Brookfield: Transparently Bullish Analysis So You Can Decide For Yourself

Bank of England Governor Mark Carney And Governor-Designate Andrew Bailey Announce Interest Rate Cut in Response to Coronavirus

Former Bank of Canada and Bank of England Governor, Mark Carney, now Chair of Brookfield Asset Management and Head of Transition Investing.

Peter Summers/Getty Images News

Introduction

I intend to qualitatively and quantitively exhibit my reasons for being a

Structure

Graphic depicting Berkshire-Hathaway’s business model (Author’s Creation – Made in Word)

Structure

Brookfield’s business model – much like Berkshire-Hathaway, but with a few more sources of investment capital (Author’s Creation )

Data

Alt assets have considerable room to grow, as this graph illustrates (Author’s Creation – numbers from SA Author Alex Steinberg)

Examples

An illustration of how a typical Brookfield investment is funded. Note the leverage, corporation contribution and investment partner contribution (from Flagship Funds), we discussed in the last two paragraphs (Brookfield Investor Day Presentation)

Data

BAM Valuation (Author’s Calculation)

Valuation

For more opinions, you can look at Brookfield’s Q3 supplemental or SA contributor Alex Steinberg’s excellent articles. (Author’s Calculation)

Data

Brookfield Corporation return potential (Author’s Calculation)

Slides

Brookfield’s estimates for distributable earnings into 2027 (Brookfield Investor Day Presentation)

Data

Brookfield Corporation valued by distributable earnings (free cash flow) (Author’s Calculation)

Table

The table you’ve been skimming for (Author’s Calculation)

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