?
CIBC World Markets increased its price target on shares of Brookfield Real Estate Services Inc. (TSE:BRE) to $15 from $14.75, while maintaining its "Sector Performer" rating.
The company's Q4 cash flow per share (CFPS) was $0.33, down from $0.39 a year ago due mainly to the commencement of corporate taxes. Total royalty revenue grew by 2.7% year-over-year to $8.4 million, reflecting higher variable fees (up 12.7% year-over-year) and premium fees (up 13.2% year-over-year). 2011 CFPS was $1.53, down from $1.97 in 2010.
BRE's realtor network fell by 247 agents in 2011, partly reflecting the organic loss of realtors in Quebec due to real estate regulations introduced in the province. In January 2012, BRE acquired franchise agreements totaling 219 realtors, increasing the company's network by 1.5% to 15,280 realtors.
In December 2011, BAM, through an affiliate, acquired Prudential Real Estate and Relocation Services, which comprises about 1,500 realtors in Canada and about 50,000 realtors in the U.S. BAM and BRE's board of directors are considering vending -in Canadian Prudential franchise agreements into BRE.
The brokerage maintained its 2012 cash flow per share estimate of $1.56 and its 2013 estimate of $1.59.
BRE remains unchanged from yesterday's close of $14.
Subscribe to Email Alerts
gmail app gmail app phentermine port of oakland grand theft auto 5 grand theft auto 5 kris jenner
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.