Bullboard - Stock Discussion Forum Brookfield Asset Management Voting Ord Shs Class A BAM

Primary Symbol: T.BAM Alternate Symbol(s): T.BN.P.H | T.BN.P.I | BKAMF | BKFDF | T.BN.P.J | BRCFF | T.BN.P.K | BROXF | T.BN.P.A | T.BN.P.L | T.BN.P.B | T.BN.P.M | T.BN.P.C | BAMGF | T.BN.P.N | BRPSF | T.BN.P.D | BAMKF | BKFOF | T.BN.P.R | T.BN.P.E | BKFPF | T.BN.P.T | BRFPF | T.BN.P.F | T.BN.P.X | T.BN.P.G | BXDIF | T.BN.P.Z | BKFAF

Brookfield Asset Management Ltd. is primarily engaged in providing alternative asset management services. The Company provides its services through an ownership interest in an alternative asset management business, which is carried on by Brookfield Asset Management Inc. (Brookfield) and its subsidiaries. Its products have three categories, which include long-term private funds, perpetual... see more

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TSX:BAM - Post Discussion

Brookfield Asset Management Voting Ord Shs Class A > RBC

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Post by retiredcf on Nov 10, 2022 10:03am

RBC

November 10, 2022

Brookfield Asset Management Inc.
Q3/22 Operating FFO/share was ahead of our forecast

NYSE: BAM | USD 40.54 | Outperform | Price Target USD 62.00

Sentiment: Neutral

Our initial take: BAM just reported Q3/22 results, with OFFO/share of US$0.73 ahead of our US$0.70 forecast due to slightly

higher-than-forecast FRE/share with invested capital OFFO/share marginally ahead of our forecast.

Asset Manager spin-off approved by shareholders at yesterday's vote. For a detailed analysis on the transaction, please see our primer on the asset manager spin-off.

In terms of key metrics:

• Consolidated OFFO/share was ahead of our estimate: Q3/22 Operating FFO (OFFO) of US$1,216MM (US$0.73/share) was slightly ahead of our US$1,178MM (US$0.70/share) forecast. On a Y/Y basis OFFO/share was +31%. The variance to our forecast primarily reflected slightly higher-than-forecast FRE and to a lesser extent higher-than-forecast invested capital OFFO.

• Fee related earnings (FRE) was slightly ahead of our estimate: Q3/22 FRE of US$531MM (US$0.33/share) was ahead of our US $502MM (US$0.31/share) forecast. On a Y/Y basis, FRE/share was +18%.

• Fee bearing capital (FBC): Q3/22 consolidated FBC (incl. Oaktree at 100%) was US$407B, +4% Q/Q from US$392B in Q2/22 and +19% Y/Y from US$341B in Q3/21. The Q/Q change primarily reflected significant increases across all asset classes.

• Invested capital (Hard NAV) OFFO/share was in line with our estimate: Q3/22 Invested capital OFFO of US$685MM (US$0.40/ share) was in line with our US$675MM (US$0.39/share) forecast. On a Y/Y basis Invested capital OFFO/share was +45%.

• Reported FFO/share was ahead of our estimate: Q3/22 Reported FFO of US$1.47B (US$0.89/share) was ahead of our US$1.23B (US$0.73/share) forecast. On a Y/Y basis Reported FFO/share was +5%. The variance to our forecast primarily reflected higher- than-forecast disposition gains and to a lesser extent higher-than-forecast FRE.

Conference call today at 10:00am ET; webcast only

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