Using approximate numbers, 1.635 billion shares at 32.38 equates to a 53 billion market cap for Brookfield Corp (BN).

408.825 million at 27.11 equates to a 11 billion market cap for 25% of Brookfield Asset (BAM). Therefore, 75% of BAM is 33 billion and 100% of BAM is 44 billion. Based only on fee-related earnings of 2 billion per year, this is a multiple of 22.

'Pure BN', i.e., (BN - 0.75*BAM) = 53 - 33 = 20 billion. However, note that Net Invested Capital alone is 35.727 billion at 3Q quarterend. I think the discrepancy can be attributed to the market assigning a 50% discount to Brookfield Property Group (BPG) IFRS value just as it did when BPG was publicly listed. BPG is listed at 31 billion on the balance sheet, but market obviously does not agree.

Current prices equate to a pre split market cap of 53 + 11 = 64 billion = 39/share. This is till above the recent lows in the 36 - 37 range.

Both BN and BAM are priced inexpensively. Doesn't make sense to sell or switch. Hold tight and dollar cost average if adding.

Brookfield Corporation FAQ

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