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

Industry: Asset Management - Income Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
PINCX	213	Putnam Income Fund	19	-	-	-	-	1.29	1.34
FMN	214	Federated Hermes P	19	11.54	12.41	-	-	11.08	8.35
ETX	215	Eaton Vance Munici	19	13.31	13.31	12.42	12.42	15.03	12.42
GNT	216	GAMCO Natural Reso	19	3.23	3.23	3.23	3.23	1.19	3.23
SABA	217	Saba Capital Incom	19	4.30	4.02	-	-	14.27	22.10
NXJ	218	Nuveen New Jersey	19	137.99	214.91	-	-	-	67.44
RMM	219	Rivernorth Managed	18	-	-	-	-	29.78	71.26
BGI-UN.TO	220	Brookfield Global	18	2.90	2.90	3.14	3.14	2.59	3.14
DCF	221	BNY Mellon Alcentr	18	3.92	3.92	3.26	3.26	3.26	3.26
PGOO.L	222	ProVen Growth & In	17	29.22	31.53	-	-	-	23.97
PIM	223	Putnam Master Inte	17	5.09	3.71	6.95	6.95	5.10	5.78
HIE	224	Miller/Howard High	17	8.88	8.88	8.10	8.10	2.13	8.14
CBH	225	Virtus Convertible	17	-	-	0.14	0.14	1.13	1.32
IGV.L	226	The Income & Growt	17	19.07	22.22	-	-	-	21.63
SHRS.L	227	Shires Income Plc	17	1.36	0.97	10.80	10.80	10.37	12.61
MID-UN.TO	228	MINT Income Fund	16	4.12	3.46	-	-	-	3.43

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	4.70	3.97	3.26	3.26	3.26	8.14
Full Range Median Multiple	6.99	6.45	6.95	6.95	5.10	8.35
Industry Multiple	20.17	26.88	6.41	6.41	8.60	17.75
Market Implied Multiple	3.70	3.70	3.86	3.86	3.19	3.86
Company (BGI-UN.TO) Multiple	2.90	2.90	3.14	3.14	2.59	3.14
(*) Net Income / EBITDA / Revenue	24	24	26	26	31	26
Winsorized Enterprise Value	N/A	N/A	85	85	103	211
Full Range Median Enterprise Value	N/A	N/A	180	180	160	217
(-) Net Debt	13	13	13	13	13	13
Winsorized Equity Value	111	94	72	72	90	199
Full Range Median Equity Value	165	153	168	168	147	204
(/) Shares Outstanding	11	11	11	11	11	11
Winsorized Fair Value	$9.79	$8.27	$6.32	$6.32	$7.90	$17.50
Full Range Median Fair Value	$14.55	$13.43	$14.76	$14.76	$12.99	$17.98
Current Price	$7.70	$7.70	$7.70	$7.70	$7.70	$7.70
Upside / Downside	27.10%	7.42%	-17.94%	-17.94%	2.59%	127.21%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.85	$5.79	$4.42	$4.42	$5.53	$12.25
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY