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BBU - 80% Returns And A Fair Valuation Forced A Sell On Bridgemarq
Brookfield Business Partners L.P. Limited Partnership Units
When we last covered Bridgemarq Real Estate Services (BREUF), we took a bullish stance despite what appeared to be cataclysmic headwinds in the face of COVID-19. Specifically, we said,
We are upgrading this to a buy based purely on valuation. We still had to work hard to overcome the blatantly egregious fees that management is fishing out of this incredibly "easy to run" business. Yes, the climate is depressed but BREUF is trading at about 6X sustainable free cash flow. We think 8X-9X is achievable in the longer run and we are putting