BIP Bermuda Holdings I Limited (BIPI) 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

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vs $31.55 price

Levered DCF

$33.05

After debt service

Piotroski score

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Altman Z-score

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Rating

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Ratios by fiscal year

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

Metric	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2011	FY2008
P/E	0×	0×	0×	0×	0×	0×	0×	0×
P/B	0×	0×	0×	0×	0×	0×	0×	0×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-0.01×	-0.34×	0.51×	0.69×	2.9×	1.06×	-0.06×	16.67×
Gross margin	30.6%	39.4%	48.6%	48.5%	52.5%	57.3%	45.0%	100.0%
Operating margin	27.6%	35.8%	45.1%	44.3%	47.7%	16.2%	41.3%	96.8%
Net margin	9.5%	23.6%	10.2%	17.9%	32.0%	24.1%	46.2%	31.1%
Current ratio	0×	0.46×	0.55×	0.56×	0.77×	0.84×	0.87×	1.92×
Debt / equity	0×	0×	0×	0×	0×	0×	0.02×	0.54×
Interest coverage	-2.14×	-2.82×	-3.4×	-3.23×	-4×	-1.34×	-2.02×	-1.42×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2011	FY2008
Return on equity	0.0%	10.3%	4.2%	5.3%	10.1%	6.3%	12.8%	5.3%
Return on invested capital	410.9%	5.9%	6.4%	7.0%	8.0%	2.7%	8.4%	8.0%
Return on assets	160.6%	3.7%	1.5%	2.1%	4.1%	2.9%	5.7%	5.3%
Free cash flow yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Enterprise value	-$37M	-$1.4B	-$867M	-$827M	-$540M	-$374M	-$8M	$1T
Net debt / EBITDA	-0.01×	-0.34×	0.51×	0.69×	2.9×	1.06×	-0.06×	16.67×
Cash conversion cycle (days)	0	91	97	134	115	113	83	6