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    Robert Kwan • RBC Capital Markets

    Robert Kwan's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership

    Robert Kwan's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q1 2025

    Question

    Robert Kwan asked which segments and geographies are presenting market dislocations for deployment and what the recent strong flagship fundraising results indicate about the broader environment for alternatives.

    Answer

    An Unknown Executive highlighted three key opportunity themes: corporate carve-outs, structured investments due to constrained public markets, and the favorable environment for their partner Oaktree. They also stated that recent fundraising success reinforces the enduring macro trends of increasing allocations to alternatives and capital concentration with the largest, most capable managers.

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    Robert Kwan's questions to BROOKFIELD ASSET MANAGEMENT LTD (BAM) leadership • Q4 2024

    Question

    Robert Kwan from RBC Capital Markets asked if the AI infrastructure strategy will focus more on a higher volume of deals or on large, integrated multi-solution transactions like the one in France. He also questioned if the favorable environment for both buying and selling is consistent across all core strategies.

    Answer

    CEO James Flatt responded that the strategy is 'both,' pursuing a higher volume of deals while also leveraging the firm's unique ability to execute large, multifaceted transactions where there is less competition. Regarding the market environment, he noted a widespread trend where high-quality, cash-generative assets are seeing robust demand, favoring sellers. Conversely, he sees a scarcity of capital for funding new platform build-outs, creating compelling deployment opportunities for Brookfield.

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    Robert Kwan's questions to Brookfield Corp (BN) leadership

    Robert Kwan's questions to Brookfield Corp (BN) leadership • Q4 2024

    Question

    Robert Kwan questioned the expected annual pace of realizing the $11.5 billion in carried interest over the next five years and asked for updated thoughts on the strategy for Brookfield's listed affiliates given their recent market valuations.

    Answer

    President Nick Goodman projected that 2025 would be a 'bridge year' for carried interest, similar to 2024, with a significant pickup expected in 2026 and 2027. Regarding the listed affiliates, he advised focusing on their strong underlying value creation rather than temporary price volatility, expressing confidence that value will be reflected in the share price over time.

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    Robert Kwan's questions to Brookfield Corp (BN) leadership • Q3 2024

    Question

    Robert Kwan asked for a top-of-the-house perspective on which business segments currently offer the best opportunities for asset monetization versus new acquisitions. He also inquired about the outlook for realized carried interest over the next 12 months, given the expected increase in transaction activity.

    Answer

    President Nick Goodman explained that attractive buying and selling opportunities exist within each business group, particularly in assets with challenged capital structures or those out of favor with public markets. On carried interest, he noted that it is realized at the fund level after capital is returned to LPs, projecting a small step-up next year followed by a significant increase in 2026 and beyond as funds mature.

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    Robert Kwan's questions to Pembina Pipeline Corp (PBA) leadership

    Robert Kwan's questions to Pembina Pipeline Corp (PBA) leadership • Q2 2024

    Question

    Robert Kwan questioned the reasoning behind the asymmetric increase in 2024 EBITDA guidance. He also asked if there were any parallels between the cost pressures on RFS IV and the Cedar LNG project, and sought to understand the magnitude of downstream benefits from the Whitecap deal.

    Answer

    SVP Jaret Sprott explained the guidance reflects confidence from a strong first half, balanced with second-half uncertainties like interruptible flows, marketing performance, and potential rail or wildfire disruptions. President and CEO J. Burrows stated there are zero parallels between RFS IV and Cedar LNG costs, as Cedar's lump-sum contract was already in place. He also noted that while the consolidated multiple for the Whitecap deal is attractive, specific downstream return details are confidential.

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    Robert Kwan's questions to Enbridge Inc (ENB) leadership

    Robert Kwan's questions to Enbridge Inc (ENB) leadership • Q2 2024

    Question

    Robert Kwan asked about Enbridge's top strategic priorities for the next 12-24 months and whether any large, unannounced projects are needed to execute its strategy. He also sought more clarity on the 2024 guidance, particularly Mainline volume assumptions and DCF per share adjustments.

    Answer

    President and CEO Greg Ebel listed the top three priorities as: maximizing returns from base assets, integrating the new utilities, and executing the $25 billion secured project backlog while maintaining balance sheet strength. He emphasized a focus on smaller, value-added projects over large, long-term ones. CFO Pat Murray clarified that the Mainline's 3.0M bpd guidance has potential upside and that the DCF guidance update simply layers in the new utility contributions and their full financing costs.

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    Robert Kwan's questions to AltaGas Ltd (ATGFF) leadership

    Robert Kwan's questions to AltaGas Ltd (ATGFF) leadership • Q2 2024

    Question

    Robert Kwan inquired about mitigation plans for a potential rail strike, clarification on why a planned RIPET turnaround is now a headwind, details on the new 18% REEF contract, and the status of the Trigon legal dispute.

    Answer

    President and CEO Dai-Chung Yu and President of Midstream Randy Toone detailed rail strike contingency plans, aiming for a week of supply buffer. Yu clarified the RIPET turnaround was budgeted but is noted with caution. He also explained the new REEF contracts are with a mix of producers and aggregators and that AltaGas is appealing a procedural decision in the Trigon-PRPA dispute, which they see as a low-risk to their project.

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    Robert Kwan's questions to AltaGas Ltd (ATGFF) leadership • Q1 2024

    Question

    Robert Kwan asked for specifics on REEF contracting, including the expected tolled capacity at FID and contract durations. He also questioned why the 'equity self-funding' priority was not shown as fully complete on a presentation slide.

    Answer

    President and CEO Vern Yu stated that while specific terms are sensitive, the goal is to have 100,000 barrels/day tolled with long-term contracts by REEF's 2027 startup. He and EVP & CFO James Harbilas clarified the slide was a visual oversight and affirmed a 100% commitment to the equity self-funding model, which can accommodate REEF's capital needs.

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    Robert Kwan's questions to TC Energy Corp (TRP) leadership

    Robert Kwan's questions to TC Energy Corp (TRP) leadership • Q2 2024

    Question

    Robert Kwan from RBC Capital Markets sought clarification on the NGTL settlement's EBITDA components and inquired about the company's strategy and timeline for reducing its earnings payout ratio.

    Answer

    Executive Stanley Chapman confirmed the $150 million depreciation uplift from the NGTL settlement was largely in the existing plan, while the ~$50 million in incentives is incremental. CEO Francois Poirier explained that reducing the payout ratio is a long-term goal for the second half of the decade, with the current focus being on project execution and deleveraging.

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