| Comment | 33.820 | Gordon Higgins, CA, MBA, CFA | Transformed themselves into more of an asset management. They take base assets with stable cash flow. Find partners and collect a fee while putting in some of their own money. Great long-term story. More fully valued near-term. It may be under a bit of a cloud for a while. | 2008-08-08 | |
| Comment | 31.700 | Bill MacLachlan | Still has to get out from under its office problems. It will be some time before that real estate arm picks up. | 2008-07-17 | |
| TOP PICK | 36.500 | Bill MacLachlan | Very successful in building top-notch portfolio of office properties. Asset management business has tremendous growth potential. They are also one of the largest independent hydro generators in Canada. Energy, Infrastructure and cash flow play here. | 2008-05-30 | |
| BUY | 34.870 | Pierre Bernard | Trading at 40X forward earnings and 3.3X price to book. Price/earnings on this type of company is not as important as others because it is a portfolio of activities. The company has done great things. A core holding you should have in your portfolio. 1.5% dividend yield. | 2008-05-21 | |
| TOP PICK | 34.350 | Paul Thornton | His segue into industrial/commercial real estate in general. Not a pure play of a REIT but a company that continues to do good business and were involved in a takeover during a credit crunch starting last year so the stock has come off quite a bit. Expect it will start to come back when credit starts to loosen up. | 2008-05-07 | |
| Comment | 29.870 | David Driscoll | Common stocks or preferred shares? Depends on whether you are looking for growth or income. Preferreds give you yields of about 6%. The dividend tax credit of about 40% (Ont) gives a pre-tax yield of about 8.4%. On the stock side you are taking a longer-term view of the overall management Corporation. If you think there is a turn coming, it can offer you a much greater capital appreciation. | 2008-04-23 | |
| BUY | 29.430 | David Baskin | (Market Call Minute.) Very inexpensive stock. A lot of moving parts but very smart management. | 2008-04-22 | |
| HOLD | 28.080 | Gordon Higgins, CA, MBA, CFA | Currently trading close to its NAV. A lot of the driver of the valuation is Brookfield Properties (BPO-T) so you have to have a positive view towards real estate. Fairly valued. | 2008-04-17 | |
| DON'T BUY | 27.660 | David Burrows | The company depends on being able to raise funding to buy assets. Over the last 9 months, the price people are willing to pay for assets has come down and the funding costs have increased. They are seeing a squeeze. Less attractive. Not the right stock for this type of environment. | 2008-03-31 | |
| BUY | 27.040 | David Baskin | They have vast holdings in the power and resources, but they've been marked down almost in half, because of fears in the financial areas.
They have huge cash flow and he isn't concerned about them. | 2008-03-18 | |
| TOP PICK | 26.620 | David Driscoll | 4.75% coupon. Pays a dividend. Pre-tax yield is 8.4%. Call provision in December of 2011 in which they’ll pay $26. Beat GIC’s in a big way. | 2008-03-17 | |
| BUY | 27.610 | Michael Smedley | A great company and it's going down because real estate is slightly tainted and has been brought down because of the subprime mess. It's a good buy for the long term. | 2008-03-13 | |
| PAST TOP PICK | 28.170 | Gavin Graham | (A Top Pick Mar 6/07. Down 29%.) If there is one market that will hold up, it is the financial centre of the US. This is a wonderful inflation hedge. | 2008-03-06 | |
| HOLD | 31.860 | David Baskin | Likes their strategy of divesting themselves of direct ownership of assets and becoming asset managers. Has had a hard time over the last year because of the extent of their involvement in the real estate industry in the US. Very smart managers. | 2008-02-19 | |
| HOLD | 30.790 | Gordon Higgins, CA, MBA, CFA | They have a great model. They buy assets, lever them up and then find pension funds to partner in with them. They are then able to take an asset with an 8% return and turn it into 15% ROE for their shareholders. At the moment investors don't have a great deal of confidence in a company like this. You have to accept volatility when you buy this. | 2008-01-25 | |
| DON'T BUY | 29.850 | Bruce Campbell | You never have a really good idea of exactly what earnings are going to be. More of an asset story. In this downturn, the balance sheet is okay, but it does have real estate debt in there. When the market recovers, the stock will do better again, but there is no rush. | 2008-01-23 | |
| Comment | 31.000 | David Baskin | It suffers from being a difficult company to categorize. With uncertainty on the US economy and the direction of the stock market, people want things that are easy to understand. You have to put your faith in management and be a long-term holder. | 2008-01-14 | |
| DON'T BUY | 31.820 | Bill Carrigan | A bear market can be tough on good companies. He can't see any bottom on this one. This one tops even before the banks. It is in a vicious downtrend. | 2008-01-09 | |
| PAST TOP PICK | 35.380 | Gavin Graham | (A Top Pick Mar 6/07. Down 14.7%.) Good inflation hedge. Still likes. | 2008-01-02 | |
