Seeking Alpha: Brookfield Asset Management Offers Well-Diversified Growth Leveraging Third-Party Capital

Back in June, I thought that Brookfield Asset Management (NYSE:BAM) was well-placed to continue growing its lucrative fee-generating asset management. That process continues to benefit the company, but the market hasn't rewarded the company for that progress. While BAM is an uncommonly complex investment, I believe that complexity is at least somewhat offset by the company's demonstrated ability to successfully deploy capital into a wide range of markets where it can earn solid economic returns. In my view, Brookfield Infrastructure Partners (NYSE:BIP) and Brookfield Property Partners (NYSE:BPY) are more appealing total return candidates today, but they're also riskier.

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Brookfield Asset Management Offers Well-Diversified Growth Leveraging Third-Party Capital

Seeking Alpha: Brookfield Property Partners Seems Undervalued Given Its Demonstrated Skill In Generating Value

The market hasn't been very hospitable towards real estate investments over the last year, with many office-centered REIT shares down by double digits over the past year. While Brookfield Property Partners (NYSE:BPY) is not a REIT, it has nevertheless been caught in the overall downtrend. With office and retail occupancy and lease trends generally healthy across the company's operating footprint, I think the market is undervaluing this company's demonstrated ability to acquire and improve properties, as well as develop value-generating real estate projects. With high single-digit distributable cash flow supporting a fair value around $25, I think this looks like an idea worth a closer look.

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Brookfield Property Partners Seems Undervalued Given Its Demonstrated Skill In Generating Value

Seeking Alpha: Brookfield Infrastructure Looks Undervalued As Long-Term Bargains Emerge

Back in June of 2015, I wrote that analysis and sentiment around Brookfield Infrastructure Partners (NYSE:BIP) had a tendency of falling into the "prisoner of the moment" trap, and I think that remains the case today. The decline in value of these units hasn't been as bad as some (like Macquarie Infrastructure (NYSE:MIC), DP World, and COSCO Pacific), but it does seem as though the market is concerned about the company's modest exposure to energy and its more substantial exposure to commodity-sensitive economies like Brazil and Australia.

I certainly do think that BIP's affection for Australia and Brazil is a risk given the commodity sensitivity, but it's hard to argue with management's basic thesis that Brazilian assets are trading well below their probable long-term value. I would expect more capital recycling efforts to avoid raising capital at a discount to fair value, but BIP management is looking at a big buffet of options, and assets in stressed emerging markets or North American energy infrastructure may be too good to pass up. I've trimmed my long-term growth estimate a bit given the weakness in commodity-driven economies, but I believe a long-term growth rate of 6% in distributable cash flow can support a fair value above $49 today.

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Brookfield Infrastructure Looks Undervalued As Long-Term Bargains Emerge

Seeking Alpha: Brookfield Asset Management's Fee Growth Bodes Well For The Future

If you want to torture yourself, try to build a detailed valuation model for Brookfield Asset Management (NYSE:BAM). I don't think there's much doubt that this firm is a premier fund manager in the world of real estate, power, infrastructure, and similar assets, but the process of estimating the cashflows from the publicly-traded LPs, the internally-managed funds, the directly-held assets, and the value of the private equity funds is challenging to say the least.

On a very simplistic level, I don't think it's entirely unreasonable to look at Brookfield Property Partners L.P. (NYSE:BPY), Brookfield Renewable Energy Partners L.P. (NYSE:BEP), and Brookfield Infrastructure Partners L.P. (NYSE:BIP), conclude that they are undervalued, and lean in the direction of assuming that Brookfield Asset Management is likewise undervalued. Going further and making some estimates and assumptions regarding the value of the asset management operations and unlisted assets, I believe that to be the case and that Brookfield is undervalued. What's more, I think the company is closing in on a point where its asset management operations are really about to take off and transform the perception of the company away from being a holding company and toward being an asset manager.

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Brookfield Asset Management's Fee Growth Bodes Well For The Future

Seeking Alpha: Amidst Some Market Concerns, Brookfield Infrastructure Keeps On Keeping On

If you've been waiting for a better price on Brookfield Infrastructure Partners LP (NYSE:BIP), you really haven't missed much. Between some lackluster reported results in the second quarter and more general concerns that BIP is facing a much more competitive bidding environment for assets, the shares haven't really gone anywhere this year - up about 2% on a year-to-date basis (excluding distributions) and up a similar amount from my last piece.

