Intrinsic value of Brookfield Business Partners L.P. - BBU-UN

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$36.17

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$36.17

 
Intrinsic value

$273.10

 
Up/down potential

+655%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BBU-UN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.88
  15.30
  14.27
  13.34
  12.51
  11.76
  11.08
  10.47
  9.93
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  10,755
  12,401
  14,170
  16,061
  18,070
  20,194
  22,432
  24,782
  27,242
  29,812
  32,492
  35,283
  38,188
  41,208
  44,348
  47,610
  51,000
  54,524
  58,186
  61,995
  65,958
  70,081
  74,375
  78,849
  83,511
  88,372
  93,445
  98,739
  104,267
  110,042
  116,078
Variable operating expenses, $m
 
  11,806
  13,469
  15,245
  17,133
  19,129
  21,232
  23,439
  25,750
  28,165
  30,683
  33,150
  35,879
  38,717
  41,666
  44,731
  47,916
  51,227
  54,668
  58,247
  61,969
  65,844
  69,878
  74,081
  78,461
  83,029
  87,794
  92,768
  97,962
  103,388
  109,059
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  11,005
  11,806
  13,469
  15,245
  17,133
  19,129
  21,232
  23,439
  25,750
  28,165
  30,683
  33,150
  35,879
  38,717
  41,666
  44,731
  47,916
  51,227
  54,668
  58,247
  61,969
  65,844
  69,878
  74,081
  78,461
  83,029
  87,794
  92,768
  97,962
  103,388
  109,059
Operating income, $m
  -250
  594
  701
  816
  937
  1,066
  1,201
  1,343
  1,492
  1,647
  1,809
  2,134
  2,309
  2,492
  2,682
  2,879
  3,084
  3,297
  3,518
  3,749
  3,988
  4,238
  4,497
  4,768
  5,050
  5,344
  5,650
  5,970
  6,305
  6,654
  7,019
EBITDA, $m
  136
  1,061
  1,212
  1,374
  1,546
  1,727
  1,919
  2,120
  2,330
  2,550
  2,779
  3,018
  3,267
  3,525
  3,794
  4,073
  4,363
  4,664
  4,977
  5,303
  5,642
  5,995
  6,362
  6,745
  7,144
  7,560
  7,994
  8,446
  8,919
  9,413
  9,930
Interest expense (income), $m
  100
  63
  108
  156
  208
  262
  320
  381
  445
  512
  582
  655
  731
  810
  892
  978
  1,066
  1,159
  1,255
  1,354
  1,458
  1,566
  1,678
  1,795
  1,917
  2,044
  2,176
  2,314
  2,458
  2,608
  2,766
Earnings before tax, $m
  -295
  531
  593
  659
  729
  803
  881
  962
  1,047
  1,135
  1,227
  1,479
  1,578
  1,682
  1,789
  1,901
  2,017
  2,138
  2,264
  2,394
  2,530
  2,672
  2,819
  2,973
  3,133
  3,300
  3,475
  3,657
  3,847
  4,046
  4,253
Tax expense, $m
  -22
  143
  160
  178
  197
  217
  238
  260
  283
  306
  331
  399
  426
  454
  483
  513
  545
  577
  611
  646
  683
  721
  761
  803
  846
  891
  938
  987
  1,039
  1,092
  1,148
Net income, $m
  -39
  388
  433
  481
  532
  586
  643
  702
  764
  829
  896
  1,079
  1,152
  1,228
  1,306
  1,388
  1,473
  1,561
  1,653
  1,748
  1,847
  1,950
  2,058
  2,170
  2,287
  2,409
  2,536
  2,669
  2,808
  2,953
  3,105

