Many factors can cause a company to trade at a relatively lower valuation. It might have balance sheet issues, lack growth prospects, or have a more complex corporate structure.

That last issue seems to be the driving factor behind the low valuations of Brookfield Infrastructure Partners (NYSE: BIP) and Energy Transfer (NYSE: ET). They're both publicly traded limited partnerships. Those entities have some tax complexities, which tend to weigh on their valuations compared to traditional corporations. However, those lower valuations enable investors to lock in a higher income yield, which can make them richer over time.  

Brookfield Infrastructure Partners currently trades at around $35.50 per unit. That's a more than $10 discount from the recent trading price of its corporate twin, Brookfield Infrastructure (NYSE: BIPC). It's a confounding discount, since the economically equivalent companies have the same earnings ($0.72 of FFO per unit/share in the first quarter, or $2.88 per unit/share annualized) and dividend payment ($0.3825 per unit/share each quarter or $1.53 per unit/share annually). 

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Source Fool.com