Q: I am wondering if you can comment on their recent earnings release and also if you can provide the FFO multiple range the stock has traded at over the last few years...Many Thanks...Cheers
5i Research Answer:
BIP.UN reported okay earnings and is now trading at 10.6x times' Price/FFO per share. In FY 2023, BIP.UN’s FFO per share grew around 9% to $2.95, compared to last year of around $2.71, this result was driven by an organic growth of 8% due to a combination of volume growth (healthy across segments) and inflation. BIP.UN’s M&A pipelines remain healthy. Distribution per share also increased 6% to a quarterly distribution of $0.405. Overall, decent results. FFO per unit and valuation in the last 4 years: 2023: $2.95, P/FFO is around 10.8x
2022: $2.71, P/FFO is around 11.8x
2021: $2.42, P/FFO is around 14.8x
2020: $2.08, P/FFO is around 14.4x