Multi-stage Dividend Discount Valuation Part 2

We can invest in an intelligent and disciplined manner if we know the price and the value of a company. That is because price is what we pay and value is what we get. Today we venture into Part 2 of the Dividend Discount Valuation, the Multi-stage Dividend Discount Valuation, where we discuss how to […]

Slow and Steady Wins the Race — Brookfield Renewable Partners (BEP)

In the last post, I discussed Toronto based Brookfield Renewable Partner’s (BEP’s) strong growth in capacity since their launch in 2011. Two wide competitive moats protect this capacity in North America: low electrical production cost and limited locations for competitors. BEP performed well over the past few years, with a strong growing annual distribution and an […]

Buying More Kinder Morgan, Inc. (KMI)

Kinder Morgan, Inc. (KMI) & Brookfield Infrastructure Partners (BIP) just bought [Source] the remaining 53% of Natural Gas Pipeline Company of America LLC (NGPL) for about $242 million equity but both companies also took on NGPL’s $3 billion in debt, about $1.5 billion each. NGPL: NGPL has about 9,200 miles of pipelines, 1 million horsepower […]

Brookfield Infrastructure Partners (BIP) Thesis Update

In 2012 we estimated Brookfield Infrastructure Partners (BIP) [Source] would be $40-46/unit (share) in a 3-5 year time frame. The investment thesis is playing out and BIP has reached the lower end of the range a little early for a total return of 43% or about 16%/year. While investors may consider selling to lock in […]

Kinder Morgan Inc. (KMI) Investment Thesis

The oil and gas industry relies on midstream companies with the infrastructure to transport large volumes of products. Houston based Kinder Morgan Inc. and its subsidiaries make up the largest midstream infrastructure company in North America with approximate 80,000 miles of pipelines and 180 terminals. The pipelines transport crude oil, natural gas, refined petroleum products, […]

Portfolio Company 3Q13 Earnings Release Schedule

Portfolio Company’s earnings release and conference calls are coming up soon. We are now in the companies self-imposed  ”quarterly quiet period” and sshouldn’t expect a lot of news until the release dates. I’ll share my perspective after the release and encourage you to read the releases and listen to the conference calls. It is a […]

Brookfield Asset Management (BAM) Investment Thesis, Part II

In Brookfield Asset Management (BAM) Investment Thesis Part I, five sources of value creation were discussed. Four of these sources have been in place for years. The fifth source, transforming to an asset manager, is the anticipated catalyst going forward. The transformation will help the market better recognize the outstanding performance and understand the value […]

Brookfield Capital Partners (BCP) and Private Funds

Brookfield Asset Management’s fourth business platform consist of private equity and specialty funds managed under Brookfield Capital Partners (BCP) or the respective operating platform: property (BPY), renewable power (BREP) and infrastructure (BIP). Brookfield Capital Partners also includes Brookfield’s Residential Development interests, an opportunistic area of increased activity during the U.S. housing market downturn. The private funds are […]

Brookfield Property Partners (BPY)

Brookfield Property Partners (BPY) is a leading global commercial property company. The commercial property operations include office, retail, multi-family and industrial assets with interests in over 300 office and retail properties of more than 250 million square feet; approximately 15,600 multi-family units; 29 million square feet of industrial space, and; an 18 million square foot […]

Brookfield Renewable Power Partners (BEP, BREP)

Brookfield Renewable Power Partners (BREP) has the world’s largest publicly traded hydroelectric power generation portfolio with significant and durable competitive advantages. These advantages form a wide protective moat of natural barriers to entry including limitations on river availability, suitable locations with substantial water supplies and competing uses for those rivers. The moat supports the economic advantage […]