I still like Brookfield Infrastructure as a well-run long-term play on global infrastructure assets that range from coal terminals to railroads to electrical transmission to ports and toll roads. I can understand why the Street may worry that management's commitment to 8%-11% annual FFO growth will push them to overpay for assets, but I think that underrates their capabilities when it comes to recycling capital as well as the inherent advantages of being able to look at (and acquire) a wide range of asset types.

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Amidst Some Market Concerns, Brookfield Infrastructure Keeps On Keeping On

Seeking Alpha: Brookfield Asset Management Offers Steady Alternative Asset Exposure

Investors will find no shortage of papers and studies highlighting the return and diversification advantages of so-called "alternative investments", but actually finding investment vehicles that are accessible to retail investors is not as easy. Brookfield Asset Management (BAM) offers a good option in that regard; BAM's operations are spread across publicly-traded LPs in commercial real estate, renewable energy, and infrastructure assets, as well as alternative asset management and private equity fund operations.

Brookfield is a slow-and-steady sort of investment option, with both net asset value accretion potential and a decent dividend. It's not an especially cheap stock today, but the shares do usually offer 10% pullbacks every so often.

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Brookfield Asset Management Offers Steady Alternative Asset Exposure

Seeking Alpha: Improving Housing And A Major Deal Make Louisiana-Pacific Much More Interesting

The housing recovery trade seems to have hit a bit of a snag recently, as even hot trades like Home Depot (HD) and Mohawk (MHK) have cooled a bit recently. With mortgage rates heading higher and new construction activity still not that strong relatively to long-term averages, timber, lumber, and wood products companies have gotten dinged. While I had already been planning to write on Louisiana-Pacific (LPX) and point out that it seemed as though the market was pricing in too much skepticism about the OSB, siding, and engineered wood markets, the company did a deal that only makes the story more interesting.

In buying Canada's Ainsworth Lumber (ANSBF.OB), Louisiana-Pacific is not only adding capacity ahead of increased demand, but it is also improving its sales/margin mix, adding an Asian export business, and perhaps helping to quell fears that the industry will act irresponsibly with respect to capacity restarts/additions. While I'm actually surprised at how undervalued Louisiana-Pacific appears to be, it looks like there could be room here for 20% to 40% appreciation even after the strong positive reaction to the Ainsworth deal.

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Improving Housing And A Major Deal Make Louisiana-Pacific Much More Interesting

Investopedia: Weyerhaeuser Has A Busy Father's Day

Weyerhaeuser (NYSE:WY) didn't have the luxury of taking it easy on Father's Day, as the company announced a slew of transactions that could significantly reshape this large timberland and wood products REIT. On balance, the transactions should increase (or at least unlock) value within the company, and the naming of a high-quality CEO should have the company in good shape to take advantage of the slowly building housing recovery. Although Weyerhaeuser is not shockingly cheap, it still looks like a quality name to consider.

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http://www.investopedia.com/stock-analysis/061713/weyerhaeuser-has-busy-fathers-day-wy-pcl-bam-phm.aspx

Investopedia: Brookfield Infrastructure An Interesting Play On Long-Term Assets

A few weeks ago, I ran through some of the merits of Brookfield Asset Management (NYSE:BAM) - a relatively unusual investment vehicle that gives investors exposure to a wide range of investment assets, such as commercial real estate and infrastructure assets. Now it's time to consider one of the major holdings of BAM - Brookfield Infrastructure Partners (NYSE:BIP).

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http://stocks.investopedia.com/stock-analysis/2012/Brookfield-Infastructure-An-Interesting-Play-On-Long-Term-Assets-BIP-PCL-BAM-BHP0531.aspx

Investopedia: Can BAM Add Some Punch To Your Portfolio?

Large asset management companies can be tricky companies to monitor and evaluate. Oftentimes, success is predicated more on identifying top managers like Henry Kravis and George Roberts at Kohlberg Kravis Roberts (NYSE:KKR) or Warren Buffett at Berkshire Hathaway (NYSE:BRK.A, BRK.B) and letting them do their thing - trusting that superior management and investment identification will produce and accumulate value over time.

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http://stocks.investopedia.com/stock-analysis/2012/Can-BAM-Add-Some-Punch-To-Your-Portfolio-BAM-KKR-CG-BIP0516.aspx