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Brookfield Asset Management Voting Ord Shs Class A 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.I | 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

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.


TSX:BAM - Post by User

Post by retiredcfon Sep 22, 2021 8:58am
831 Views
Post# 33897442

CIBC Upgrade

CIBC UpgradeEQUITY RESEARCH 
September 21, 2021 Earnings Update 

BROOKFIELD ASSET MANAGEMENT 


2021 Investor Day Update: Doubling Down...Again 

Our Conclusion 

BAM, along with the broader Brookfield complex, recently held its annual investor day, featuring both broad-scope presentations from the CEO, CIO, and CFO, as well as deeper dives into the asset management franchise, real estate, and credit businesses  a new format that we believe investors will appreciate given both the increased granularity and disclosure. We provide herein key updates/revisions as presented by management, as well as their (positive) impact on our investment thesis. Overall, our Outperformer thesis remains unchanged  we believe that BAM offers the attractive combination of an above-average NAV growth profile (we see a clear path to outsized AUM growth as institutional investor allocations continue to shift towards alternative assets) and a compelling valuation (the current 17% discount to NAV is overly punitive, in our view, given the growth opportunity that lies ahead). Of note, also, is the rising importance of the insurance business, with management expecting a material contribution from this segment in setting its five-year targets (and a vertical which we expect will garne rfurther importance over time). 
We are increasing our NAV estimate to $63 (from $61), reflecting what is now estimated to be a $42B realized carry opportunity over the next decade, and given a maturing of early vintage carry eligible assets, greater visibility in the ultimate realization of such carry. Our price target increases in step to $67 (from $65).
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