Discounted Cash Flow (DCF) Analysis Levered

Brookfield Infrastructure Partners ... (BIP)

$36.84

+0.13 (+0.35%)
All numbers are in Millions, Currency in USD
Stock DCF: 711.54 | 36.84 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,6526,5978,88511,53714,42719,165.9225,461.4633,824.9344,935.6059,695.86
Revenue (%)
Operating Cash Flow 1,3622,1432,5302,7723,1315,211.856,923.819,198.1212,219.4816,233.28
Operating Cash Flow (%)
Capital Expenditure -839-1,182-1,472-1,982-2,734-3,398.11-4,514.31-5,997.15-7,967.07-10,584.05
Capital Expenditure (%)
Free Cash Flow 5239611,0587903971,813.742,409.513,200.974,252.415,649.23

Weighted Average Cost Of Capital

Share price $ 36.84
Beta 0.892
Diluted Shares Outstanding 442.05
Cost of Debt
Tax Rate 82.38
After-tax Cost of Debt 1.08%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.922
Total Debt 30,233
Total Equity 16,285.12
Total Capital 46,518.12
Debt Weighting 64.99
Equity Weighting 35.01
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 4,6526,5978,88511,53714,42719,165.9225,461.4633,824.9344,935.6059,695.86
Operating Cash Flow 1,3622,1432,5302,7723,1315,211.856,923.819,198.1212,219.4816,233.28
Capital Expenditure -839-1,182-1,472-1,982-2,734-3,398.11-4,514.31-5,997.15-7,967.07-10,584.05
Free Cash Flow 5239611,0587903971,813.742,409.513,200.974,252.415,649.23
WACC
PV LFCF 1,752.742,250.172,888.773,708.604,761.10
SUM PV LFCF 15,361.37

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 3.48
Free cash flow (t + 1) 5,762.21
Terminal Value 389,338.57
Present Value of Terminal Value 328,129.54

Intrinsic Value

Enterprise Value 343,490.91
Net Debt 28,954
Equity Value 314,536.91
Shares Outstanding 442.05
Equity Value Per Share 711.54