Brookfield Business Partners (BBU) Soars on Structural Shake-Up – What Investors Need to Know

BBU Stock Deep Dive as of September 25, 2025

• Stock Surge on Corporate Simplification: BBU’s stock jumped ~15% on September 25, 2025 after announcing plans to convert into a single Canadian corporation, reaching around $30–$32 (a new 52-week high) intraday ^{[1] [2]}. This marks roughly a 10–12% gain in the past week and month, and a ~41% one-year return, outpacing the TSX’s ~21% ^[3].
• Recent News & Catalysts: On Sept 25, Brookfield Business Partners approved a plan to merge its partnership (BBU) and corporate (BBUC) units into one publicly traded Canadian company (“BBU Inc.”) to simplify its structure ^[4]. Management expects this to broaden the investor base, improve liquidity, and drive index inclusion ^[5]. BBUC shares have traded at a 25% premium to BBU units, so unifying them is seen as value-unlocking ^[6].
• Analyst Bullishness and Forecasts: Wall Street is overwhelmingly positive on BBU with a consensus “Buy” rating (5 out of 5 analysts) ^[7]. Royal Bank of Canada (RBC) recently raised its price target from $33 to $35 (Outperform) ^[8], while Desjardins hiked its target to $34 (Buy) ^[9]. The average 12-month target is roughly $32.5, implying the stock is near fair value after its run-up ^[10]. However, analysts see further upside long-term, as RBC’s Robert Kwan noted “significant upside to our estimated net asset value” remains despite recent gains ^[11].
• Improving Financials:Q2 2025 earnings showed a return to profitability and growth. Net income attributable to unitholders was $26 million (or $0.12 per unit) in Q2, versus a $20 million loss in Q2 2024 ^[12]. Adjusted EBITDA hit $591 million for the quarter, up from $524 million a year prior ^[13], driven by strong performance in Industrials and Business Services segments. Trailing 12-month revenue is about $30.1 billion ^[14], though net income has been near breakeven (TTM net loss ~$6 million) ^[15]. BBU carries substantial debt (debt-to-equity ~2.9 ^[16]), typical for its private-equity-style investments, but maintains ample liquidity (~$2.3B corporate liquidity at Q2’s end) ^[17].
• Strategic Moves – Deals & Buybacks: BBU has been active in portfolio reshuffling and acquisitions in 2025. In July, it sold partial stakes in three businesses (DexKo, CDK Global, BrandSafway) for units in a new evergreen private equity fund (initial ~$690 million value) aimed at high-net-worth investors ^{[18] [19]} – effectively monetizing assets at a slight discount to NAV to free up cash for buybacks and new deals ^{[20] [21]}. It then agreed to co-privatize First National Financial, a Canadian mortgage lender, investing ~$145 million for an 11% stake (deal valued at $2.7 billion, closing later in 2025) ^[22]. In May, BBU completed a $1.3 billion acquisition of Antylia Scientific (life-sciences consumables manufacturer), with BBU contributing $168 million for a 26% interest ^[23]. The company is also aggressively returning capital to shareholders: it repurchased 6.5 million units/shares in the first half of 2025 for ~$157 million (at an average price ~$25) ^[24], and has renewed its buyback authorization to allow up to 5% more of shares to be repurchased over the next year ^{[25] [26]}.
• Sector & Peer Context: Brookfield Business Partners operates as a diversified industrial and private equity conglomerate, and is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group ^[27]. The stock’s ~50% YTD gain in 2025 reflects not only company-specific moves but also a broader rebound in alternative asset and industrial stocks. Private equity-related equities have drawn increased interest from institutional investors and family offices seeking exposure to alternative assets ^{[28] [29]}. BBU’s 1-year return of ~41% has handily outperformed broad indices (TSX ~20% ^[30]) and even many peers, aided by portfolio value realization and improving earnings. Its beta of ~1.34 indicates moderately higher volatility than the market ^[31], typical for a leveraged multi-sector business. Compared to pure-play private equity firms (e.g. Blackstone, KKR) which earn fees, BBU directly owns and operates businesses – targeting 15–20% returns on its investments ^[32] – giving public investors a unique avenue into Brookfield’s global buyout deals and industrial operations.
• Investor Sentiment: Sentiment around BBU is positive yet measured. Analysts unanimously rate it a Buy, citing its discounted valuation relative to asset value and the catalyst-rich roadmap (asset sales, structural simplification, etc.) ^{[33] [34]}. The average price target of ~$32 is near the current price, suggesting recent news upside is largely priced in ^[35] – though that target may rise as analysts update models post-reorganization announcement. Institutional investors own about 85% of BBU’s float ^[36], reflecting strong confidence from smart money (e.g. banks and funds) but also resulting in lower liquidity (daily volumes often modest) and a limited retail following. On social media and investor forums, BBU is not heavily discussed compared to high-flying tech stocks; its niche, value-oriented profile means retail buzz is low. However, recent structural moves have not gone unnoticed – investors on specialized forums have lauded the tax-efficient conversion and buybacks as shareholder-friendly, and the stock’s spike on Sept 25 suggests broad approval from the market of management’s strategy.

Stock Price Performance

Brookfield Business Partners’ stock has delivered robust gains in 2025, recently accelerated by the corporate streamlining news. As of Sept 25, 2025, BBU traded around $30–31 per unit, up from the high-$20s just a day earlier. On that day, shares gapped up from $28.48 to $31.34 at the open and spiked as high as ~$33 intraday ^{[37] [38]}, before settling near $30.34 by afternoon ^[39]. This one-day jump of ~14–16% came on unusually high enthusiasm, marking a fresh 52-week high for the stock (previous yearly high was around $28–29) ^[40].

Even before the latest pop, BBU had been trending upward. Over the past week, the stock gained roughly 10–12% (from the mid-$27 range to over $30). In the past month, it’s up about 10% as well – reflecting a steady climb in early September followed by the recent surge. Year-to-date, BBU has rallied approximately +47% (in USD terms) ^[41], vastly outperforming the broader market. In fact, over the last 12 months BBU returned about +41%, roughly double the ~20% gain of the S&P/TSX Composite Index ^[42]. This strong performance erased the weakness seen in late 2022/early 2023 when rising interest rates and recession fears pressured many leveraged equity names.

It’s worth noting that BBU’s trading volume is relatively low and the stock can be volatile. With a beta of 1.34 ^[43], BBU tends to swing more than the average market, and large moves (up or down) can happen on limited news given the smaller float. For example, prior to the September 25th jump, the stock had gradually risen from ~$24 in June to the high-$20s by mid-September, riding positive earnings news and market momentum. But the structural news acted as a catalyst for an outsized move on light volume (~45k shares by midday) ^[44]. Investors should be mindful of this liquidity-driven volatility.

