Brookfield Corp. Chief Executive Officer Bruce Flatt said the Toronto-based alternative asset manager will consider accelerating share buybacks if the company’s stock continues trading well below the firm’s estimate of its real value.
“We expect to continue to use our cash resources to repurchase shares in the market. If the discount persists, we will also consider other options, including a tender offer,” Flatt said in a letter to shareholders Thursday.
Brookfield Corp.’s net income fell to US$44 million in the fourth quarter from around US$3.5 billion a year earlier — lower than the $919 million average estimate from analysts surveyed by Bloomberg.Funds from operations — a closely watched metric for Brookfield — came in at US$1.8 billion, compared with US$1.7 billion a year earlier. Operating funds from operations for the real estate business dropped to US$179 million from US$421 million a year earlier.
Earlier this week, Credit Suisse analyst Andrew Kuske cut his recommendation on Brookfield Corp. to neutral from outperform after reassessing the near-term value of the firm’s property group. This is the first earnings report since Brookfield Corp. spun off 25 per cent of its asset-management unit last year into a publicly traded entity called Brookfield Asset Management, which manages the firm’s fee-generating assets. The move aims to streamline the structure of Brookfield, which managed around US$800 billion of assets as of the end of 2022.
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