Bullboard - Stock Discussion Forum 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... 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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