

-$631.93

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.1×	138.83×	88.32×	81×	18.22×	94.07×	572.07×	65.13×
P/B	1.33×	1.37×	1.24×	1.12×	1.64×	2.09×	1.82×	1.94×
P/S	0.32×	0.37×	0.43×	0.49×	0.97×	1.26×	1.65×	2.27×
EV / EBITDA	7.51×	6.59×	8.22×	7.04×	8.77×	10.2×	11.26×	11.36×
Gross margin	26.9%	25.5%	24.9%	27.2%	28.5%	26.3%	30.1%	52.5%
Operating margin	25.1%	23.6%	22.6%	24.1%	25.0%	22.8%	25.9%	30.5%
Net margin	1.9%	0.3%	0.7%	0.6%	5.3%	1.4%	0.3%	3.5%
Current ratio	0.78×	3.33×	0.68×	0.8×	0.57×	0.67×	1.07×	0.94×
Debt / equity	12.37×	9.09×	8.01×	5.4×	4.88×	5.16×	3.82×	2.79×
Interest coverage	1.5×	1.46×	0×	0×	0×	0×	0×	0×
Dividend yield	11.2%	21.4%	9.6%	9.9%	5.8%	5.5%	5.6%	5.2%
Payout ratio	186.9%	2884.2%	591.2%	802.3%	105.9%	514.9%	3200.0%	336.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	1.0%	2.0%	1.4%	9.0%	2.3%	0.3%	3.0%
Return on invested capital	3.9%	4.0%	3.0%	3.6%	3.4%	2.6%	2.3%	2.8%
Return on assets	0.4%	0.1%	0.1%	0.1%	0.8%	0.2%	0.0%	0.4%
Free cash flow yield	-0.7%	-28.1%	20.6%	5.0%	6.3%	9.4%	8.8%	5.0%
Earnings yield	6.0%	0.7%	1.6%	1.2%	5.5%	1.1%	0.2%	1.5%
Enterprise value	$73.8B	$56.7B	$55.8B	$39.7B	$43.1B	$38B	$32.9B	$25.2B
Net debt / EBITDA	6.75×	5.7×	7.09×	5.79×	6.49×	7.19×	7.54×	6.61×
Cash conversion cycle (days)	31	26	27	12	-6	-9	38	29