MeritValue

Brookfield Infrastructure Partners L.P.

BIPHdata completeness 75%11 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Brookfield Infrastructure Partners L.P. earns about 7% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$11.5B1$14.4B2$17.9B3$21B3$23.1B3
Net income$2.72B4$1.38B5$1.45B6$1.68B6$2.53B6
Operating cash flow$2.77B7$3.13B8$4.08B9$4.65B9$5.97B9
Capital expenditure$2.07B10$2.78B11$2.49B12$4.98B12$6.02B12
Free cash flow (derived)$705M7$356M8$1.59B9−$322M9−$53M9
Total debt—————
Cash & equivalents$1.41B13$1.28B14$1.86B14$2.07B14$3.2B14
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 5y
FY21 11%FY22 6%FY23 5%FY24 6%FY25 8%

It earned an average 7% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001628280-24-011576 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001628280-25-014380 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001406234-26-000002 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001628280-24-011576 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001628280-25-014380 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001406234-26-000002 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001628280-24-011576 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001628280-25-014380 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001406234-26-000002 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001628280-24-011576 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001628280-25-014380 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001406234-26-000002 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001628280-25-014380 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001406234-26-000002 (CashAndCashEquivalents)