BIP 2023 Q3 Earnings Report

Stocks A to Z / Stocks B / Brookfield Corporation (BN)

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BIP 2023 Conference Call & Webcast
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BIP 2023 Q3 Supplemental Information
bip.brookfield.com - Bip supplemental information q3 v2

BIP 2023 Q3 Letter to Unitholders

The higher rate environment has positively influenced our ability to buy for value, while admittedly making it moderately more challenging to monetize assets. The fundamentals of our business remain strong as the benefit of inflation escalation and a disciplined financing approach have largely insulated us from the impact of rising interest rates. Furthermore, the debt capital markets have been extremely favorable for infrastructure assets providing an overall net positive backdrop to business conditions.

Our strategy's success is not predicated on a low interest rate environment. We have demonstrated our ability to use our size, scale and diversification to continue recycling capital at good valuations, while earning higher returns on our new investments. Over the last three years, we have generated approximately $4.5 billion of proceeds from 16 asset sales. Each was completed at a premium to the IFRS carrying value at the time of sale, and the combined gain over book value was approximately 70%. The market backdrop has created a strong environment for capital deployment, with returns on new investments expected to be well in excess of our 12-15% target. Our 2023 deployment is expected to provide us with some of the best risk-adjusted returns we have seen in the last
decade.

In light of our strong conviction in the intrinsic value of our business and its growth trajectory, we see the merit in deploying capital to repurchase our equity. Following quarter end, we began repurchasing equity and have bought close to 1 million units under our normal course issuer bid.

bip.brookfield.com - Bip q3 letter to unitholders

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This community has written 569 posts about Brookfield Corporation. The article-length ones it recommended most:

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