Brookfield Infrastructure Partners LP - Q3-2020 Earnings, Price Target Update

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Brookfield Infrastructure Partners LP(BIP.UN, BIPC-TSX, BIP, BIPC(NYSE) owns interests in assets totaling $58B (including Brookfield Asset Management (BAM.A) - 30% share) as of Sept-30-2020 compared to $36.6M at Dec-31-2018 and $29.5B at Dec-31-2017. The operating business is comprised of a diversified portfolio of infrastructure businesses including natural gas and electric utilities, pipeline and power transmission lines, ports, railways, toll roads, and communications tower maintenance businesses.

Operations are grouped into four segments - utility, energy, transport and communications and data infrastructure (previously communications infrastructure), and are located in North and South America, Australia, and Europe. Financial statements are denominated in US dollars; operations are conducted in US, EURO and Australian currencies. As a result of currency hedging equal amounts of AFFO are generated in USD, AUD, GBP, RUP, UK and BRL. As a result of currency hedging 50% of partnership capital is invested in USD compared to 70% at Dec-31-2019. By segment Utilities contributes 33% of AFFO, Transport-29%, Energy -27% and Data Infrastructure -11%.

At inception in Dec-07 the ownership split was 60% for the Brookfield Infrastructure Partners LP and 40% owned by Brookfield Asset Management (BAM.A). As of Dec-31-2011 this changed to 70% and 30% split respectively. At Dec-31-2018, Brookfield Asset Management owns approximately 30%.

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