Brookfield Infrastructure Corporation Financial Ratios — BIPC

Profitability (USD)

	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	229.35	9.02	-60.29	-61.87
Return on Assets (%)	- -	4.37	2.06	-5.75	-3.79	10.8	0.65	-2.56	-1.01
Return on Capital (%)	- -	-3.44	-1.38	-40.55	-14.66	19.38	0.41	-6.49	-2.64
Return on Invested Capital (%)	- -	21.56	10.56	-100.55	2.12	33.74	10.13	2.38	9.77
Gross Margin (%)	85.26	84.88	65.9	63.15	67.99	71.26	68.92	62.41	63.63
EBITDA Margin (%)	83.37	83.34	83.08	80.63	79.37	78.79	80.82	81.51	79.66
Operating Margin (%)	63.49	62.91	64.05	60.84	65	67.6	66.24	60.37	61.45
Incremental Operating Margin (%)	- -	59.66	94.83	88.36	92.96	85.19	62.07	47.72	2,050
Pretax Margin (%)	56.92	52.21	52.01	2.59	26.29	99.73	38.91	11.92	29.58
Profit Margin (%)	15.65	12.94	12.17	-38.6	-22.4	58.01	4.43	-16.58	-6.57
Net Income to Common Margin (%)	15.65	12.94	12.17	-38.6	-22.4	58.01	4.43	-16.58	-6.57
Effective Tax Rate (%)	23.37	28.71	32.3	727.03	93.75	13.93	37.78	83.52	35.48
Dvd Payout Ratio (%)	- -	70.52	26.51	37.5	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	229.35	9.02	-60.29	-61.87

Credit (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	- -	3,246	3,526	4,620	3,687	4,603	12,054	12,280	13,269
ST Debt	- -	- -	- -	11	131	354	1,047	769	1,314
LT Debt	- -	3,246	3,526	4,609	3,556	4,249	11,007	11,511	11,955
Total Debt/EBITDA	- -	2.5	2.62	4.01	2.83	3.1	5.96	4.11	4.54
Net Debt/EBITDA	- -	2.42	2.47	3.84	2.47	2.8	5.69	3.88	4.39
Total Debt/EBIT	- -	3.31	3.4	5.31	3.45	3.61	7.27	5.55	5.89
Net Debt/EBIT	- -	3.2	3.2	5.09	3.01	3.26	6.95	5.24	5.7
EBITDA to Interest Expense	15.54	10.24	8.62	5.39	4.44	2.73	2.9	2.81	2.53
EBITDA-CapEx/Interest Expense	15.54	6.76	5.71	3.44	3.02	1.77	2.05	2.81	2.53
EBIT to Interest Expense	11.83	7.73	6.65	4.07	3.63	2.34	2.38	2.08	1.95
Interest Expense	71	127	156	214	294	544	697	1,065	1,155
Common Equity/Total Assets	- -	- -	- -	- -	- -	9.37	6.3	2.16	1.12
Long-Term Debt/Equity (%)	- -	99.91	107.6	- -	- -	- -	270.58	518.05	596.26
Long-Term Debt/Capital (%)	- -	64.49	68.48	79.88	81	67.28	61.06	70.77	70.98
Long-Term Debt/Total Assets (%)	- -	35.13	35.79	49.33	35.26	41.75	46.04	48.8	49.76
Total Debt/Equity (%)	- -	99.91	107.6	-807.69	-258.92	-1,275.07	296.31	552.66	661.8
Total Debt/Capital (%)	- -	64.49	68.48	80.07	83.99	72.89	66.86	75.5	78.79
Total Debt/Total Assets (%)	- -	35.13	35.79	49.44	36.56	45.22	50.42	52.06	55.23
Net Debt to Equity	- -	96.86	101.37	-774.13	-225.98	-1,151.8	283.06	522.32	640.3
Net Debt/Capital (%)	- -	63.78	67.18	79.38	82.07	70.83	65.84	74.44	78.23
EBITDA	1,103	1,301	1,345	1,153	1,304	1,486	2,023	2,988	2,922
EBITDA-CapEx	1,103	858	890	737	887	961	1,429	2,988	2,922
Operating Income (Loss)	840	982	1,037	870	1,068	1,275	1,658	2,213	2,254

Liquidity (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	0.28	0.41	0.07	0.08	0.11	0.09	0.1	0.06
Current Ratio	- -	1.25	1.2	0.21	0.32	0.34	0.44	0.62	0.38
Quick Ratio	- -	1.21	1.14	0.19	0.32	0.33	0.43	0.36	0.38
CFO/Avg Current Liab	- -	6.02	2.56	0.45	0.19	0.16	0.19	0.25	0.21
Common Equity/Total Assets	- -	- -	- -	- -	- -	9.37	6.3	2.16	1.12
Long-Term Debt/Equity (%)	- -	99.91	107.6	- -	- -	- -	270.58	518.05	596.26
Long-Term Debt/Capital (%)	- -	64.49	68.48	79.88	81	67.28	61.06	70.77	70.98
Long-Term Debt/Total Assets (%)	- -	35.13	35.79	49.33	35.26	41.75	46.04	48.8	49.76
Total Debt/Equity (%)	- -	99.91	107.6	-807.69	-258.92	-1,275.07	296.31	552.66	661.8
Total Debt/Capital (%)	- -	64.49	68.48	80.07	83.99	72.89	66.86	75.5	78.79
Total Debt/Total Assets (%)	- -	35.13	35.79	49.44	36.56	45.22	50.42	52.06	55.23
CFO/Total Liabilities	- -	17.78	16.47	7.36	7.29	8.47	5.34	8.16	7.3
CFO/CapEx	- -	2.4	2.38	1.75	2.01	1.7	1.78	- -	- -
Altman's Z-Score	- -	1.15	0.98	0.49	0.28	0.78	0.43	0.56	0.45

Working Capital (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	- -	9.52	4.73	4.08	4.4	4.47	4.04	5.07	5.22
Days Sales Outstanding	- -	38.35	77.1	89.46	82.97	81.57	90.27	71.93	69.91
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	7.04	7.03	6.06	8.55	13.06	12.06	18.13	15.79
Accounts Payable Turnover Days	- -	51.81	51.91	60.26	42.68	27.95	30.26	20.13	23.12
Cash Conversion Cycle	- -	-13.46	25.2	29.21	40.3	53.63	60.01	51.8	46.78
Inventory to Cash Days	- -	38.35	77.1	89.46	82.97	81.57	90.27	71.93	69.91
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	3,251	5,013	4,301	4,652	4,763	5,447
- Cash & Cash Equivalents	- -	99	204	192	469	445	539	674	431
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	1,787	1,623	1,150	703	758	4,467	3,475	3,304
+ Total Debt	- -	3,246	3,526	4,620	3,687	4,603	12,054	12,280	13,269
Enterprise Value	- -	4,934	4,945	8,829	8,934	9,160	20,596	19,776	21,576
Total Capital	- -	5,033	5,149	5,770	4,390	6,315	18,028	16,265	16,842
Total Debt/Capital (%)	- -	64.49	68.48	80.07	83.99	72.89	66.86	75.5	78.79
Total Debt / EV	- -	0.66	0.71	0.52	0.41	0.5	0.59	0.62	0.61
EV/Sales	- -	3.16	3.05	6.17	5.44	4.86	8.23	5.39	5.88
EV/EBITDA	- -	3.79	3.68	7.66	6.85	6.16	10.18	6.62	7.38
EV/EBIT	- -	5.02	4.77	10.15	8.37	7.18	12.42	8.94	9.57
EV/Cash Flow to Firm	- -	4.27	4.16	- -	10.42	6.73	13.8	10.31	9.17
EV/Free Cash Flow to Firm	- -	3.09	3.01	- -	7.01	4.86	9.87	10.31	9.17
Diluted Market Cap	- -	- -	- -	3,251	5,013	4,301	4,652	4,763	5,447
Diluted Enterprise Value	- -	4,934	4,945	8,829	8,934	9,217	20,634	19,844	21,589
EV per Share	- -	70.74	70.9	130.91	81.1	82.85	156.19	166.13	179.83
TTM Sales	1,323	1,561	1,619	1,430	1,643	1,886	2,503	3,666	3,668
TTM EBITDA	1,103	1,301	1,345	1,153	1,304	1,486	2,023	2,988	2,922
TTM Operating Income	840	982	1,037	870	1,068	1,275	1,658	2,213	2,254
TTM Cash Flow to Firm	1,085	1,156	1,189	-612	857	1,361	1,493	1,918	2,353
TTM Free Cash Flow to Firm	1,085	1,599	1,644	-196	1,274	1,886	2,087	1,918	2,353

Multiples (USD)

