Brookfield (BN), mcap=$49800m

BN / BAM pair trade:
– In Dec, Brookfield spun off 25% interest in BAM.
– The spin-off BAM trades at a 100% premium to peers while the remainco BN is significantly undervalued.
– Pair trade isolates BN’s other balance sheet investments for just ~$14bn.
– These investments have an intrinsic value of $51bn.

Exp. gain: Not specified.

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