Brookfield Asset Management Voting Ord Shs Class A T.BN.PF.I

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

Financial Services Asset Management

Brookfield Asset Management Ltd. is a global alternative asset manager. The Company invests client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. It offers a range of alternative investment products to investors around the world including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Its products have three categories, which include long-term private funds, perpetual strategies and liquid strategies. These are invested across five principal strategies: renewable power and transition, infrastructure, real estate, private equity, and credit.

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Brookfield Asset Management Voting Ord Shs Class A

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Post by retiredcfon Feb 11, 2021 11:16am

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Post# 32537809

TD

This is a flash report so it's possible that they may raise their current US$57 target. GLTA

Brookfield Asset Management Inc.

(BAM-N, BAM.A-T) US$41.02 | C$52.17

First Look: Q4/20 OFFO Beat; More Flagship Fundraising Launched

Event

BAM reported Q4/20 and provided a business update. The conference call is at 11:00 a.m. ET. Dial-in: 1-866-688-9425 (conference ID 1951549).

Impact: POSITIVE

Q4/20 Results: OFFO was $0.66/share, well above the consensus estimate of $0.55, and our forecast of $0.53. Fee-related earnings increased 4% y/y to $411mm, and FFO from invested capital increased to $644mm vs. $444mm in Q4/19, benefitting from a strong contribution from financial assets and cyclically- strong earnings from Norbord (now West Fraser Timber).
Fee-Bearing Capital: Fee-bearing capital increased 8% y/y and q/q to $312bln, with the sequential increase largely reflecting the benefit of market appreciation on the listed affiliates and the credit strategies and capital raised/deployed across the credit platform. BAM has embarked on its next round of flagship fundraising, with a target of $100bln. The latest flagship distressed debt fund has raised $13bln to-date and should hold a final close during H1/21, and the company recently launched its fourth flagship real estate fund and its new Global Transition Fund, which is focused on decarbonizing the global energy grid.
Carried Interest: BAM recognized a healthy $231mm of carried interest (net) during Q4/20, primarily related to realizations across the credit, private equity, and real estate platforms. The gross unrealized carried interest balance increased to $4.0bln vs. $3.5bln in Q3/20, largely driven by value uplifts across the credit platform and other private funds.
Capital Deployment: BAM deployed $44bln of capital during 2020, and the latest vintage flagship funds are now ~65% committed/invested. The letter to shareholders discusses several themes, which BAM expects to drive its business/ investing in 2021/2022, including: 1) low interest rates, which are driving demand for alternative investments; 2) the renewable energy transition; 3) technology; 4) the growth of alternative credit; 5) the impact of the pandemic on high-quality real estate (while some property will be used in new ways in the future, BAM sees no major paradigm shift); and 6) the need for businesses and governments to deleverage after taking on debt to weather the pandemic.
Liquidity: BAM has $77bln of available liquidity, which is supplemented by $2.9bln of annual free-cash-flow (2020A) prior to realized carried interest.