What moat does Brookfield have?

The advantage is the capital already committed to the funds and the team that already operates the asset. The fund investor may not commit again. The moat narrows if the fee falls, or if the asset does not cover its own debt.

How do you read the Brookfield radar?

Health is the corporation's debt, not the debt inside each asset. Quality separates the dividend that comes up from the holdings from the manager's fee. Growth follows new capital and what the assets earn. Valuation is read against the value of those stakes, not against a P/E of a year of gains on sales. Shareholder return is the dividend, checked against cash. Do not read it as if nobody else could finance an infrastructure asset.

Which multiples matter for Brookfield?

The P/E of a year of asset sales is not normal earnings. EV/EBITDA is read without consolidating fund debt as if it were the share's debt. Do not use the listed manager's multiple as if it were all of Brookfield. A dash if the BN cache is cold.

What does this Brookfield analysis leave out?

Not advice on Brookfield. Vaultflake does not split assets, funds and the manager and does not state a capital figure. This is not a scale of 900 billion. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Brookfield (BN) analysis

Brookfield Corporation

Sector:Financials · Real Assets and Asset Management

Country:Canada

Profile and moat

Brookfield Corporation is the company that keeps stakes in real assets and in the manager. Renewables, transport, data and property sit in affiliates and in funds, with debt on the asset itself. The management fee is earned, in part, by Brookfield Asset Management, which is another listed company. This share is not only that fee. Blackstone and other managers do similar work. It is not the largest on earth by decree.

Bruce Flatt runs it. That is not the moat. This report does not state a figure for assets under management or the percentage of the manager the company keeps. A bad asset stays in the fund. The corporation's cash depends on dividends, on sales and on what the manager distributes. It is not a single toll.

The dividend comes from that cash. It has to fit. It is not a scale of 900 billion.

Brookfield (BN) analysis

Brookfield Corporation

Sector:Financials · Real Assets and Asset Management

Country:Canada

Profile and moat

The dividend comes from that cash. It has to fit. It is not a scale of 900 billion.

Brookfield (BN) analysis

Profile and moat

Brookfield (BN) analysis

Profile and moat

Radar axes

Limits of this report

Questions from this report

What moat does Brookfield have?

How do you read the Brookfield radar?

Which multiples matter for Brookfield?

What does this Brookfield analysis leave out?

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