BIPC - Down 26% This Incredible Dividend Stock Is a Screaming Buy Right Now
2023-10-11 07:45:00 ET
Brookfield Infrastructure Partners (NYSE: BIP) has taken a beating this year. The global infrastructure giant has tumbled 26% from its 52-week high, with a big portion of that decline coming in recent weeks.
That sell-off is a big headscratcher, considering the company's growth prospects. It makes Brookfield Infrastructure look like a screaming buy right now.
Despite the valuation decline, Brookfield Infrastructure is having a fantastic year. The company is on track to grow the annual run-rate of its funds from operations ( FFO ) by about 13% this year, pushing it to $3.05 per share by the fourth quarter. With units of the partnership recently trading at less than $28 apiece, Brookfield sells for 9.2 times FFO. Meanwhile, the economically equivalent corporate shares of Brookfield Infrastructure Corporation (NYSE: BIPC) are almost as cheap. With a $33 share price, it trades at 10.9 times FFO. They're ridiculously cheap, considering that the S&P 500 currently fetches more than 19 times earnings.
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Down 26%, This Incredible Dividend Stock Is a Screaming Buy Right Now