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,871
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,069
  10,608
  12,122
  13,739
  15,457
  17,275
  19,189
  21,199
  23,304
  25,502
  27,795
  30,183
  32,667
  35,251
  37,936
  40,727
  43,627
  46,641
  49,775
  53,033
  56,422
  59,950
  63,623
  67,450
  71,438
  75,597
  79,935
  84,464
  89,193
  94,134
  99,297
Adjusted assets (=assets-cash), $m
  9,198
  10,608
  12,122
  13,739
  15,457
  17,275
  19,189
  21,199
  23,304
  25,502
  27,795
  30,183
  32,667
  35,251
  37,936
  40,727
  43,627
  46,641
  49,775
  53,033
  56,422
  59,950
  63,623
  67,450
  71,438
  75,597
  79,935
  84,464
  89,193
  94,134
  99,297
Revenue / Adjusted assets
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
  1.169
Average production assets, $m
  3,564
  4,105
  4,690
  5,316
  5,981
  6,684
  7,425
  8,203
  9,017
  9,868
  10,755
  11,679
  12,640
  13,640
  14,679
  15,759
  16,881
  18,047
  19,260
  20,520
  21,832
  23,197
  24,618
  26,099
  27,642
  29,251
  30,930
  32,682
  34,512
  36,424
  38,422
Working capital, $m
  2,054
  856
  978
  1,108
  1,247
  1,393
  1,548
  1,710
  1,880
  2,057
  2,242
  2,435
  2,635
  2,843
  3,060
  3,285
  3,519
  3,762
  4,015
  4,278
  4,551
  4,836
  5,132
  5,441
  5,762
  6,098
  6,448
  6,813
  7,194
  7,593
  8,009
Total debt, $m
  2,096
  2,638
  3,812
  5,067
  6,401
  7,811
  9,297
  10,857
  12,490
  14,196
  15,975
  17,828
  19,756
  21,761
  23,845
  26,010
  28,261
  30,600
  33,031
  35,559
  38,190
  40,927
  43,778
  46,747
  49,842
  53,069
  56,436
  59,950
  63,620
  67,454
  71,461
Total liabilities, $m
  7,690
  8,232
  9,406
  10,661
  11,995
  13,405
  14,891
  16,451
  18,084
  19,790
  21,569
  23,422
  25,350
  27,355
  29,439
  31,604
  33,855
  36,194
  38,625
  41,153
  43,784
  46,521
  49,372
  52,341
  55,436
  58,663
  62,030
  65,544
  69,214
  73,048
  77,055
Total equity, $m
  3,379
  2,376
  2,715
  3,078
  3,462
  3,870
  4,298
  4,749
  5,220
  5,712
  6,226
  6,761
  7,317
  7,896
  8,498
  9,123
  9,773
  10,448
  11,149
  11,879
  12,639
  13,429
  14,252
  15,109
  16,002
  16,934
  17,906
  18,920
  19,979
  21,086
  22,243
Total liabilities and equity, $m
  11,069
  10,608
  12,121
  13,739
  15,457
  17,275
  19,189
  21,200
  23,304
  25,502
  27,795
  30,183
  32,667
  35,251
  37,937
  40,727
  43,628
  46,642
  49,774
  53,032
  56,423
  59,950
  63,624
  67,450
  71,438
  75,597
  79,936
  84,464
  89,193
  94,134
  99,298
Debt-to-equity ratio
  0.620
  1.110
  1.400
  1.650
  1.850
  2.020
  2.160
  2.290
  2.390
  2.490
  2.570
  2.640
  2.700
  2.760
  2.810
  2.850
  2.890
  2.930
  2.960
  2.990
  3.020
  3.050
  3.070
  3.090
  3.110
  3.130
  3.150
  3.170
  3.180
  3.200
  3.210
Adjusted equity ratio
  0.164
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -39
  388
  433
  481
  532
  586
  643
  702
  764
  829
  896
  1,079
  1,152
  1,228
  1,306
  1,388
  1,473
  1,561
  1,653
  1,748
  1,847
  1,950
  2,058
  2,170
  2,287
  2,409
  2,536
  2,669
  2,808
  2,953
  3,105
Depreciation, amort., depletion, $m
  386
  467
  511
  558
  609
  662
