Introduction
In my previous post, I addressed the valuation of Brookfield Asset Management (BAM). This article is devoted to BAM’s subsidiaries, how they are compared to each other and to their master. In particular, we will be talking about 5 companies – Brookfield Property Partners (BPY), Brookfield Renewable Partners (BEP), Brookfield Business Partners (BBU), Brookfield Infrastructure Partners (BIP), and TerraForm Power (TERP). Technically BPY, BEP, BBU, and BIP are limited partnerships (the so-called Brookfield flagship partnerships) and TERP is a subsidiary of