BN

Brookfield Corporation - Ordinary Shares - Class A

Finance/Real Estate


Presented:03/14/2023
Price:$29.49
Cap:$46.10B
Current Price:$53.48
Cap:$80.64B

Presented

Date03/14/2023
Price$29.49
Market Cap$46.10B
Ent Value$351.77B
P/E Ratio24.21x
Book ValueN/A
Div Yield1.4%
Shares O/S1,563.28M
Ave Daily Vol2,823,323
Short IntN/A

Current

Price$53.48
Market Cap$80.64B
Brookfield Corp. engages in the management of public and private investment products and services for institutional and retail clients. It operates through the following business segments: Renewable Power and Transition, Infrastructure, Private Equity, Real Estate, and Credit and Insurance Solutions. The Renewable Power and Transition segment involves in the provision of hydro, wind, utility-scale solar, distributed generation, storage, and other renewable technologies. The infrastructure segment operates assets in the utilities, transport, midstream, and data sectors. The Private Equity segment focuses on acquiring businesses with barriers entering an industry. The Real Estate segment includes investment in real estate properties. The Credit and Insurance Solutions segment offers investment products. The company was founded on August 1, 1997 and is headquartered in Toronto, Canada.

Publicly traded companies mentioned herein: Brookfield Asset Management Ltd (BAM), Brookfield Corp (BN), Liberty Media Corp-Liberty SiriusXM (LSXMA)

Highlights

The presenter is short shares of Brookfield Corp (BN). BN consists of the company’s 75% stake in Brookfield Asset Management (BAM) valued at ~$40B, ~$20B in other public stakes (BIP, BEP, BBU), 100% ownership of Brookfield Real Estate (BPY, 50% malls/50% commercial real estate) valued at ~$30B, as well as smaller stakes in other businesses valued at $10B. BN has $15B in debt + preferreds, and $800MM in corporate. The presenter believes the BPY stake that BN owns is worth $7B - $8B, which is the source of his bearish outlook. 

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