'The company's business is unusual in that about half of its value is from its own equity in the assets it shares with its partners, and the other half of the value is its fee business.'

Other analyses that I've read have concluded the same thing, about 50% of total value comes from Brookfield's share of the net assets of the properties owned and 50% of the total value comes from the fee related business. However valuations vary widely. As I'm sure you know, some people argue that the net asset value of the properties is better estimated by the IFRS carrying values than by the values used by Brookfield in their plan value. They also argue that 15x is a better multiple of fee related earnings than the 25x to 35x that Brookfield uses. This makes estimates of the value of the old BAM vary from $45/share to %92/share.