Teal Linde Brookfield Corp BN-T BUY Sep 08, 2025

Complex organizational structure and accounting oddities often confound traditional ratio analysis when trying to gauge valuation. You can look at PE (14x) or P/B (2.2x). His team doesn't rely on those metrics. More simplistic and reliable would be the dividend yield; paid for a long time, commitment to growing.

Dividend yield right now is about 0.6%, so on that basis the shares are expensive. For context, over the last decade the average has been 1.5%. So instead, you want to try to identify a secular business trend that will lead to a rerating. He thinks that's the case here. Global leader in private market alternative investments. Benefiting from secular trend away from just investing in publicly traded stocks and bonds. Great leadership.

Not meeting his financial matrix right now. Complexity on steroids, really hard to understand what it's doing. Incredible Canadian success story. As long as there's global financial liquidity in the system, this name does great. If liquidity comes out of the market, which it would if interest rates go up (and he's concerned about this for late this year or next year), then BN really struggles.

He might be interested if it really got compellingly cheap enough.

Tremendous compounder of wealth for shareholders. This, the mother ship, benefits from all its various income streams from subsidiaries. 

An ideal weight, and that level already in place makes it sound as though the investor's portfolio is diversified. But take a look at BBU.UN.

Price of each share will drop by 1/3. Hold your shares and don't worry. Big opportunity was to get listed in the US and become part of the US market, as its US-listed competitors trade at 40-50% higher valuations.

BN has been consistently near the top of our growth favourites and we consider it a solid 'buy and forget' type of stock. EPS of 88c missed estimates of 90c; revenue of $18.08B beat estimates of $10.13B. Net EPS did fall year over year. A 3 for 2 stock split is planned for October. Deployable capital is a record $177B. Asset management had a 16% increase in fee-related earnings. Distributable earnings rose 13% year over year. BN sold $55B in assets. All-in, as usual, there was lots to digest. But the underlying trend of growth in cash flow continues strongly, and we remain fully comfortable here. 
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A core holding, though would wait for a pullback to add more. The underlying business is private equity. Given potential changes in 401K plans in the US, there will be more demand for private equity. Large players like this are well-positioned. Has seen strong earnings growth the past year and multiples expansion. This is one of the best compounders.

Why own this instead of the subsidiaries? Simple. If you add up the value of all the subsidiaries, it's about 20% more than the current stock price. If you then add the value of the real estate they own, you're up to about 35% over current stock price. Likes private equity, and that's its prime business. Well managed + growing business + cheap stock = happy investor.

Expertise in 2 areas involved in data centres -- real estate and electricity generation via BEP.UN. Extremely well positioned for this investment opportunity. Yield is 0.54%.

BN to hold the entire Brookfield family, and BM is at a discount than it has been for a while. BEP trades at a premium among renewables, which have been under pressure from Trump cancelling wind and other green projects. Also, Northland Power is far better than BEP, given NPI's better valuation and growth potential.