  718
  777
  839
  903
  970
  885
  958
  1,033
  1,112
  1,194
  1,279
  1,367
  1,459
  1,555
  1,654
  1,757
  1,865
  1,977
  2,094
  2,216
  2,343
  2,476
  2,615
  2,759
  2,911
Funds from operations, $m
  321
  854
  944
  1,040
  1,141
  1,248
  1,361
  1,479
  1,603
  1,732
  1,866
  1,964
  2,110
  2,261
  2,418
  2,582
  2,752
  2,928
  3,112
  3,303
  3,501
  3,708
  3,923
  4,147
  4,381
  4,625
  4,880
  5,145
  5,423
  5,713
  6,016
Change in working capital, $m
  12
  114
  122
  130
  139
  147
  154
  162
  170
  177
  185
  193
  200
  208
  217
  225
  234
  243
  253
  263
  273
  285
  296
  309
  322
  335
  350
  365
  381
  399
  416
Cash from operations, $m
  309
  510
  822
  909
  1,002
  1,102
  1,207
  1,317
  1,433
  1,554
  1,681
  1,771
  1,909
  2,053
  2,202
  2,357
  2,518
  2,685
  2,859
  3,040
  3,228
  3,423
  3,627
  3,839
  4,060
  4,290
  4,530
  4,780
  5,041
  5,314
  5,599
Maintenance CAPEX, $m
  0
  -270
  -311
  -355
  -403
  -453
  -506
  -563
  -621
  -683
  -748
  -815
  -885
  -958
  -1,033
  -1,112
  -1,194
  -1,279
  -1,367
  -1,459
  -1,555
  -1,654
  -1,757
  -1,865
  -1,977
  -2,094
  -2,216
  -2,343
  -2,476
  -2,615
  -2,759
New CAPEX, $m
  -195
  -541
  -586
  -626
  -665
  -703
  -741
  -778
  -814
  -851
  -887
  -924
  -961
  -1,000
  -1,039
  -1,080
  -1,122
  -1,166
  -1,212
  -1,261
  -1,312
  -1,365
  -1,421
  -1,481
  -1,543
  -1,609
  -1,679
  -1,752
  -1,830
  -1,912
  -1,998
Cash from investing activities, $m
  -130
  -811
  -897
  -981
  -1,068
  -1,156
  -1,247
  -1,341
  -1,435
  -1,534
  -1,635
  -1,739
  -1,846
  -1,958
  -2,072
  -2,192
  -2,316
  -2,445
  -2,579
  -2,720
  -2,867
  -3,019
  -3,178
  -3,346
  -3,520
  -3,703
  -3,895
  -4,095
  -4,306
  -4,527
  -4,757
Free cash flow, $m
  179
  -301
  -75
  -72
  -65
  -55
  -41
  -23
  -3
  21
  47
  33
  63
  95
  129
  165
  202
  240
  279
  320
  362
  404
  448
  493
  539
  586
  635
  684
  735
  788
  842
Issuance/(repayment) of debt, $m
  -721
  1,097
  1,175
  1,255
  1,334
  1,410
  1,486
  1,560
  1,633
  1,706
  1,779
  1,853
  1,928
  2,005
  2,084
  2,166
  2,250
  2,339
  2,431
  2,528
  2,630
  2,737
  2,850
  2,969
  3,095
  3,227
  3,367
  3,514
  3,670
  3,834
  4,007
Issuance/(repurchase) of shares, $m
  742
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  807
  1,097
  1,175
  1,255
  1,334
  1,410
  1,486
  1,560
  1,633
  1,706
  1,779
  1,853
  1,928
  2,005
  2,084
  2,166
  2,250
  2,339
  2,431
  2,528
  2,630
  2,737
  2,850
  2,969
  3,095
  3,227
  3,367
  3,514
  3,670
  3,834
  4,007
Total cash flow (excl. dividends), $m
  955
  796
  1,100
  1,183
  1,268
  1,356
  1,445
  1,536
  1,630
  1,727
  1,826
  1,886
  1,991
  2,100
  2,213
  2,330
  2,452
  2,579
  2,711
  2,848
  2,992
  3,142
  3,299
  3,462
  3,634
  3,814
  4,002
  4,199
  4,405
  4,622
  4,849
Retained Cash Flow (-), $m
  -965
  -313
  -339
  -362
  -385
  -407
  -429
  -450
  -471
  -492
  -514
  -535
  -557
  -579
  -602
  -625
  -650
  -675
  -702
  -730
  -759
  -790
  -823
  -857
  -893
  -932
  -972
  -1,014
  -1,059
  -1,107
  -1,157
Prev. year cash balance distribution, $m
 
