BN Reported Q2 Earnings Surge

Table of Contents

• Business Update

  • Key Developments

• Valuation

  • Sum of All Parts

  • Discounted Cash Flow (DCF) Valuation

• Holdings Disclosure

Business Update

In Q2 BN reported 13% distributable earnings (DE) growth before realizations, which is slower than the 20% projected by the management. The figure for the last 12 months is 21%, higher than the guided growth rate which is great to see. As a long-term investor, I am personally not worried about a temporary slowing down of earnings growth for a few quarters as long as the average growth rate over 3 - 5 years are good enough.