BIP stock forecast
The weighted forecast points to C$46.39 first and then lower, with the first weighted price forecast for October 2027. It hinges on projects becoming cash-producing assets.
Where could BIP's shares be in each forecast year?
The weighted forecast points to C$46.39 first and then lower, hinging on projects becoming cash-producing assets, FFO growing per unit and financing remaining manageable. That first weighted price is forecast for October 2027 and implies -7% including dividends. The final weighted price is C$38.76. It implies -11% including dividends in October 2029.
The bear case has 30% probability. The base case has 50%. The bull case has 20%. The investment case strengthens when contracted, powered capacity enters service and reinvested sale proceeds earn attractive returns.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 36.95 (-25 %) | 27.57 (-38 %) | 19.52 (-48 %) |
| Base | 50 % | 48.05 (-4 %) | 43.68 (-7 %) | 39.50 (-9 %) |
| Bull | 20 % | 56.40 (+12 %) | 61.00 (+26 %) | 65.77 (+41 %) |
| Weighted | 100 % | 46.39 (-7 %) | 42.32 (-10 %) | 38.76 (-11 %) |
What has to go right, and what could go wrong for BIP?
The bear case falls to US$7,400 million at the first date and ultimately US$5,000 million. It assumes roughly US$1.2 billion of annual erosion because distributions, buybacks and weak earnings outweigh other equity effects. The bull case rises to US$8,500 million initially and US$8,900 million finally. It requires stronger earnings, project commissioning, recycling and positive currency or ownership effects.
How much cash does BIP really make?
BIP then deducts maintenance capital to calculate AFFO, or funds available for distribution. AFFO is a closer estimate of recurring cash after preserving existing assets, but it is still not cash that can all be paid out immediately. In 2025, AFFO was $1.964 billion and distributions were $1.743 billion. Growth, debt management and asset sales also shaped where the dollars went.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Utilities, Funds from Operations (FFO) | 786 | 760 | 879 | 739 | 705 |
| Transport, Funds from Operations (FFO) | 1,144 | 1,224 | 888 | 794 | 701 |
| Midstream, Funds from Operations (FFO) | 668 | 625 | 684 | 743 | 492 |
| Data, Funds from Operations (FFO) | 502 | 333 | 275 | 239 | 238 |
| Funds from Operations (FFO) | 2,627 | 2,468 | 2,288 | 2,087 | 1,733 |
| Adjusted Funds from Operations (AFFO) | 1,964 | 1,862 | 1,838 | 1,701 | 1,412 |
What this means. Funds from Operations is not the same as profit because it leaves out depreciation and some other costs, so it can look higher than ordinary profit.
What does an investor pay today for BIP?
At the October 17 price, investors are paying for BIP’s long stream of infrastructure cash flows rather than for one year of accounting profit.
| Today (Oct 17, 2026) | |
|---|---|
| Share price | 52.99 |
| Price to book (calculated) | 3.9x |
| P/E on operating earnings, last 12 months (calculated) | 29.7x |
| P/E, next 12 months (calculated) | 66.1x |
| Dividend yield (calculated) | 4.9% |
What this means. The market value does not truly count every type of share because it leaves out preferred units and the company's internal voting shares.