Brookfield Asset Management Inc (A)…

Brookfield Asset Management Inc (A) (BAM.A.TO)

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BUY

Down 30%, dramatic. Performance inline with other alternative asset managers. Excited by spinoff of asset management division, extremely capital light and all free cashflow. Incentivized to grow. 4th largest company in Canada by market cap, will eclipse RY.

BUY

5-year plan feels achievable. 13.6x price to adjusted funds, he's modelling 12% growth. Likes the silos below it with their nice dividends. Now's a good level to buy. Stock's down with competing rise in rates.

BUY

BAM vs. Blackstone Blackstone is more into private equity than BAM, which is more diverse. For this reason she still prefers BAM, though both are well managed. Also, the USD has been strong, so that favours USD-heavy Blackstone. Conversely, a weakening USD will impact Blackstone.

BUY

Similar to a holding company and trading at a discount to NAV so good opportunity to buy. Since it is spinning out its asset management part it will be less capital intensive. Also will have lots of money which gives them fire power to make investments. Pays a small dividend.

BUY ON WEAKNESS

Likes it. Strong balance sheet and pays a sustainable dividend. Definitely one to hold as we enter a turbulent 2023.

COMMENT

It is spinning out its asset management business. Let the market set a price as to the value. This is a positive thing.

STRONG BUY

Has long owned this. If you invested $1 in BAM 20 years ago, it's now worth $22. The 20-year compounded shareholder return is 17%. Few companies can rival this. They're a leading alternative asset manager like renewable energy, infrastructure and reinsurance .They will spin off another entity to house their third-party asset management platform, which many feel will unlock hidden value. The flow of money into alternative assets is outstripping pubic market investment (stocks and bonds). Any day is a good day to buy this.

BUY ON WEAKNESS

It trades at a lower multiple than others in the asset management business. The management is very strong and the company has done very well and is growing.

BUY ON WEAKNESS

Has owned this many years. They own many verticals like infrastructure. They have a strong global presence. They raise funds very well. The alternative asset managers have been pulling back out of fear that large shareholders like pension funds are pulling out, but BAM has a lot of liquidity. Their Oak Street Capital opened their presence in credit. She would add during this pullback.

BUY

Buy before their quarterly report? Brookfield is one of the best Canadian companies and a must-own. They own infrastructure assets which everyone wants now for their stable income and long-term growth. They manage tens of billions of assets for others and make fees and profit shares from that. They are well-managed. It's his top Canadian holding. For BAM, earnings are not influential on their share price. But he would look for is how they answer: What is their estimated net asset value, assets under management and management fee stream? Buy this after the report.

COMMENT

The question was: After the spin-off what will Brookfield Asset Management do? It has spun off 300 billion of assets but will continue to drive dividend and revenue growth and will push back to its highs. It will continue to be well run and succeed with the breakup of its parts.

WATCH

It's under pressure and this stock is under review for him. They have created shareholder value in the past. If you own this, do not sell.

HOLD

Great company. Spinning off asset management, and this should garner a higher multiple because there's a lot of free cashflow growth in that business. Repricing of all assets has hurt them. Very smart operators. Will continue to do a good job.

TOP PICK

A very large alternative asset manager in renewables, infrastructure and other areas. It has pulled back along with other alternative asset managers. Successfully raised new money in various funds they launched, like the Global Transition Fund. BAM likes volatility, because they buy cheap, distressed hard assets at these times. In 2019, they bought Oak Tree Capital which specializes in credit; this allowed synergy and doubled their client base. (Analysts’ price target is $86.17)

DON'T BUY

It's fallen beneath its 200-day moving average, so have many stocks, but is falling lower than the TSX. Is exposed to infrastructure, which is good, but real estate, which is having a tough time.

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Brookfield Asset Management Inc (A) (BAM.A.TO)