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Brookfield asset management (BAM) 75%		37,813 (3/15/23 market quote)
Brookfield property group (BPG)  100%		31,868 (IFRS)
Brookfield renewable energy partners (BEP) 48% 	9,563 (3/15/23 market quote)
Brookfield infrastructure partners (BIP) 27%  	9,188 (3/15/23 market quote) 
Brookfield business partners (BBU) 65% 		2,511 (3/15/23 market quote)
Corporate cash and financial Assets		2,893 (IFRS)
Insurance Solutions				3,996 (IFRS)
Energy contracts				639 (IFRS)
Other unlisted					2,855 (IFRS)
Corporate borrowings/Interest expense		-11,390 (IFRS)
Net Working Capital*				-944 (IFRS)
Preferred shares				-4,375 (IFRS)

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Common Shareholder's Equity			84,617 million
Market Capitalization				46,896 (3/15/23 market quote)

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Observations:

1. Market cap is 84,617 - 46,896 = 37,721 less than the blended common shareholder's equity. That's a 45% discount.
2. Assuming BPG IFRS is the primary issue, market is valuing BPG at 31,868 - 37,721 = -5,853 million!
3. In 2022, BPG had FFO of 953 million and disposition gains of 791 million.
4. Management thought they were getting a bargain when they privatized BPG at 70% of IFRS (31,868).

Questions:

Are my numbers wrong? How can BPG be worth negative 6 billion? Even during the height of the pandemic, BPG fell to 9 and change, but not zero! What are we missing?

very succinct breakdown, the IFRS is the ~6b dollar question. (unless am also missing some line items)

aside from the current turmoil of all financials; my only guess is that the mkt has extrapolated headline fears from several office properties that brookfield has walked away from in more than one city. on the other hand, this is exactly the non-recourse protection some claim is a great risk hedge. but a loss is a loss, not just of capital but of time, effort, and confidence.

with numerous other equities on sale, it is easy to get distracted from brookfield's core valuation, as office continues to become a smaller part of brookfield's future prospects.

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