Westinghouse cashFrom a Scotia comment dated Nov 3:
"With the anticipated net proceeds of ~$1.5 billion from the closing of the Westinghouse transaction, BBU has stated the intention to utilize half of the net proceeds for debt repayment and the other half to repay the preferred equity from Brookfield Corporation."
Scotia tells me there's 217 million shares outstanding. I assume that includes both shares and LP units. To buy back a meagre 10 million shares at today's prices would cost about $2 billion Cdn or about US$1.49 billion.
Scotia also tells me that the "forward enterprise NAV discount" has widened to over 53%, up from pre-plague average of 19%. If I'm interpreting that correctly, buying something at a 53% discount should mean that you're (theoretically) gonna double your money. So buying back stock at half-price has got to be a substantial win for the remaining shares. So why isn't this happening yesterday???