Message Font: Serif | Sans-Serif
 
No. of Recommendations: 5
My broker offers Credit Suisse analyst's report summaries. Following is his view after the Q3 earnings release in Nov 16.

Valuation: Our BAM NAV valuation includes:
(a) a 10% holding company discount on projected public LP values;
(b) a 20x cash flow multiple on base LP fees and IDRs;
(c) 10x cash flow multiple on the residual power business; and,
(d) other multiples on the remaining business groups.
We reiterate our Neutral rating and our US$36 target price.

Without the benefit of the supplemental financials, we note the following:
(a) AUM is US$250bn with fee bearing capital of US$111bn up
from US$108bn at the end of Q2;
(b) base fees and targeted carry generate US$2bn on an annualized run-rate;
(c) we believe the Group faces a large opportunity set for capital deployment which will be an issue to watch.
Print the post  

Announcements

When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement