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Brookfield Global Infrastructure Securities Income Fund (BGI-UN.TO)

Company Dividend Discount ModelIndustry: Asset Management - IncomeSector: Financial Services

Valuation Snapshot

Stable Growth$9.07 - $12.24$10.70
Multi-Stage$26.62 - $29.47$28.02
Blended Fair Value$19.36
Current Price$6.05
Upside219.94%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-1.51%-7.22%0.600.650.630.600.590.640.750.810.961.26
YoY Growth---8.24%3.27%5.86%0.62%-8.21%-13.72%-7.55%-15.42%-24.28%-0.18%
Dividend Yield--11.74%15.73%12.22%9.00%10.03%8.24%13.16%11.94%14.12%20.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)32.62
(-) Cash Dividends Paid (M)15.05
(=) Cash Retained (M)17.57
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)6.524.082.45
Cash Retained (M)17.5717.5717.57
(-) Cash Required (M)-6.52-4.08-2.45
(=) Excess Retained (M)11.0513.4915.12
(/) Shares Outstanding (M)16.3016.3016.30
(=) Excess Retained per Share0.680.830.93
LTM Dividend per Share0.920.920.92
(+) Excess Retained per Share0.680.830.93
(=) Adjusted Dividend1.601.751.85
WACC / Discount Rate6.80%6.80%6.80%
Growth Rate-9.22%-8.22%-7.22%
Fair Value$9.07$10.70$12.24
Upside / Downside49.89%76.78%102.39%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)32.6229.9327.4725.2123.1421.2421.87
Payout Ratio46.13%54.90%63.68%72.45%81.23%90.00%92.50%
Projected Dividends (M)15.0516.4417.4918.2718.8019.1120.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.80%6.80%6.80%
Growth Rate-9.22%-8.22%-7.22%
Year 1 PV (M)15.2215.3915.56
Year 2 PV (M)15.0015.3415.67
Year 3 PV (M)14.5114.9915.49
Year 4 PV (M)13.8314.4415.08
Year 5 PV (M)13.0213.7514.52
PV of Terminal Value (M)362.26382.66403.97
Equity Value (M)433.84456.58480.29
Shares Outstanding (M)16.3016.3016.30
Fair Value$26.62$28.02$29.47
Upside / Downside340.04%363.11%387.16%

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