| BUY | 35.090 | Paul Gardner, CFA | (Market Call Minute.) Focused in apartments and offices in Brazil. Terrific management. | 2007-12-28 | |
| TOP PICK | 35.190 | David Baskin | A tremendous set of assets. Thinks it has a “holding company” discount. Terrific balance sheet. 1.5% dividend. Very good growth story. Very smart managers. | 2007-11-29 | |
| Comment | 32.900 | Bruce Campbell | Doing a lot of structured deals and one-offs. Hard to know exactly what is in it so at times like this it tends to trade at a discount. Really good track record longer term. Good managers of their assets. Asset value is in the $40’s so you are getting mispriced assets. Probably doesn't do anything until the market calms down but if you have a 5-year view, it's a buy. If you have a 6-month view he would probably wait. | 2007-11-22 | |
| PAST TOP PICK | 33.220 | Gavin Graham | (Top pick March 6, 2007, down 20.0%) They have a bunch of inflation hedges. Backs them. Price is down, buy more. May be dead money for the next 12-18 months. Your not getting paid to wait. | 2007-11-19 | |
| BUY | 33.540 | Cameron Webster | On his watch list. Nice technical entry point here. Own a big stake in Brookfield Properties (BPO-T), which is all US commercial real estate. You get tarred a bit with a sub prime brush, but it is more in terms of their undeveloped residential land and gets marked down. Hold prime Brazilian infrastructure assets. | 2007-11-14 | |
| TOP PICK | 33.710 | Michael Decter | Property and infrastructure. Very solid play going forward. Hard assets that do well in inflation. Likes what they are doing in power generation as well as in properties. | 2007-11-12 | |
| BUY | 35.040 | Patrick Kim | As an interest sensitive holding, it is going to get whipped around a fair bit. Its main legs are real estate and infrastructure in regards to power assets. Over the long term, it is an excellent company. Good strategy of offloading their assets and they remain as management. | 2007-11-02 | |
| HOLD | 37.000 | Bruce Campbell | This is a long term hold. The company is well managed. The entry point is high right now, $33-34 would be better. | 2007-10-24 | |
| DON'T BUY | 39.440 | David Burrows | Have done a wonderful job of focusing their attention on cash generating assets. The stock started to falter in the summer and has not regained its footing. | 2007-10-04 | |
| SELL | 38.780 | Ron Meisels | A great selling opportunity. Stock has risen over a very long period, above its 200 day moving average. It has now broken below this and will now probably go back and test the 200-day moving average. | 2007-09-27 | |
| TOP PICK | 38.780 | Paul Harris, CFA | Very smart, astute investors. A lot of their cash flow comes from bands, hydroelectric, et cetera and nothing to do with the credit market. One of the best names in Brazil in growing their Brazil assets. | 2007-09-27 | |
| HOLD | 34.790 | Michael Smedley | Great real estate operation. Good long-term hold. Very clever people. | 2007-09-10 | |
| TOP PICK | 36.840 | David Baskin | Had a 60% run-up over the last year, but has been unduly punished in the last little while. Tremendously strong asset management team. Strong cash flow. The price. | 2007-08-23 | |
| SELL | 35.860 | David Burrows | Looking at sentiment, there are greater perceived risks than there has been in the past. Real estate investment trusts are significantly under performing in the US. He sold his holdings. | 2007-08-09 | |
| BUY | 34.020 | Michael Smedley | Very clever organization. They are into timber, hydro, absolutely super fund management and real estate. | 2007-08-03 | |
| Comment | 36.290 | Chyanne Fickes | Has been hit in the last few weeks but doesn't think this is totally warranted. There are concerns about the Meryl Lynch rental agreement in their New York holdings. | 2007-08-02 | |
| Comment | 41.560 | Paul Gardner, CFA | Have done a great job on their power generation, real estate section and their financials. These are all consistent cash flow businesses. From a valuation perspective, it is slightly expensive. Looking at acquiring Canadian Pacific (CP-T). | 2007-07-19 | |
| BUY | 41.550 | David Baskin | Better to manage hotels than to own them. Also manages hydro electric, power generation assets and timberland assets. They have tremendous return on equity because their own money is not invested. Acceleration of earnings is not over and might just be beginning. | 2007-07-17 | |
| SELL | 42.000 | Peter Gibson | ROE declines are now noteworthy. Wouldn't be in the stock. | 2007-07-16 | |
| HOLD | 42.360 | Paul Harris, CFA | A very well run company. Strong management, shareholder friendly, much growth. Management has a large stake in the business. | 2007-06-28 | |
| BUY | 41.300 | David Baskin | This is a good buying opportunity. Has had a great run, but for all the right reasons. Cash flow has been growing at a great rate. | 2007-06-19 | |
| BUY | 42.160 | Gavin Graham | It's a great longer term buy. Good and canny acquirers of property. He has lots of it. | 2007-06-15 | |
| WATCH | 40.850 | Bill Carrigan | Don't worry about the stock splits. They are normal. The problem is the rising interest rates.
