another port for bbi, page-12

BBI is a diversified utility and infrastructure vehicle with an aggressive asset growth profile, having acquired $6B+ of assets since listing in 2002. BBI's long-life, long concession, monopolistic underlying assets produce strong and stable cash flows, secured by regulated tariff regimes or contracted revenues. We expect continued success via its relationship with BNB, which identifies, secures and finances BBI's acquisitions. We have a positive long-term view on the stock.

Our BBI forecasts reflect improved cash flows derived from its wholly owned Dalrymple Bay Coal Terminal and moderate growth from its utilities portfolio. We favour the proposed acquisition of the AAN assets and expect the deal to be earnings accretive. BBI offers an attractive yield, given its moderate growth outlook. Overall, we have a positive 12-month view on the stock.

Some risks
Revenue risk exists with the final determination of the DBCT tariff structure. Operating risks include delays in coal loading due to rail, industrial and other factors. Regulatory control risk exists with assets other than DBCT.

Earnings Outlook
We continue to expect BBI to pursue and to deliver further growth, both organically and through future yield-accretive acquisitions. Walking away from its joint offer with APA for GAS is a clear signal of BBI's financial discipline in not overpaying for assets. We expect BBI to comfortably achieve its distribution growth of


What more can you ask for?
Yes I do agree that stock usually go down when it when ex.
But last time BBI do the opposite and when up.I trade ex divident abobe .6c