Financials Brookfield Business Partners L.P. Toronto S.E.

Equities

BBU.UN

BMG162341090

Real Estate Development & Operations

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
26.22 ^CAD	+0.77%		-1.80%	-4.13%

Apr. 01	Bridgemarq Real Estate Services Closes Purchase of Bridgemarq Real Estate Services Manager; Provides Other Details	MT
Mar. 04	Trafigura Group Pte. Ltd. agreed to acquire Greenergy Fuels Holdings Limited from Brookfield Asset Management Ltd. and Brookfield Business Partners L.P..	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,144	3,743	4,530	3,249	4,465	4,154	-	-
Enterprise Value (EV) ¹	24,557	24,776	31,018	3,249	35,380	17,100	16,639	4,154
P/E ratio	-	-	-	-	-	-	-	-
Yield	0.61%	0.67%	0.54%	-	1.21%	1.31%	1.31%	1.31%
Capitalization / Revenue	0.1 x	0.1 x	0.1 x	0.19 x	0.08 x	0.06 x	0.06 x	-
EV / Revenue	0.57 x	0.66 x	0.67 x	0.19 x	0.64 x	0.26 x	0.23 x	-
EV / EBITDA	20.2 x	17.9 x	17.6 x	1.39 x	14.2 x	7.6 x	6.92 x	2.18 x
EV / FCF	25,634,036 x	8,848,736 x	-	-	-	-	-	-
FCF Yield	0%	0%	-	-	-	-	-	-
Price to Book	1.53 x	1.54 x	1.05 x	-	0.8 x	0.64 x	0.58 x	-
Nbr of stocks (in thousands)	150,596	149,619	147,551	191,563	216,942	216,942	-	-
Reference price ²	27.52	25.02	30.70	16.96	20.58	19.15	19.15	19.15
Announcement Date	2/6/20	2/5/21	2/4/22	2/3/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	43,032	37,635	46,587	17,186	55,068	65,779	71,247	-
EBITDA ¹	1,213	1,384	1,761	2,335	2,491	2,250	2,403	1,907
EBIT	2,069	734	-	-	-	-	-	-
Operating Margin	4.81%	1.95%	-	-	-	-	-	-
Earnings before Tax (EBT)	626	734	2,318	-	-	-	-	-
Net income ¹	43	-91	2,153	-	482	6,729	8,045	-
Net margin	0.1%	-0.24%	4.62%	-	0.88%	10.23%	11.29%	-
EPS	-	-	-	-	-	-	-	-
Free Cash Flow	958	2,800	-	-	-	-	-	-
FCF margin	2.23%	7.44%	-	-	-	-	-	-
FCF Conversion (EBITDA)	78.98%	202.31%	-	-	-	-	-	-
FCF Conversion (Net income)	2,227.91%	-	-	-	-	-	-	-
Dividend per Share ²	0.1667	0.1667	0.1667	-	0.2500	0.2500	0.2500	0.2500
Announcement Date	2/6/20	2/5/21	2/4/22	2/3/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	12,043	13,480	-	14,626	4,405	4,468	13,758	13,506	-	13,405	15,988	-	-	-
EBITDA ¹	443	550	506	543	627	659	622	606	655	608	530.4	550.2	567.4	562.2
EBIT	-	-	-	-	-	-	-278	-301	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-2.02%	-2.23%	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	46	115	-	49	-	-	25	-16	-	488	1,553	-	-	-
Net margin	0.38%	0.85%	-	0.34%	-	-	0.18%	-0.12%	-	3.64%	9.71%	-	-	-
EPS	0.3933	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0417	0.0417	0.0625	0.0625	0.0625	-	0.0625	0.0625	0.0625	0.0625	0.0600	0.0600	0.0600	0.0600
Announcement Date	11/5/21	2/4/22	5/6/22	8/5/22	11/7/22	2/3/23	5/5/23	8/4/23	11/3/23	2/2/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	20,413	21,033	26,488	-	30,915	12,946	12,485	-
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	16.83 x	15.2 x	15.04 x	-	12.41 x	5.753 x	5.196 x	-
Free Cash Flow	958	2,800	-	-	-	-	-	-
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-	-
Book Value Per Share ²	18.00	16.30	29.20	-	25.70	29.80	32.80	-
Cash Flow per Share	-	18.70	-	-	-	-	-	-
Capex	1,205	1,405	-	-	-	-	-	-
Capex / Sales	2.8%	3.73%	-	-	-	-	-	-
Announcement Date	2/6/20	2/5/21	2/4/22	2/3/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Brookfield Business Partners L.P.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

19.15 USD

Average target price

30.57 USD

Spread / Average Target

+59.64%

Consensus

Quarterly revenue - Rate of surprise

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