  1,316
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,799
  761
  821
  883
  949
  1,016
  1,086
  1,159
  1,234
  1,312
  1,351
  1,435
  1,522
  1,612
  1,705
  1,803
  1,904
  2,009
  2,118
  2,233
  2,352
  2,476
  2,605
  2,741
  2,882
  3,030
  3,184
  3,346
  3,515
  3,692
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,724
  696
  714
  727
  735
  737
  734
  724
  709
  688
  642
  612
  579
  541
  501
  458
  414
  370
  326
  284
  243
  205
  171
  140
  112
  88
  68
  52
  38
  28
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Brookfield Business Partners L.P. seeks returns of at least 15% on its investments. Brookfield Business Partners L.P. is based in Hamilton, Bermuda. Brookfield Business Partners L.P. operates as a subsidiary of Brookfield Asset Management Inc.

FINANCIAL RATIOS  of  Brookfield Business Partners L.P. (BBU-UN)

Valuation Ratios
P/E Ratio -48.1
Price to Sales 0.2
Price to Book 0.6
Price to Tangible Book
Price to Cash Flow 6.1
Price to Free Cash Flow 16.5
Growth Rates
Sales Growth Rate 17.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 3.7%
Cap. Spend. - 3 Yr. Gr. Rate -12.7%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 45.6%
Total Debt to Equity 62%
Interest Coverage -2
Management Effectiveness
Return On Assets 0.5%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital -0.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.4%
Return On Equity -1.3%
Return On Equity - 3 Yr. Avg. 5.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 7.4%
Gross Margin - 3 Yr. Avg. 9.5%
EBITDA Margin 1.8%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin -2.3%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin -2.7%
Pre-Tax Margin - 3 Yr. Avg. 1.9%
Net Profit Margin -0.4%
Net Profit Margin - 3 Yr. Avg. 1.6%
Effective Tax Rate 7.5%
Eff/ Tax Rate - 3 Yr. Avg. 11.7%
Payout Ratio -38.5%

BBU-UN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BBU-UN stock intrinsic value calculation we used $10755 million for the last fiscal year's total revenue generated by Brookfield Business Partners L.P.. The default revenue input number comes from 2016 income statement of Brookfield Business Partners L.P.. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BBU-UN stock valuation model: a) initial revenue growth rate of 15.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BBU-UN is calculated based on our internal credit rating of Brookfield Business Partners L.P., is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Brookfield Business Partners L.P..
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BBU-UN stock the variable cost ratio is equal to 95.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for BBU-UN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.1% for Brookfield Business Partners L.P..

Corporate tax rate of 27% is the nominal tax rate for Brookfield Business Partners L.P.. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BBU-UN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BBU-UN are equal to 33.1%.

Life of production assets of 13.2 years is the average useful life of capital assets used in Brookfield Business Partners L.P. operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BBU-UN is equal to 6.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3379 million for Brookfield Business Partners L.P. - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 51.7 million for Brookfield Business Partners L.P. is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Brookfield Business Partners L.P. at the current share price and the inputted number of shares is $1.9 billion.


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The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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