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	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	2.84	3.99	3.03	2.81	2.73	3.39
EV/EBIT	- -	5.02	4.77	10.15	8.37	7.18	12.42	8.94	9.57
Enterprise Value	- -	4,934	4,945	8,829	8,934	9,160	20,596	19,776	21,576
Low Price	- -	- -	- -	21.69	37.93	37.55	25.48	28.47	32.08
EV/Sales	- -	3.16	3.05	6.17	5.44	4.86	8.23	5.39	5.88
EV/EBITDA	- -	3.79	3.68	7.66	6.85	6.16	10.18	6.62	7.38
Price/Earnings	- -	- -	- -	- -	- -	3.93	41.91	- -	- -
Price/Earnings Average	- -	- -	- -	-4.26	-13.35	4.58	48.12	-7.32	-20.39
Price/Earnings High	- -	- -	- -	-6.08	-16.08	5.42	57.3	-8.87	-23.75
Price/Earnings Low	- -	- -	- -	-2.65	-11.35	3.8	30.27	-5.57	-15.97
Price/Book Value	- -	- -	- -	- -	- -	4.51	3.09	9.34	20.25
Price/Book Value Average	- -	- -	- -	- -	- -	5.26	3.54	8.72	18.27
Price/Book Value High	- -	- -	- -	- -	- -	6.22	4.22	10.57	21.28
Price/Book Value Low	- -	- -	- -	- -	- -	4.35	2.23	6.65	14.31
Price/Tangible Book Value	- -	- -	- -	-0.8	-1.09	-1.15	-3.43	-2.09	-1.96
Price/Tangible Book Value Average	- -	- -	- -	-0.58	-1.07	-1.35	-3.94	-1.95	-1.77
Price/Tangible Book Value High	- -	- -	- -	-0.83	-1.29	-1.59	-4.69	-2.37	-2.06
Price/Tangible Book Value Low	- -	- -	- -	-0.36	-0.91	-1.11	-2.48	-1.49	-1.39
Price/Sales	- -	- -	- -	2.27	3.05	2.28	1.86	1.3	1.49
Price/Sales Average	- -	- -	- -	1.64	2.99	2.66	2.13	1.21	1.34
Price/Sales High	- -	- -	- -	2.35	3.6	3.14	2.54	1.47	1.56
Price/Sales Low	- -	- -	- -	1.02	2.54	2.2	1.34	0.92	1.05
Price/Cash Flow	- -	- -	- -	4.45	5.98	4.82	4.39	2.73	3.39
Price/Cash Flow Average	- -	- -	- -	3.22	5.86	5.62	5.04	2.55	3.06
Price/Cash Flow High	- -	- -	- -	4.59	7.05	6.64	6.01	3.09	3.56
Price/Cash Flow Low	- -	- -	- -	2	4.98	4.65	3.17	1.94	2.39
Price/Free Cash Flow Average	- -	- -	- -	2.05	3.91	3.54	3.23	2.55	3.06
Price/Free Cash Flow High	- -	- -	- -	2.93	4.71	4.18	3.85	3.09	3.56
Price/Free Cash Flow Low	- -	- -	- -	1.28	3.33	2.93	2.03	1.94	2.39
EV/Sales Average	- -	3.16	3.05	5.54	5.38	5.27	8.52	5.33	5.74
EV/Sales High	- -	3.16	3.05	6.25	5.99	5.75	8.93	5.58	5.96
EV/Sales Low	- -	3.16	3.05	4.92	4.93	4.81	7.73	5.04	5.45
EV/EBITDA Average	- -	3.79	3.68	6.88	6.78	6.68	10.54	6.54	7.21
EV/EBITDA High	- -	3.79	3.68	7.75	7.55	7.3	11.04	6.85	7.48
EV/EBITDA Low	- -	3.79	3.68	6.11	6.21	6.1	9.56	6.18	6.84
EV/EBIT Average	- -	5.02	4.77	9.11	8.27	7.79	12.86	8.82	9.34
EV/EBIT High	- -	5.02	4.77	10.27	9.21	8.51	13.48	9.25	9.7
EV/EBIT Low	- -	5.02	4.77	8.09	7.58	7.11	11.67	8.35	8.87
Last Price	- -	- -	- -	48.2	45.51	38.9	35.28	40.01	45.4
High Price	- -	- -	- -	49.73	53.73	53.64	48.23	45.29	47.71
Enterprise Value Average	- -	4,934	4,945	7,928	8,835	9,931	21,323	19,529	21,057
Enterprise Value High	- -	4,934	4,945	8,932	9,840	10,847	22,342	20,472	21,866
Enterprise Value Low	- -	4,934	4,945	7,041	8,099	9,068	19,342	18,470	19,991

Shares Outstanding	- -	70	70	67	110	111	132	119	120
Diluted Weighted Avg Shares	70	70	70	67	110	111	132	119	120
Basic Weighted Avg Shares	70	70	70	67	110	111	132	119	120
Revenue per Share	18.97	22.38	23.21	21.2	14.92	17.06	18.98	30.8	30.57
EBITDA per Share	15.81	18.65	19.28	17.1	11.84	13.44	15.34	25.1	24.35
Operating Income per Share	12.04	14.08	14.87	12.9	9.7	11.53	12.57	18.59	18.79
Basic EPS, GAAP	2.97	2.9	2.82	-8.18	-3.34	9.89	0.84	-5.11	-2.01
Basic EPS from Cont Ops	8.27	8.33	8.17	-3.44	0.25	14.64	4.6	0.6	5.83
Diluted EPS, GAAP	2.97	2.9	2.82	-8.18	-3.34	9.89	0.84	-5.11	-2.01
Diluted EPS from Cont Ops	8.27	8.33	8.17	-3.44	0.25	14.64	4.6	0.6	5.83
Dividend per Share	- -	9.71	3.58	0.49	- -	- -	- -	- -	- -
Cash Flow per Share	14.78	15.27	15.53	10.82	7.62	8.08	8.03	14.64	13.4
Free Cash Flow per Basic Share	14.78	8.92	9	4.66	3.83	3.33	3.53	14.64	13.4
Cash & Equivalents per Share	- -	1.42	2.92	2.85	4.26	4.54	4.38	6.23	3.7
Book Value per Share	- -	- -	- -	- -	- -	8.63	11.43	4.28	2.24
Tangible Book Value per Share	- -	-24.5	-19.01	-60.02	-41.76	-33.7	-10.29	-19.14	-23.15

Brookfield Infrastructure Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)