Canada’s Brookfield Infrastructure (BIP)
had a rough 2018, with the shares underperforming the S&P 500 by
around 14%. Rising interest rates aren’t particularly helpful for a
business that uses a lot of debt financing, but I suspect other issues
like weak currency in Brazil, rising global protectionism, and some
sizable deals in nontraditional areas could have played a role. Whatever
the case, Brookfield Infrastructure heads into 2019 with a
higher-than-normal dividend yield, cash to deploy, and a refreshed
portfolio of assets that should start contributing to distributable cash
flow fairly soon.
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Brookfield Infrastructure Has Some Contrarian Appeal
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