Brookfield Business Partners LP (BBU.UN-T)

BBU.UN's Adjusted 2022 EBITDA increased by 3% to a record $2.3 billion and Adjusted Free Cash Flow increased to a record $3.40 per unit. 
EBITDA across operating segments including Business Services, Infrastructure, and Industrials improved compared to 2021. 
BBU.UN is now trading at 8x times annualized EBITDA. 
Weaker capital markets are a possible short-term headwind for the company, as it is harder for the company to recycle capital into new deals. 
BBU has been repurchasing shares over the last twelve months, indicating management believes shares are undervalued. The balance sheet is quite leveraged, with total borrowings of $15.1B. 
Total debt is around 6.5x times the trailing twelve-month EBITDA of $2.3B. Based on consensus estimates, BBU.UN business performance is expected to improve in the near future as capital market conditions improve. 
Overall, we think these prices offer an attractive entry point for BBU.UN, provided that investors are comfortable with the leveraged balance sheet.
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It is an amazing company. He cycled out of BAM.A-T to focus on BBU.UN-T. He was blown away in September about how they have built out their infrastructure.

(A top pick May 11/18, up 8%). Still likes this. This is the private equity group spun out of the Brookfield group. They have a great track record. It continues to be a core holding.

It is hard for the private investor to get exposure to private equity. This one is like private equity. They can create value by liquidating investments. They have items in their portfolio that are quite undervalued. (Analysts’ target: $65.21).