Growth stocks typically trade at premium values. Investors highly prize growth because companies that increase their earnings at above-average rates have historically created the most value for their shareholders over the long term.

Brookfield Infrastructure Partners (BIP -0.80%) certainly qualifies as a growth stock. The global infrastructure giant has grown its funds from operations (FFO) at a more than 10% annual rate over the last decade. It's in an excellent position to continue growing at a double-digit rate.

Despite that, its unit price has plunged nearly 40% from its 52-week high. That has this brilliant growth stock trading at such a cheap value that I couldn't resist adding to my position.

Growth on sale

Brookfield Infrastructure is on track to increase its annualized FFO run rate by 13% this year to $3.05 per unit by the fourth quarter. The company is benefiting from strong organic growth drivers, including elevated inflation-driven rate increases and large-scale capital project completions. It's also getting a boost from recently completed acquisitions.

Brookfield's unit price has fallen to less than $23 apiece despite that strong showing. That has the company trading at only 7.5 times FFO. That's dirt cheap. For comparison, the S&P 500 currently trades at about 19 times earnings.

Brookfield Infrastructure Partners also trades at a discount to its economically equivalent corporate twin, Brookfield Infrastructure Corp. (BIPC -1.04%). At about $29.50 apiece, the corporate shares sell for 9.7 times FFO. The partnership's lower valuation is why I opted to add to that position instead of buying more corporate shares. 

More growth ahead

Brookfield Infrastructure Partners trades as if it won't grow much in the future, which couldn't be further from the truth. The company has lots of momentum heading into 2024. Inflation remains elevated and will drive higher rate escalations in the coming year.

In addition, the company will continue benefiting from major capital projects. Its Heartland Petrochemical Complex in Canada is ramping up and will operate at full capacity during this year's fourth quarter. Meanwhile, Brookfield and its partner Intel are constructing two semiconductor fabrication facilities in the U.S. Intel recently accelerated construction on that project after a key customer prepaid for capacity, putting it on track to start up next year. 

In addition, the company has secured three more acquisitions that will enhance its growth. It recently closed its acquisition of container leasing company Triton International. Brookfield also acquired two more data center platforms to enhance the business' already robust growth profile.

Brookfield sees transformational growth ahead for its data center platform. It anticipates that its FFO will grow from $30 million this year to $135 million by 2026 as it builds more capacity. 

These and other drivers have the company anticipating that its FFO per unit will increase by more than 12% annually over the next one to three years. That's highly visible growth, primarily backed by long-term contracts and secured investments.

That easily supports the company's plan to continue increasing its dividend, which already yields an attractive 6.7% following its sell-off. The company expects to boost its payout by 5% to 9% annually over the long term. Brookfield has increased its payout every year since its formation (14 consecutive years), growing it at an 8% compound annual rate over the last decade.

Too good of an opportunity to pass up

Brookfield Infrastructure Partners is a screaming buy these days. It trades at a dirt cheap price for a company growing at a double-digit pace. On top of that, it pays a high-yielding (and steadily rising) dividend.

Add it all up, and Brookfield could produce market-crushing total returns from here. That's why I recently added to my position in this incredible company.