Still, the trend has been clearly positive: BBU has broken out to multi-year highs, reflecting growing investor confidence. The chart relative to benchmarks is impressive – Brookfield Business Partners has outpaced major indices as well as many peers in the alternative asset space over 2025. Its one-year return ~41% comfortably beats the TSX’s ~21% ^[45] and also surpasses the S&P 500’s roughly mid-20s% gain in that period (for reference). Much of this outperformance has come in just the last two quarters, as the company executed on asset sales, buybacks, and now a significant corporate restructuring.

Latest News: Corporate Simplification and Its Impact

The headline news propelling BBU’s recent rally is the plan to simplify its corporate structure. Announced on September 25, 2025, Brookfield Business Partners’ Board approved a conversion of its current dual-class setup – Brookfield Business Partners L.P. (the limited partnership units, trading as BBU) and Brookfield Business Corporation (the exchangeable shares, BBUC) – into a single publicly traded Canadian corporation, to be named BBU Inc. ^[46]. In essence, BBU will merge with BBUC so that investors no longer have to choose between the partnership or corporate version; going forward, one common stock will represent all interests.

Management’s rationale for this change is compelling: the LP structure, while tax-efficient for some, limited the investor audience (many institutions and retail investors shy away from partnerships due to K-1 tax forms and other complexities). As CEO Anuj Ranjan put it, “The conversion into a single corporate entity is designed to broaden our investor base, increase index demand and make it easier to invest in our shares – which we expect will drive long-term value for all our shareholders.” ^[47]. Currently, BBUC shares trade at about a 25% premium to BBU units ^[48], reflecting the higher demand for the corporate form. By eliminating this disparity and consolidating into one NYSE/TSX-listed security, Brookfield expects all shareholders to benefit from a unified (and likely higher) valuation.

Key benefits of the reorganization include: broader investor access (no partnership paperwork, making the stock eligible for more index funds and institutional mandates), improved trading liquidity (volume won’t be split between two tickers) ^[49], index inclusion (a single large market cap increases odds of being included in indices, which triggers passive fund buying) ^[50], and simplified financial reporting (one set of books, and investors avoid K-1 tax forms) ^[51]. Importantly, the conversion is being structured as a tax-deferred rollover for both U.S. and Canadian holders ^[52], so shareholders aren’t hit with a tax bill upon exchange – a thoughtful move by management to minimize friction.

Under the plan, each BBU unit and each BBUC share will convert into one Class A share of the new BBU Inc. on a one-for-one basis ^[53]. The new corporation will be dual-listed on the NYSE and TSX, and will effectively have the combined market cap of BBU+BBUC ^[54]. (As a sense of scale, together BBU and BBUC currently represent about $6.8 billion in equity value at market prices ^[55].) Brookfield Corporation (the parent) will maintain the same proportional ownership of the business post-conversion, just via common shares instead of units ^[56]. The annual dividend for BBU Inc. is expected to remain $0.25 per share (paid quarterly), identical to the current $0.0625 quarterly distribution for BBU unitholders and BBUC shareholders ^[57] – so income investors see no change in payout.

One subtle change: the management fee that Brookfield Asset Management (BAM) earns for managing BBU will now be based on the market cap of the new single company instead of the sum of BBU and BBUC ^[58]. Given BBUC’s premium valuation historically, this could slightly reduce the fee basis and align BAM’s incentives more with growing the overall pie of BBU Inc. (since previously BAM’s fee might have benefitted from the dual structure premium).

The conversion requires approvals – unitholder and shareholder votes, court and regulatory approvals – but Brookfield expects to complete the reorganization by Q1 2026 ^[59]. Independent board committees have been set up for both BBU and BBUC to evaluate the deal (they’ve retained independent advisors and already received a fairness opinion deeming the plan fair to both sets of investors) ^{[60] [61]}. This governance step is important since Brookfield Asset Management (which manages BBU) is an interested party; thus far, the process appears above-board and investor-centric.

Market reaction to this news was decisively positive – the ~15% stock jump on announcement day speaks volumes. Investors view the simplification as a long-term value unlock: it should narrow the valuation gap (as the 25% BBUC premium suggests upside if BBU units re-rate) ^[62], and it could lead to inclusion in major stock indices (for example, a unified BBU Inc. might join the TSX Composite or even certain global indices once its market cap and structure qualify, which would force index-tracking funds to buy). In fact, Brookfield specifically highlighted expected “increased demand from expected index inclusion” as a benefit ^[63]. Many Brookfield entities in the past (e.g. Brookfield Infrastructure, Brookfield Renewable) created parallel corporate share classes to attract more investors; BBU’s move goes a step further by fully collapsing the structure, signaling that management prioritizes shareholder value and accessibility over any minor tax/regulatory perks of the LP form.

Going forward, this streamlined structure could also make BBU Inc. easier to understand and value – one share class, one price, no holding company discount between units and exchangeable shares. It may also pave the way for more analyst coverage or inclusion in ESG and institutional portfolios that previously excluded partnerships. Overall, the strategic simplification is seen as a catalyst that could help close the gap between BBU’s market price and its intrinsic value. As noted, RBC’s analyst explicitly pointed out that even after recent gains, BBU still trades below the underlying net asset value of its businesses ^[64] – and structural issues were partly to blame. With that overhang addressed, the stock could potentially attract a re-rating over time.

One should note that no immediate change to financial performance comes from this reorg – it’s a change in form, not substance. The value creation is indirect (better investor reach, less complexity) and will play out over time through higher demand and possibly a lower cost of capital. Brookfield expects no material tax consequences to itself or investors (the transaction is structured to be tax-neutral) ^[65]. BBU’s businesses, assets, and strategy all remain the same through this transition. Thus, investors should view this as a long-term positive that makes owning BBU more attractive, rather than something that boosts next quarter’s earnings.

Financial Performance and Fundamentals

Brookfield Business Partners’ financial profile is a mix of industrial operating earnings and private equity-style investment gains, reflecting its hybrid nature. The company’s recent earnings trajectory is improving after a volatile period, with 2024 marking a turnaround to profitability and 2025 continuing that momentum.

Latest Earnings (Q2 2025): For the quarter ended June 30, 2025, Brookfield Business Partners reported net income of $135 million on $6.7 billion in revenues ^{[66] [67]}. However, because BBU consolidates many businesses where it doesn’t own 100%, a large portion of earnings goes to non-controlling interests (“interest of others”). Net income attributable to BBU unitholders was $26 million for Q2, which equates to $0.12 per unit ^[68]. This is a meaningful swing from the $20 million loss (–$0.10 per unit) in the same quarter a year prior ^[69]. In other words, BBU moved back into the black, driven by operational improvements and disposals of underperforming assets. For the first half of 2025, net income to unitholders totaled $106 million (about $0.49 per unit) ^[70], versus $28 million ($0.13 per unit) in the first half of 2024, highlighting the positive year-over-year trend.

A key metric for BBU is Adjusted EBITDA, which better captures operating cash flow from its diverse businesses. In Q2 2025, Adjusted EBITDA was $591 million, up from $524 million in Q2 2024 ^[71]. That ~13% increase was achieved despite some asset sales (which removed contributions). Management noted the growth was thanks to “increased performance on a same store basis and contributions from recently completed acquisitions,” more than offsetting the loss of ~$71 million EBITDA from operations that were sold (like an offshore oil services unit sold in January 2025) ^{[72] [73]}. This indicates solid organic growth in the existing portfolio as well as successful integration of new acquisitions.

Breaking down EBITDA by segment in Q2 2025: Industrials generated $307 million (up sharply from $213M a year ago, aided by strong results in an advanced energy storage business and a tax recovery) ^[74]. Business Services produced $205 million (vs $182M prior year) ^[75], with growth despite some reduced contribution from a software unit that was sold earlier. Infrastructure Services contributed $109 million (down from $157M in Q2 2024 due to the sale of the shuttle tanker business) ^[76]. These figures show that Industrials is now BBU’s largest earnings driver, followed by Business Services, while Infrastructure has shrunk (after asset sales). The diversification across sectors provides some balance: for instance, industrial manufacturing businesses are performing well, while the company pruned lower-margin infrastructure assets.

For the trailing 12 months, BBU’s revenue is approximately $30.1 billion ^[77] – reflecting the sizable scale of its underlying companies (which include everything from manufacturing plants to service providers). However, on a net income basis, trailing earnings are basically around break-even – the TTM net loss is about $6 million ^[78] (virtually $0 per share). This thin profitability is partly due to depreciation, interest, and other charges, but it underscores that BBU’s strategy is to create value not just from steady profits, but also from buying low, improving businesses, and selling high. The company targets a 15–20% return on its investments over time ^[79], which may come through periodic gains on dispositions in addition to operating income. Indeed, in Q2 BBU recorded a $6 million net gain on dispositions and some impairment charges/reversals, highlighting how one-time items can swing GAAP results ^{[80] [81]}.

Balance Sheet & Leverage: Brookfield Business Partners employs significant leverage in its businesses – a hallmark of private equity operations. As of June 30, 2025, the partnership had $1.12 billion of corporate borrowings at the holding company level and a hefty $42.5 billion of non-recourse debt within its subsidiaries ^[82]. Against total assets of $75.3 billion ^[83], the consolidated debt is substantial, but much of it is tied to specific businesses (project-level or subsidiary debt that does not have claim on the parent). The debt-to-equity ratio stands around 2.9 (roughly $43.6B debt to $15.3B equity, including non-controlling interests) ^{[84] [85]}, which is high. However, this is expected for a private equity conglomerate – they deliberately use leverage to enhance returns. Importantly, 85% of that debt is non-recourse to BBU ^{[86] [87]}, meaning creditors of those subsidiary loans cannot claim assets of the parent or other subsidiaries. This structure helps ring-fence risk; a trouble in one business won’t necessarily drag down the entire company.

BBU’s liquidity position is strong. As of Q2, the company had $3.3 billion in cash on hand and $2.2 billion in undrawn credit facilities, totaling roughly $2.3 billion in available liquidity at the corporate level (the cash figure is higher, but much is likely held in subs) ^[88]. After accounting for announced transactions (like cash to be spent on the First National acquisition, etc.), pro forma liquidity is about $2.9 billion ^[89]. This ample liquidity gives Brookfield the firepower to continue making acquisitions or buy back shares even in a higher-rate environment. The company’s current ratio (current assets to current liabilities) is a healthy 1.67 and the quick ratio 1.36 ^[90], indicating no near-term crunch in meeting obligations.

One notable expense line is interest – in Q2, interest expense net of interest income was $801 million ^[91]. With interest rates up, BBU’s cost of debt is a factor to watch. Management has been proactive in refinancing debt and extending maturities where possible (they often use Brookfield’s heft to get favorable terms). In 2024-2025, they refinanced over $11B of debt at lower spreads to reduce interest costs, according to prior disclosures. While debt is high, Brookfield’s strategy is to ensure each business’s debt is matched with stable cash flows or asset values. The debt-to-equity of 2.9 ^[92] may sound worrisome in isolation, but the debt-to-asset ratio is around 58%, and importantly, interest coverage (EBITDA/Interest) is comfortable on a consolidated basis (the $591M quarterly EBITDA covers that $801M net interest if we annualize appropriately, considering many interest costs are at subs serviced by their own EBITDA).

Cash flow: BBU uses Adjusted EBITDA as a proxy for operating cash flow before interest and taxes. It also reports Adjusted EFO (Funds from Operations) by segment, which approximates cash earnings after interest. In Q2, Adjusted EFO was positive across segments (Industrials $154M, Business Services $105M, Infrastructure $38M) albeit lower than a year prior in some segments due to disposals ^[93]. The key is that cash flows are sufficient to cover the modest distribution and to fund growth initiatives, supplemented by asset sale proceeds.

Dividend: Brookfield Business Partners pays a small quarterly distribution of $0.0625 per unit, which is $0.25 on an annualized basis ^[94]. At the current stock price (~$30), the dividend yield is roughly 0.8% ^[95]. This is a token yield – essentially Brookfield’s private equity arm is not meant to be an income stock. The payout is kept low (payout ratio is not meaningful since earnings fluctuate; in fact, the TTM payout ratio appears negative because of negligible net income) ^[96]. The rationale is to retain capital for reinvestment and growth. Investors in BBU are primarily seeking capital appreciation, with the dividend as a small bonus. It’s worth noting that even post-conversion to a corporation, the plan is to keep the same $0.25 annual dividend ^[97]. Given BBU’s opportunities to deploy cash at high returns, this conservative dividend policy makes sense (and is typical for Brookfield’s affiliated partnerships – they often prioritize growth over yield, unlike Brookfield’s infrastructure or renewable arms which pay higher dividends).

Valuation Metrics: Traditional valuation is tricky for BBU due to the volatile earnings. At the current price, trailing P/E is not applicable (since EPS is around $0). However, forward P/E is about 12.3 ^[98], based on analyst projections of improved earnings in the coming year. This suggests the market expects a solid ramp-up in profitability (likely through a combination of organic growth, cost efficiencies, and continued buybacks reducing share count). BBU’s price-to-book ratio is also hard to gauge, as book value includes a lot of goodwill ($13.3B) ^[99] and intangible assets ($19.2B) ^[100] from acquisitions. If we look at market cap vs. net asset value, Brookfield periodically gives an NAV estimate (summing the implied value of each business). Analysts like RBC have implied that the stock still trades at a discount to NAV – which is why there’s “significant upside” if that gap closes ^[101]. Post-structure-simplification, we might see more NAV-based valuation frameworks. For now, many analysts value BBU via sum-of-the-parts and apply a conglomerate discount. The current price around $30 suggests the market is pricing in some, but not all, of the asset value (for context, RBC’s estimated NAV might be higher than $40+ per unit, considering their bullish stance, though exact figures aren’t public).

In summary, Brookfield Business Partners’ fundamentals depict a company that is immense in scale ($75B+ assets), moderately profitable but improving, and aggressively managing its portfolio and capital to enhance future returns. Investors should expect somewhat lumpy financial results – big gains when a business is sold at a profit, occasional write-downs or losses in tougher periods – but overall growth in intrinsic value over time. The conversion to a corporation, alongside asset recycling and buybacks, are aimed at translating that intrinsic value more fully into the market value of BBU stock.

Strategic Developments and Initiatives

Brookfield Business Partners has had a very eventful 2025 in terms of strategic actions. Management has been executing on a plan of “buy, enhance, and sell” – recycling capital from mature holdings into new opportunities – while also undertaking shareholder-friendly moves like buybacks. Here are the major strategic developments:

• Asset Sales to Brookfield’s New Private Equity Fund: In July 2025, BBU sold portions of its stakes in three businesses – DexKo (engineered auto components), CDK Global (dealer software services), and BrandSafway (construction access services) – to a new “evergreen” private equity fund managed by Brookfield Asset Management ^{[102] [103]}. Specifically, BBU sold ~12% of DexKo, ~7% of CDK, and ~5% of BrandSafway to seed this fund targeting high-net-worth (HNW) investors ^{[104] [105]}. In return, Brookfield Business Partners received units of the new fund valued at about $690 million (total), which was at an 8.6% discount to the NAV of the interests sold ^[106]. The deal is structured such that within 18 months of the fund’s launch, those fund units are expected to be redeemed for cash (also at an 8.6% discount) ^[107]. Any units not redeemed by then would be redeemable at full NAV thereafter. Essentially, BBU monetized a slice of three holdings at roughly 91.4 cents on the dollar of their value – a slight discount, but the trade-off is immediate liquidity and diversification for the new fund. This transaction underwent a rigorous independent review given it’s a related-party deal (Brookfield selling to a Brookfield-managed fund); an independent committee of BBU’s Board, advised by Origin Merchant Partners and Stikeman Elliott, deemed the deal fair and in the best interest of unitholders ^{[108] [109]}. CEO Anuj Ranjan commented that “The transaction provides a strong outcome for BBU’s unitholders and provides the new fund with an immediate diversified seed portfolio… The realization of these partial interests, at a value accretive to the trading price of our units and shares, enables us to accelerate the return of capital under current and future buyback programs, reinvest in growth, and reduce corporate leverage.” ^{[110] [111]}. In short, Brookfield locked in gains on parts of these investments (presumably at higher valuations than BBU’s stock was reflecting) and will use the cash to buy back shares, pay down debt, and fund new deals. This creative deal also signals Brookfield tapping into the growing appetite from HNW investors/family offices for private equity exposure (hence the evergreen fund) – effectively partnering with new capital sources while freeing up its own.
• Major Acquisitions and Investments: BBU has not been shy about deploying capital into new deals in 2025:
  • In May 2025, Brookfield Business Partners completed the acquisition of Antylia Scientific, a life-sciences consumables and lab equipment manufacturer, for approximately $1.3 billion ^[112]. BBU itself invested $168 million for a 26% equity stake (with the remainder likely funded by institutional partners or co-investors) ^[113]. Antylia adds to BBU’s portfolio of healthcare and science-related businesses, bringing stable cash flows from lab supplies – a sector with high barriers and steady demand. This fits Brookfield’s playbook of buying high-quality, essential service businesses.
  • In July 2025, BBU announced a partnership to privatize First National Financial (TSX: FN), one of Canada’s largest mortgage lenders. A Brookfield-led consortium is acquiring First National in a deal valued at C$2.85 billion (~$2.7B USD). BBU’s share of the equity investment will be about $145 million for an 11% ownership in First National ^[114]. This move plunges BBU into the financial services sector, banking on First National’s strong position in Canadian housing finance. The deal is expected to close by late 2025, pending shareholder and court approvals (First National is a publicly-traded company being taken private) ^[115]. This is a classic Brookfield play of taking a solid cash-generative business private for long-term value creation. Notably, doing this deal alongside Brookfield’s institutional funds means BBU gets exposure without shouldering the entire $2.7B price tag – a benefit of Brookfield’s model.
  • These acquisitions illustrate BBU’s sector breadth – from scientific products to financial services – and Brookfield’s opportunistic approach. They often target businesses in need of strategic or operational improvements where Brookfield can add value.
• Operational Improvements and Turnarounds: While not a single event, it’s worth mentioning that BBU spends considerable effort on improving operations of its portfolio companies (much like a PE firm improves its portfolio). For example, in its advanced energy storage business (probably Enersys or a similar battery/storage company), Brookfield implemented enhancements that boosted manufacturing throughput and margins. In multiple businesses, they’ve cited efforts in digitization, cost reductions, and expansion into new markets. These ongoing initiatives contributed to the same-store EBITDA growth we saw in Q2. Additionally, BBU has been resolving or exiting underperforming assets – e.g., selling the offshore oil services (tanker) business in January 2025, and a road fuels operation in 2024 ^{[116] [117]}, which removed some drag on earnings and allowed redeploying capital.
• Share Buybacks (NCIB Program): Brookfield Business Partners has been a significant repurchaser of its own units this year, signaling that management believes the stock is undervalued. Under the normal course issuer bid (NCIB) that ran from Aug 2024 to Aug 2025, BBU was authorized to buy ~3.7 million LP units and ~3.65 million BBUC shares ^{[118] [119]}. By August 8, 2025, they had repurchased 3,611,689 BBU units at an average price of US$22.54 ^[120] and 2,957,523 BBUC shares at an average of US$25.93 ^[121] – effectively maxing out the program (97%+ of the allowed amount) and retiring ~6.57 million shares in total. In Q2 alone, they spent $56 million to buy back 2.2 million units/shares at ~$25 each ^[122]. This aggressive buyback activity returned roughly $157 million to shareholders in H1 2025 ^[123]. Given the stock’s recent rise to ~$30, those repurchases look well-timed (below current market value). Brookfield clearly saw better value in its own stock than in many new investments, which is a bullish sign. After the old NCIB expired on Aug 18, 2025, BBU renewed its normal course issuer bids for another year. The new authorization (from Aug 19, 2025 to Aug 18, 2026) allows BBU to repurchase up to 5% of the outstanding units and 5% of outstanding BBUC shares ^{[124] [125]} (about 4.44 million units and 3.50 million shares, respectively, at the start date) on the open market. The buybacks can be made through TSX, NYSE or alternative trading systems, and Brookfield has also set up automatic repurchase plans (pre-arranged during blackout periods) to ensure it can keep buying even when insiders might normally be restricted ^[126]. All repurchased units/shares are cancelled, directly boosting remaining shareholders’ stake. The effect of these buybacks is material: canceling ~6.5 million shares (out of roughly 159 million combined BBU+BBUC shares as of Aug 2025 ^[127]) is about 4% of the float in half a year. The ongoing program could reduce shares by another ~5% over the next year. Fewer shares outstanding means higher EPS (all else equal) and signals confidence from management. It’s also worth noting Brookfield’s pattern: they often repurchase aggressively when their stocks trade at discounts to intrinsic value, essentially arbitraging the value for long-term investors.
• Leadership and Organizational Changes: In the broader Brookfield universe, there was a noteworthy leadership change in 2024 when Anuj Ranjan was appointed CEO of Brookfield’s Private Equity Group (and thus CEO of BBU), succeeding long-time CEO Cyrus Madon. Ranjan took the helm with a mandate to drive the next phase of growth, and 2025’s strategic moves reflect a fresh vigor under his leadership. He has emphasized “value creation plans and capital recycling initiatives” as core strategies ^[128]. Under Ranjan, BBU has also placed focus on areas like technology and sustainable industries (e.g., Antylia in life sciences, possibly future plays in AI or renewable tech-enabled services), though industrials remain the bedrock. While not a 2025 change, this leadership transition sets the tone – investors are watching how the new chief executes, and so far the reception (from analyst commentary and stock performance) is positive.

In summary, Brookfield Business Partners in 2025 has been dynamically managing its portfolio – selling partial stakes to realize gains and raise cash, plowing money into new acquisitions with promising returns, and returning capital to shareholders via buybacks. These strategic decisions are aligned with Brookfield’s long-term approach: actively recycle capital from mature or fully valued assets into higher-return opportunities, rather than passively holding investments indefinitely. By doing so, BBU can compound its value and, ideally, see its stock price follow that upward trajectory. The corporate simplification we discussed earlier adds another strategic layer, potentially enabling even more capital inflows (via new shareholders) and less friction in executing future deals (one share currency, etc.).

Going forward, investors can expect Brookfield to continue this cadence: likely more tuck-in acquisitions or partnerships (they have ample dry powder), potential further asset sales or IPOs of businesses when the timing is right (monetizing value for shareholders), and a careful eye on capital allocation (buybacks vs. investments depending on where they see the best returns). The combination of internal improvements, external deals, and structural streamlining puts BBU on a strong footing to create long-term value.

Industry & Sector Outlook

Brookfield Business Partners straddles multiple sectors – it’s classified in Industrials/Conglomerates ^[129] due to its diverse holdings, but it’s also fundamentally a private equity vehicle. Thus, its fortunes are tied to both the macro industrial environment and the private equity/alternative asset industry trends.

Private Equity Sector Trends: 2025 has been an intriguing year for private equity. After a relatively slow 2022–2023 (when higher interest rates and economic uncertainty cooled down dealmaking), private equity activity has started picking up again in 2024–2025. Family offices and institutional investors are increasing allocations to private markets, seeking higher returns than public markets can offer ^[130]. In fact, private equity stocks have garnered fresh interest – TipRanks noted that these stocks are “hot among family offices” ^[131]. This bodes well for Brookfield Business Partners, which essentially offers a publicly-traded slice of Brookfield’s private equity portfolio. Investors looking for exposure to buyouts and industrial turnarounds have warmed up to platforms like BBU, Apollo Global Management, KKR, etc., especially as these firms report strong fundraising and asset appreciation.

One trend is increased realization of value: many PE firms are selling assets or taking them public to lock in gains made over the past decade. BBU’s sale of partial stakes in DexKo, CDK, BrandSafway is an example at the company level of the broader trend of monetizing investments to return capital. On the flip side, deployment of capital is selective – high interest rates mean leveraged buyouts are more expensive to finance, so firms like Brookfield target deals where they have an edge (e.g., complex carve-outs, sectors with secular growth, or using more equity and less debt). Brookfield’s focus on “essential services and industries” ^[132] aligns with where PE money is flowing – towards businesses with stable cash flows even in a choppy economy.

Industrials and Cyclicals: As an industrial conglomerate, BBU is influenced by the health of the global economy. In 2025, despite recession worries in some regions, many industrial sectors have proven resilient. Manufacturing activity has been stable, with pockets of strength in areas like aerospace, automotive components, and energy infrastructure – some of which touch BBU’s holdings. For instance, advanced energy storage (batteries, etc.) is booming with the EV revolution and grid storage needs; BBU’s exposure there yielded strong results ^[133]. Construction and infrastructure services faced a bit of headwind (e.g., BrandSafway’s scaffolding services might have seen slower growth in early 2025), but government infrastructure spending is a tailwind looking ahead. BBU’s diversification across sectors (tech services, industrial manufacturing, distribution, healthcare, now finance) means it’s not overly reliant on one cycle. This is a positive in an environment where some sectors could cool while others heat up.

Interest Rates & Credit Conditions: One of the biggest macro factors is interest rates. As mentioned, higher rates increase BBU’s interest costs and can temper the appetite for highly-leveraged deals. Through 2025, central banks have been maintaining relatively high rates to combat inflation. The upside is that BBU’s existing fixed-rate debts (where applicable) might be at lower rates locked in before, and inflation can also bolster nominal revenues of its businesses (pricing power). Brookfield’s strategy often involves locking in long-term financing and using non-recourse debt, which mitigates refinancing risk. If rates begin to stabilize or fall in late 2025 or 2026, BBU stands to benefit via lower interest expense and potentially higher valuation multiples for its businesses.

Competition and Peer Performance: In the realm of publicly-listed alternative asset managers and holding companies, BBU has some peers for comparison:

• Brookfield Asset Management (BAM) – the parent manager – and Brookfield Corporation (BN) – the parent balance sheet – both trade publicly. BBU’s performance can be contrasted with BN, which owns portions of all Brookfield listed partnerships (including ~75% of BBU). BN’s stock is up in 2025 too, but BBU has actually outpaced BN as BBU’s smaller size allowed for more dramatic percentage gains.
• Other listed PE-driven entities like Apollo Global (APO), Blackstone (BX), Carlyle (CG) have generally done well in 2025 as stock markets recovered and their earnings (fee-related and investment income) rebounded. BBU differs as it doesn’t charge third-party fees (it’s an investment vehicle itself), but positive sentiment toward alternatives lifts all boats.
• In Canada, Onex Corporation is a somewhat comparable publicly-traded PE firm. Onex had a mixed year, but one notable event was it too moved towards simplifying (exploring splitting businesses). The theme of simplification is industry-wide – make structures easier for investors (Onex and BBU both addressing that in their own ways).
• BBU could also be compared to Berkshire Hathaway in that it’s a conglomerate owning diverse businesses. Berkshire’s success has shown that conglomerates can thrive if capital allocation is smart. Brookfield’s twist is using more leverage and being willing to sell businesses, whereas Berkshire buys mostly to hold. Both approaches can work; Brookfield’s has delivered strong returns historically, albeit with more earnings variability.

Sector Outlook: Looking ahead, industrials could see some moderation if economic growth slows, but massive trends like the energy transition, re-shoring of supply chains, and infrastructure investment provide multi-year growth avenues for many of BBU’s companies. Private equity as an industry is sitting on record levels of “dry powder” (unused committed capital) which will eventually be put to work – firms like Brookfield are well-positioned to scoop up assets potentially at bargain valuations if there’s any economic downturn. This can actually favor BBU: if a recession hits, BBU might see some of its cyclical businesses dip, but Brookfield would also find new opportunities to buy assets cheaper, setting up for the next cycle’s gains. Also, alternative assets (real assets, PE, infrastructure) are attracting more allocation from pension funds and others, which indirectly benefits BBU by strengthening the Brookfield ecosystem (easier fundraising, partnerships, etc.).

One sector development relevant to BBU is rising interest in infrastructure and real assets due to inflation. While BBU is the “business services and industrials” arm, some of its companies (like Clarios – batteries, Westinghouse – nuclear services which they owned until recently, etc.) intersect with infrastructure. Global shifts like the push for clean energy, digital infrastructure buildout, and healthcare spending will provide BBU with both challenges (needing to stay ahead technologically) and opportunities (new markets to enter via acquisition).

In summary, the industry backdrop for BBU is cautiously favorable: The private equity environment is improving with plenty of capital to deploy and growing investor acceptance (plus corporate actions like BBU’s conversion will make it even more accessible). The industrial economy is holding up, and BBU’s broad portfolio gives it exposure to secular growth sectors as well as defensive cash-generative businesses. If inflation remains elevated, BBU’s hard-asset-backed businesses can often pass on costs (and Brookfield has always been known for owning “real” assets that hedge inflation). If the economy accelerates, BBU’s cyclicals will thrive. In either case, Brookfield’s active management and global reach are competitive advantages that few standalone industrial companies have.

Analyst Commentary and Forward-Looking Views

Wall Street analysts have generally been upbeat about Brookfield Business Partners, especially in light of recent developments. According to MarketBeat, BBU currently has a consensus rating of “Buy” – with five out of five analysts covering the stock rating it a Buy and 0 Holds or Sells ^[134]. This unanimity is relatively rare and speaks to confidence in Brookfield’s execution. The average 12-month price target is about $32.50 ^[135], which as of Sept 25 was roughly in line with the trading price (post-spike). Price targets had been in the high-$20s earlier in the year, but many analysts raised targets after BBU’s strong Q2 results and with the stock’s momentum.

Notably, on August 5, 2025, several analysts updated their calls:

• RBC Capital Markets analyst Robert Kwan reiterated his Outperform rating and raised the target price from $33 to $35 ^[136]. RBC has been one of the more bullish voices on BBU. In a report, Kwan highlighted that although the units had rallied, he still saw “significant upside to our estimated net asset value” remaining ^[137]. He pointed to Brookfield’s continued asset monetizations (like the fund sale) as catalysts that “crystallize asset value” and anticipated that the simplification to a single corporation would further help close the valuation gap. In essence, RBC’s view is that BBU’s parts are worth more than the current whole, and as those parts are sold or better understood by the market, the stock should appreciate. Kwan also likely praised BBU’s capital return strategy, as RBC often does for Brookfield entities.
• Scotiabank kept an Outperform rating but trimmed its target from $31 to $30 ^[138]. This slightly cautious move (despite raising in prior quarters) might reflect a more conservative outlook on certain segments or a desire to be prudent about macro risks. Still, an Outperform rating indicates Scotiabank expects BBU to beat the broader market – $30 was actually surpassed by the stock in the recent rally, suggesting Scotiabank may revisit that target given new info.
• Desjardins upped their target from $31 to $34 and maintained a Buy rating ^[139]. Desjardins analysts cited the improving fundamentals and likely benefits of the corporate conversion as reasons to be more optimistic. $34 implies solid upside beyond even the September 25 price, indicating they see further gains as likely.
• There was mention that Wall Street research aggregator Wall Street Zen downgraded BBU from Buy to Hold on July 26 ^[140] – possibly a mechanical reclassification or based on technical factors. But that was a lone cautious voice and possibly outdated now given subsequent news.

Earnings forecasts for BBU (to the extent they exist) show expectations of growth. The next earnings (Q3 2025) is scheduled for Nov 7, 2025 ^[141]. Analysts will be watching for how underlying businesses are performing in the second half, and any commentary on the progress of asset sales and the conversion. Given the forward P/E ~12 ^[142], analysts likely forecast a significant jump in earnings in 2026 as some investments (like First National, Antylia) contribute and cost savings from prior restructurings materialize. However, typical sell-side models for BBU also account for expected disposition gains. For example, if Brookfield is planning an IPO or sale of another asset in 2026, that could boost the earnings projection. Brookfield doesn’t provide formal guidance for BBU’s earnings, so analysts rely on their sum-of-parts valuations and Brookfield’s broad targets.

The analysts’ commentary in recent notes emphasizes a few forward-looking themes:

• Value Unlock from Simplification: Multiple analysts lauded the plan to unify BBU and BBUC. Morningstar (in a Dow Jones note) called it a move that “will simplify structure and could prompt index inclusion, potentially spurring buying from passive funds” ^[143]. This bodes well for closing the LP-corp valuation gap.
• Focus on Deleveraging and Recycling: Analysts appreciate that BBU is using proceeds from sales to delever (reduce debt) and buy back stock. High leverage has been one investor concern; showing discipline in lowering it (like paying down the $1+ billion corporate debt with some of that $690M from the fund sale) would reduce risk.
• Resilience in Operations: In an uneven economy, BBU’s diversified businesses held up relatively well, which analysts like to see. For instance, National Bank Financial in August noted BBU’s “resilient EBITDA growth in key segments” and margin improvements. They also pointed out that the company’s backlog of value realization opportunities (i.e., assets that can be sold at a profit) remains strong, which underpins future returns.
• Brookfield Parent Support: Some analysts highlight that Brookfield Asset Management’s sponsorship is a big plus. It provides BBU access to deals it wouldn’t get alone (co-investment opportunities) and deep management expertise. Raymond James analysts have in the past mentioned that Brookfield’s global reach and operational teams reduce execution risk for BBU compared to a standalone conglomerate.

One potential area of scrutiny is earnings quality. Because BBU’s bottom line includes many one-time items, analysts often focus on Adjusted EBITDA or Adjusted Funds from Operations (AFFO) as a better gauge. On those measures, BBU’s trajectory is positive. For example, Adjusted EFO (excluding disposition gains) in Q2 was a healthy ~$234M (summing segment EFO) ^[144], and interest coverage is improving as they recycle capital from lower-yield assets to higher-yield ones or buy back units.

Investor sentiment in a broader sense (beyond analysts) can also be gleaned from the ownership trends:

• Institutional Ownership: At over 85% institutional holdings ^[145], BBU’s investor base is dominated by professional long-term investors – including Brookfield Corporation itself (which owns a majority stake), Canadian pension funds, and asset managers. Lately, we saw some institutions adjusting positions: Bank of America notably increased its stake by 30,100% in Q2 (though that was going from basically nothing to a small holding of 1,208 shares – a quirky statistic) ^[146]. Other institutions like Rathbones Group, NEI Investments, and Bank of New York Mellon modestly added new positions or increased holdings ^[147]. The high institutional ownership and recent incremental buying suggest confidence in BBU’s strategy among savvy investors. It’s also a reason the stock doesn’t trade heavily – many shares are in strong hands.
• Retail and Social Media: BBU is not a meme stock or commonly trending name on platforms like Reddit’s WallStreetBets. It’s a complex story that appeals more to value investors and those familiar with Brookfield. On Twitter (X) and investing forums, you’ll find that commentary around BBU is generally favorable but low-volume – people note its discount to NAV or compare it to buying Brookfield’s private equity at a bargain. When the structure simplification was announced, a number of Brookfield followers on social media cheered it, comparing it to when Brookfield Infrastructure and Renewable introduced corporate shares which unlocked value. The sentiment can be summed up as: BBU is a somewhat under-the-radar stock that those “in the know” are bullish on for the long run, even if it lacks hype. As one might expect, there isn’t a frenzy of trading by retail – which again can be positive, as it means the stock is less prone to speculative swings and more driven by fundamentals.

Forward-looking analyst opinions highlight a few catalysts and risks:

• Catalysts: Successful closing of the First National acquisition and its subsequent contribution to earnings; potential IPO or sale of other assets (analysts speculate if Brookfield might spin-off or sell a portion of another large holding – for instance, they sold a piece of Westinghouse in 2018; another monetization in 2026 could surprise to the upside); and the ultimate approval and execution of the BBU Inc. conversion (by Q1 2026, which could lead to index buying and possibly a one-time bump if, say, the stock gets added to the TSX index).
• Risks: A global recession or major market downturn would of course impact BBU’s cyclical businesses and could temporarily compress valuations, which in turn might slow Brookfield’s pace of realizations. Also, execution risk on integrations (Antylia and First National need to be integrated and perform to justify their price) is on analysts’ minds. However, Brookfield’s track record here is strong.
• FX and Commodity exposure: Some of BBU’s businesses have currency or commodity exposure (for example, some industrials might be tied to steel prices, etc., and being global, currency swings matter). These can introduce volatility to earnings. Analysts may not focus on this quarter-to-quarter, but it’s an underlying consideration.

To encapsulate the expert view: Financial analysts see Brookfield Business Partners as a compelling value play in the alternative assets space, with near-term catalysts and a clear effort by management to surface that value. The recent quotes and upgrades reinforce that narrative. The stock’s big jump on the conversion news also suggests that the market is aligning with the analysts – rewarding steps that reduce the “conglomerate discount.”

As RBC’s Robert Kwan summarized, “Although the units have performed well as of late, we continue to believe that there is significant upside to [BBU’s] net asset value.” ^[148] Many on the Street echo that sentiment. The combination of internal growth, asset sales, and structural simplification gives analysts confidence that upside can be realized. With Brookfield’s own skin in the game (they own a majority and are buying back shares), incentives are aligned to boost the stock’s value.

Conclusion

Brookfield Business Partners (BBU) has undergone a notable transformation in 2025 – not by changing its core mission of owning and improving businesses, but by sharpening how that value is delivered to shareholders. The stock’s strong performance this year, capped by a double-digit surge on its corporate makeover announcement, reflects growing recognition of the company’s intrinsic value and the steps being taken to unlock it.

From a one-week perspective to a one-year perspective, BBU has outperformed, thanks to savvy asset recycling and improving earnings. Recent news – especially the plan to collapse the dual-class structure into a single corporation – addresses historical reasons for BBU’s undervaluation (complexity and limited investor reach). This move, expected to complete in early 2026, should pave the way for a broader investor base, potential index inclusion, and a simpler story to tell: one stock, one value.

Fundamentally, Brookfield Business Partners is financially on an upswing. It has returned to profitability, grown its cash flows, and fortified its balance sheet with ample liquidity. Management is actively deploying capital into new investments (Antylia, First National) that can fuel future growth, while also harvesting gains from prior investments (via the partial asset sales) to reward shareholders (through buybacks and a stable dividend). This balanced approach of offense (acquisitions) and defense (deleveraging and buybacks) is a hallmark of Brookfield’s playbook and is being executed well under CEO Anuj Ranjan’s leadership.

Analysts and investors are taking note. The all-Buy ratings and upward revisions in price targets underscore a positive outlook – one that anticipates further upside as BBU’s value becomes more transparent. Risks remain – as with any global conglomerate, macroeconomic shifts or execution missteps could pose challenges – but Brookfield’s diversified portfolio and proactive management provide resilience.

In the context of its industry, BBU offers a unique proposition: exposure to Brookfield’s private equity deals and operational expertise, packaged in a publicly traded format. The impending conversion to a Canadian corporation will make that package even more attractive to many who couldn’t or wouldn’t invest before. With 85% institutional ownership, the smart money has largely been in BBU for years; going forward, more retail and index money may join in.

For investors considering BBU now, key things to watch will be: continued earnings momentum (can BBU keep growing EBITDA and margins in its businesses?), completion of the structural conversion (likely a non-event operationally but important perception-wise), and further capital actions (additional buybacks, possibly dividend growth down the line, or spin-offs). Additionally, one can monitor asset valuation events – if, say, Brookfield IPOs a division or sells another large asset at a rich valuation, it will validate the hidden value on BBU’s balance sheet.

In conclusion, Brookfield Business Partners appears to be at an inflection point. After years of trading at a discount, the combination of internal improvements and structural changes is catalyzing a re-rating. The stock’s recent rally is a reflection of that, and while it has already risen substantially, analysts suggest there is room to run over the long term as more value is unlocked. BBU provides a compelling story of industrial prowess meets financial savvy: it runs critical businesses around the world and, through Brookfield’s stewardship, continuously recycles and reinvents itself to generate shareholder value.

For public investors seeking a piece of Brookfield’s vaunted alternative asset empire, BBU is an increasingly accessible and attractive vehicle. It offers a play on many themes at once – from battery technology to mortgage finance – all under one umbrella, guided by one of the world’s leading asset managers. As 2025 progresses into 2026, stakeholders will be looking for Brookfield Business Partners to deliver on its promises: streamlined structure, solid earnings, and strategic agility. If it does, the stock’s journey upward may well continue.

Sources:

• Brookfield Business Partners press release, “Announces Simplification via Conversion to Canadian Corporation”, Sept. 25, 2025 ^{[149] [150]}.
• GlobeNewswire via Yahoo Finance, “Brookfield Business Partners Reports Second Quarter 2025 Results”, Aug. 1, 2025 ^{[151] [152]}.
• MarketBeat News, “Brookfield Business Partners (NYSE: BBU) Shares Gap Up – Here’s Why”, Sept. 25, 2025 ^{[153] [154]}.
• GlobeNewswire, “Brookfield Business Partners Announces Sale of Assets to Seed New Evergreen Private Equity Strategy”, July 3, 2025 ^{[155] [156]}.
• GlobeNewswire, “Brookfield Business Partners Announces Renewal of Normal Course Issuer Bids”, Aug. 15, 2025 ^{[157] [158]}.
• Stockanalysis.com profile for BBU (accessed Sept 25, 2025) ^{[159] [160]}.
• TipRanks via Yahoo Finance, “Private Equity Stocks Are Hot Among Family Offices”, Sept. 2025 (analyst quote from RBC) ^[161].
• MarketBeat Analyst Summary for BBU (accessed Sept 25, 2025) ^{[162] [163]}.
• Yahoo Finance (TSX: BBU.UN quote page), comparative returns and company profile (accessed Sept 25, 2025) ^[164].
• Brookfield Business Partners Q2 2025 Report – Supplemental (segment EBITDA/EFO and strategic initiatives) ^{[165] [166]}.

References

1. www.marketbeat.com, 2. stockanalysis.com, 3. finance.yahoo.com, 4. bbu.brookfield.com, 5. bbu.brookfield.com, 6. bbu.brookfield.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. finance.yahoo.com, 12. bbu.brookfield.com, 13. bbu.brookfield.com, 14. stockanalysis.com, 15. stockanalysis.com, 16. www.marketbeat.com, 17. bbu.brookfield.com, 18. www.globenewswire.com, 19. www.globenewswire.com, 20. www.globenewswire.com, 21. www.globenewswire.com, 22. bbu.brookfield.com, 23. bbu.brookfield.com, 24. bbu.brookfield.com, 25. www.globenewswire.com, 26. www.globenewswire.com, 27. bbu.brookfield.com, 28. finance.yahoo.com, 29. www.tipranks.com, 30. finance.yahoo.com, 31. www.marketbeat.com, 32. stockanalysis.com, 33. finance.yahoo.com, 34. www.marketbeat.com, 35. www.marketbeat.com, 36. www.marketbeat.com, 37. www.marketbeat.com, 38. stockanalysis.com, 39. www.marketbeat.com, 40. stockanalysis.com, 41. finance.yahoo.com, 42. finance.yahoo.com, 43. www.marketbeat.com, 44. www.marketbeat.com, 45. finance.yahoo.com, 46. bbu.brookfield.com, 47. bbu.brookfield.com, 48. bbu.brookfield.com, 49. bbu.brookfield.com, 50. bbu.brookfield.com, 51. bbu.brookfield.com, 52. bbu.brookfield.com, 53. bbu.brookfield.com, 54. bbu.brookfield.com, 55. stockanalysis.com, 56. bbu.brookfield.com, 57. bbu.brookfield.com, 58. bbu.brookfield.com, 59. bbu.brookfield.com, 60. bbu.brookfield.com, 61. www.globenewswire.com, 62. bbu.brookfield.com, 63. bbu.brookfield.com, 64. finance.yahoo.com, 65. bbu.brookfield.com, 66. bbu.brookfield.com, 67. bbu.brookfield.com, 68. bbu.brookfield.com, 69. bbu.brookfield.com, 70. bbu.brookfield.com, 71. bbu.brookfield.com, 72. bbu.brookfield.com, 73. bbu.brookfield.com, 74. bbu.brookfield.com, 75. bbu.brookfield.com, 76. bbu.brookfield.com, 77. stockanalysis.com, 78. stockanalysis.com, 79. stockanalysis.com, 80. bbu.brookfield.com, 81. bbu.brookfield.com, 82. bbu.brookfield.com, 83. bbu.brookfield.com, 84. bbu.brookfield.com, 85. bbu.brookfield.com, 86. bbu.brookfield.com, 87. bbu.brookfield.com, 88. bbu.brookfield.com, 89. bbu.brookfield.com, 90. www.marketbeat.com, 91. bbu.brookfield.com, 92. www.marketbeat.com, 93. bbu.brookfield.com, 94. www.marketbeat.com, 95. www.marketbeat.com, 96. www.marketbeat.com, 97. bbu.brookfield.com, 98. stockanalysis.com, 99. bbu.brookfield.com, 100. bbu.brookfield.com, 101. finance.yahoo.com, 102. www.globenewswire.com, 103. www.globenewswire.com, 104. www.globenewswire.com, 105. www.globenewswire.com, 106. www.globenewswire.com, 107. www.globenewswire.com, 108. www.globenewswire.com, 109. www.globenewswire.com, 110. www.globenewswire.com, 111. www.globenewswire.com, 112. bbu.brookfield.com, 113. bbu.brookfield.com, 114. bbu.brookfield.com, 115. bbu.brookfield.com, 116. bbu.brookfield.com, 117. bbu.brookfield.com, 118. www.globenewswire.com, 119. www.globenewswire.com, 120. www.globenewswire.com, 121. www.globenewswire.com, 122. bbu.brookfield.com, 123. bbu.brookfield.com, 124. www.globenewswire.com, 125. www.globenewswire.com, 126. www.globenewswire.com, 127. www.globenewswire.com, 128. bbu.brookfield.com, 129. stockanalysis.com, 130. www.tipranks.com, 131. www.tipranks.com, 132. bbu.brookfield.com, 133. bbu.brookfield.com, 134. www.marketbeat.com, 135. www.marketbeat.com, 136. www.marketbeat.com, 137. finance.yahoo.com, 138. www.marketbeat.com, 139. www.marketbeat.com, 140. www.marketbeat.com, 141. stockanalysis.com, 142. stockanalysis.com, 143. www.morningstar.com, 144. bbu.brookfield.com, 145. www.marketbeat.com, 146. www.marketbeat.com, 147. www.marketbeat.com, 148. finance.yahoo.com, 149. bbu.brookfield.com, 150. bbu.brookfield.com, 151. bbu.brookfield.com, 152. bbu.brookfield.com, 153. www.marketbeat.com, 154. www.marketbeat.com, 155. www.globenewswire.com, 156. www.globenewswire.com, 157. www.globenewswire.com, 158. www.globenewswire.com, 159. stockanalysis.com, 160. stockanalysis.com, 161. finance.yahoo.com, 162. www.marketbeat.com, 163. www.marketbeat.com, 164. finance.yahoo.com, 165. bbu.brookfield.com, 166. bbu.brookfield.com