No. of Recommendations: 9
.. even deleting BNRE-A altogether, the market caps of the subs exceed the market cap of the parent.
..
This suggests that if all Brookfield's activity took place under the aegis of a single stock ticker, as it did when I first invested in them many moons ago (it was just BAM back then), it would be comfortably ensconced in second place, behind Blackstone, with a market cap in excess of $120 billion.
Keep in mind that BN's holdings of the subsidiaries are not 100% each, but about 75% in BAM, 48% in BEP, 27% in BIP, and 64% in BBU. When the publicly traded partnerships were spun off, we also received units in the partnerships so to compare to what you'd have if BN had not done any spinoffs, you need to add on top of BN's market cap the current market value of all of the units received.
- Manlobbi