Broke below it's 50 day moving average. | 2007-06-13 | |
| Comment | 47.080 | Gavin Graham | An inflation play. A really cheap stock. Split their stock today 3 to 2. | 2007-05-22 | |
| BUY | 71.350 | David Burrows | Company focused on generating cash flow. Are very good at that. He likes them. | 2007-05-16 | |
| BUY | 69.580 | Charles Dillingham | Has kept moving up for quite a long time. All of their component parts are doing well. Will be spinning off some of their assets. | 2007-05-07 | |
| HOLD | 64.080 | Paul Harris, CFA | Has incredibly prime real estate in the US so wouldn't be too concerned. He doesn't see a massive slowdown in US growth coming. Very astute management team | 2007-04-23 | |
| BUY | 61.150 | Ian Nakamoto | Likes. Involved with the infrastructure side of business. High-quality assets. | 2007-03-29 | |
| DON'T BUY | 62.290 | Brian Acker, CA | This company's balance sheet doesn't pass his solvency test. When you look at the balance sheet relative to its earnings, is model price is $35.90, a negative 42% differential. | 2007-03-08 | |
| TOP PICK | 62.320 | Gavin Graham | All the assets they have are long-term inflation hedges. Has emerging market exposure in Brazil. | 2007-03-06 | |
| DON'T BUY | 62.320 | Bruce Campbell | Good looking chart. It is now at a fair premium to asset value. It would retreat to asset value in a down market. | 2007-03-06 | |
| BUY on WEAKNESS | 64.120 | Patrick Kim | Conglomerate with real estate, power generation, infrastructure, timberland, etc. Stock has been on fire. It is restructuring and difficult to value. Would buy in the lower $60’s. If you have the patience, you could buy now. | 2007-02-22 | |
| BUY | 63.590 | David Burrows | Unique in its focus on infrastructure assets, which is a hot area of investment. There are focused on cash flow generating assets. | 2007-02-20 | |
| BUY | 62.150 | Stephen Carlin | An issue over the last year or so was how much they could convert into additional assets under management. They did an excellent job. They are on the short list for a number of deals that could clearly grow the company. | 2007-02-14 | |
| HOLD | 58.340 | Jonathen Wellum, B. Comm, B. Sc | Stock is fairly valued. An exceptionally well-run company. Management team are great capital allocators. Good long-term hold. | 2007-02-09 | |
| BUY | 55.500 | Steve MacInnes | Gives the investor exposure to asset structure and management which they average investor wouldn't have access to. Great holding. Long-term hold. | 2007-01-11 | |
| PAST TOP PICK | 55.510 | Gavin Graham | (A Top Pick Jan 9/06. Up 42%.) Continues to like it. | 2006-12-28 | |
| Comment | 54.840 | Brad Willock | Made an expensive acquisition and to help pay for it, issued $30 million of shares. Excellent well managed company. Has had a good move and could be a time to take some profits. | 2006-12-11 | |
| BUY | 54.660 | Ross Healey | Has a little more upside potential. Real estate stocks in Canada have a tremendous amount of momentum. | 2006-12-04 | |
| BUY | 54.780 | David Baskin | A very large leveraged buyout occurred real estate in the US yesterday. This indicates that interest and value in real estate continues to grow. Good track record. | 2006-11-21 | |
| WEAK BUY | 52.520 | James Cole, BA, CFA | Doesn’t like dual class stocks where management has one group of shares, controlling the business with a tiny slice of the equity. Have done a great job. Likes their long life predictable assets of power generating facilities. | 2006-11-13 | |
| BUY | 51.300 | Ian Nakamoto | An excellent company. Operate in real estate, power plants and financial assets. An excellent way to participate in real estate and infrastructure. | 2006-11-07 | |
| BUY | 50.020 | Gavin Graham | A good defensive stock. Has done enormously well. Good management. Assets consist of inflation hedgers. They think inflation is back. | 2006-09-06 | |
| DON'T BUY | 47.700 | Bruce Campbell | Has been a great performer. A little bit of a premium to net asset value so it has done most of what it is going to do. | 2006-08-25 | |
| HOLD | 45.710 | Bill Carrigan | Still in an Uptrend, however, looking at the MACD it shows a lower High. This indicates some negative convergence. The stock is economy sensitive so would be a little careful. If it falls below $45, Sell. | 2006-08-11 | |
Experts that have talked about Brookfield Asset Management (A)
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