Core Insights - The long-term returns of a stock are closely tied to the underlying business's performance, with a business earning 6% on capital over 40 years yielding similar returns for investors, regardless of initial purchase price [1] - A business that earns 18% on capital over 20 to 30 years can still provide good returns even if purchased at a high price [1] - The impact of taxes on investment returns is significant, with a 35% tax on a 15% annual return reducing the effective return to 9.75% if taxes are paid annually, compared to a 13.3% return if taxes are paid only at the end of the investment period [1] Tax Implications - The difference in effective returns due to tax treatment can be over 3.5%, which has a substantial effect over long holding periods like 30 years [1] - Holding investments in great companies for extended periods can provide a significant advantage due to the way income taxes are structured [1]

Core Insights - Brookfield Residential and North America Sekisui House (NASH) have expanded their strategic partnership, now managing approximately $1.6 billion in real estate assets in the U.S. [1][2] - The partnership manages around 30,000 single-family lots, enhancing their market presence and extending their portfolio into high-growth regions such as Austin, Phoenix, Denver, and Northern California [2][3] - The collaboration emphasizes innovation, sustainability, and long-term value creation in residential land development [3][4] Company Overview - Brookfield Residential is a leading land developer and homebuilder in North America, focusing on master-planned communities and various strategic real estate opportunities [5] - North America Sekisui House (NASH) is a significant player in sustainable residential development, committed to creating vibrant communities through innovative design and technology [6]

Core Points - Brookfield Renewable Holdings will hold at least 85.39% of Neoen's share capital following the conversion of OCEANEs tendered into the ongoing tender offer [1][4][8] - The mandatory simplified cash tender offer for Neoen shares and convertible bonds was approved by the French financial markets authority on February 11, 2025, and will close on March 13, 2025 [2][5][8] - The offer price is set at 39.85 euros per share, representing a premium of 40.3% and 43.5% over the 3-month and 6-month VWAP of Neoen shares as of May 29, 2024 [7][10] Company Details - As of the latest update, Brookfield Renewable Holdings holds 129,223,594 shares, representing 84.46% of Neoen's share capital, along with significant holdings in the 2020 and 2022 OCEANEs [9][15] - The offer documentation is available on the dedicated transaction websites of Neoen and Brookfield Renewable Holdings, as well as the AMF's website [6] - Neoen's Board of Directors has confirmed that the offer is in the interest of the company and has recommended shareholders and convertible bondholders to tender their securities [10]

Group 1 - Danone's consolidated financial statements for the fiscal year ended December 31, 2024, are now publicly available on its website [1] - The company generated €27.4 billion in sales in 2024, indicating its strong market presence [2] - Danone operates in three key categories: Essential Dairy & Plant-Based products, Waters, and Specialized Nutrition, focusing on health and sustainability [2] Group 2 - Danone aims to achieve B Corp certification globally by 2025, reflecting its commitment to social and environmental impact [2] - The company employs over 90,000 people and sells products in more than 120 markets worldwide [2] - Danone's portfolio includes well-known international brands such as Actimel, Activia, and evian, as well as strong local brands [2]

Core Points - Brookfield Corporation has announced a fixed dividend rate of 5.185% for its Cumulative Class A Preference Shares, Series 38, for the five-year period from April 1, 2025, to March 31, 2030, translating to $0.3240625 per share per quarter [1][2] - Holders of Series 38 Shares can convert their shares into Series 39 Shares on a one-for-one basis until March 17, 2025, with the Series 39 Shares offering a floating dividend rate based on the yield of three-month Government of Canada treasury bills [3][4] - If the number of Series 38 Shares outstanding falls below 1,000,000 after March 31, 2025, all remaining Series 38 Shares will automatically convert into Series 39 Shares [5] - The Toronto Stock Exchange has conditionally approved the listing of Series 39 Shares, pending Brookfield meeting all listing requirements [6] Company Overview - Brookfield Corporation is a leading global investment firm focused on long-term wealth creation for institutions and individuals, with core businesses in Alternative Asset Management, Wealth Solutions, and Operating Businesses in sectors such as renewable power and real estate [7][8] - The company has a history of delivering over 15% annualized returns to shareholders for more than 30 years, supported by its investment and operational expertise [8]

Core Insights - Bill Ackman, a prominent portfolio manager, is focusing on several key investments through his hedge fund, Pershing Square Capital, which has a portfolio valued at $14.8 billion concentrated in a few companies [2] Group 1: Uber Technologies - Ackman has invested significantly in Uber, acquiring 30.3 million shares worth approximately $2.3 billion, representing 15.6% of Pershing Square's portfolio [3][6] - The bullish outlook on Uber is driven by its network effect, being the largest ride-sharing network outside of China, and its successful expansion into delivery services like Uber Eats [4] - Management projects 30% to 40% annual EBITDA growth and over 90% average annual free cash flow growth over the next three years, with free cash flow having grown 122% last year [6] Group 2: Alphabet Inc. - Ackman has a substantial position in Alphabet, valued at about $2 billion, which has seen a stock price increase of 40% and an additional 48% since early 2023 [7][11] - The investment thesis is supported by the potential of AI to enhance search products and ad effectiveness, with Google Cloud benefiting significantly from AI spending [9][10] - Alphabet shares are trading for less than 20 times forward earnings, indicating strong value despite the stock price increase [11] Group 3: Brookfield Corp. - Ackman has built a significant position in Brookfield Corp., with 34.9 million shares valued at just over $2 billion [12] - The company has undergone strategic restructuring to unlock shareholder value and is generating substantial earnings growth and free cash flow [13][14] - Management projects a climb in intrinsic value from $84 per share to $176 by 2029, with distributable earnings growing 30% year over year [15][16]

Core Viewpoint - Brookfield Corporation has announced a public offering of $500 million in senior notes due 2055, with an interest rate of 5.813% per annum [1][2]. Group 1: Offering Details - The notes will be issued by Brookfield Finance Inc., a wholly owned subsidiary of Brookfield, and will be fully guaranteed by Brookfield [2]. - The net proceeds from the sale will be utilized for general corporate purposes [2]. - The offering is expected to close on March 3, 2025, pending customary closing conditions [2]. Group 2: Regulatory Information - The notes are being offered under Brookfield's existing base shelf prospectus filed in the U.S. and Canada [3]. - In the U.S., the offering is made pursuant to an effective registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission [3]. Group 3: Company Overview - Brookfield Corporation is a leading global investment firm focused on building long-term wealth through three core businesses: Alternative Asset Management, Wealth Solutions, and Operating Businesses in renewable power, infrastructure, business and industrial services, and real estate [5]. - The company has a track record of delivering over 15% annualized returns to shareholders for more than 30 years, supported by extensive operational experience and a conservatively managed balance sheet [6].

2024 Full-Year ResultsPress release – Paris, February 26, 2025 Strong FY 2024 resultsEntering the next chapter of Renew with confidence FY 2024 sales of €27,376m up +4.3% on a like-for-like (LFL) basis, with volume/mix up +3.0%, and price up +1.3%Q4 sales up +4.7% LFL, with strong volume/mix of +4.2%, and resilient price of +0.6% Continued strong momentum in North America, notably in High Protein, Coffee Creations and Waters5th consecutive quarter of positive volume/mix in Europe, demonstrating notably fur ...

Core Points - Danone has reached an agreement with NGOs ClientEarth, Surfrider Foundation Europe, and Zero Waste France to end legal proceedings regarding its vigilance plan on plastic [1][2] - The agreement includes a reinforced vigilance plan that details the consequences of plastic packaging use and outlines Danone's actions to reduce, reuse, recycle, and recover plastic [2] - Danone emphasizes the importance of open dialogue with NGOs to address complex challenges and encourages collective mobilization among all stakeholders to overcome systemic obstacles to a circular economy [3][4] Company Overview - Danone is a leading global food and beverage company focused on health-oriented categories, generating €27.6 billion in sales in 2023 and employing nearly 90,000 people [5] - The company operates in over 120 markets and has a diverse portfolio of international and regional brands, including Actimel, Activia, and evian [5] - Danone aims to achieve B CorpTM certification globally by 2025 and is included in various sustainability indexes [5]

Ever since Trump won the 2024 US election the stock price of Brookfield Renewable Partners (NYSE: BEP ) has been in decline. It's trading in the lower range of the past 52 weeks. Albeit the nextMy name is Maxime and I like to write about finances and share my views on various companies and their potential as an investment opportunity. My preferred sector is industrial. I live and work in Europe and we have a very long and proud history of being an industrial superpower so I guess it comes naturally. I have ...