Thanks, what a wonderful write-up! Looking ahead at the 2031 targets, how do you discount managements targets to something more realistic?
They are 20-25% behind both the Plan Value per share and distributable earnings before realisations (DEBR) targets set for 2026 at the 2021 investor day.
Good question. I’m not sure it’s wise to come up with a specific figure 😂. But I think with BAM and BWS compounding at over 15%, BN overall has a good chance of hitting that number even if the contribution from operating businesses and investments continues to fall.
If you add carry and a real estate turnaround, I think they could get closer to 20%.
Thanks, what a wonderful write-up! Looking ahead at the 2031 targets, how do you discount managements targets to something more realistic?
They are 20-25% behind both the Plan Value per share and distributable earnings before realisations (DEBR) targets set for 2026 at the 2021 investor day.
Good question. I’m not sure it’s wise to come up with a specific figure 😂. But I think with BAM and BWS compounding at over 15%, BN overall has a good chance of hitting that number even if the contribution from operating businesses and investments continues to fall.
If you add carry and a real estate turnaround, I think they could get closer to 20%.
From this price, I think that’s appealing.
They are guiding for 24% growth which I doubt they will hit. If they can come close to ~20%, that’s a strong acceleration from the last 5 years.
The 24% includes carry and capital allocation. It’s an “everything goes right” number. I’ll be surprised if they hit it. But happy!
Excellent write-up, deserves to be widely read.
That’s very kind! ❤️