1、M FoundationBrookfield Corporation,Brookfield Asset Management|North America2025 Investor Day:Strong Secular Tailwinds Underpin 5-Yr TargetsBN&BAM hosted their 2025 Investor Day showcasing key growth opportunities&2030 targets.AI,real estate,private wealth&retirement were key themes.BAM targets mode

2、stly ahead while BN better vs MSe.Reiterate OW BN&see oppty for re-rating as it executes on attractive secular trends.Morgan Stanley&Co.LLCMichael J.Cyprys,CFA,CPAEquity Analyst Michael.C +1 212 761-7619 Stephanie Ma,CFAEquity Analyst Stephanie.M +1 212 296-3552 Barron ThomasResearch Associate Barro

3、n.T +1 212 761-2624 Brookfield Corporation(BN.N,BN UN)Brokers,Asset Managers&Exchanges|United States of AmericaStock RatingOverweightIndustry ViewIn-LinePrice target$76.00Shr price,close(Sep 10,2025)$67.05Mkt cap,curr(mm)$105,87852-Week Range$68.74-43.61Fiscal Year Ending12/24 12/25e 12/26e 12/27eEP

4、S($)*3.963.724.625.79Prior EPS($)*-P/E14.518.014.511.6EPS($)3.833.784.525.47Div yld(%)0.60.50.60.6Unless otherwise noted,all metrics are based on Morgan Stanley ModelWare framework*=Based on consensus methodology=Consensus data is provided by Refinitiv Estimatese=Morgan Stanley Research estimatesSee

5、 our recent reports here:Brookfield Corporation:Softer Print,But Capital Markets Recovery and Insurance Initiatives Support Growth Outlook(8 Aug 2025)Brookfield Asset Management Ltd.:Management Meeting Takeaways(26 Jun 2025)Brookfield Corporation:Management Meeting Takeaways(27 Mar 2025)Alternative

6、Asset Managers:Finding Value in the Brookfield Ecosystem;Initiate Overweight BN,Equal-weight BAM(23 Jan 2025)Alternative Asset Mgrs:Feedback on our Brookfield Initiation:Growth and Valuation Appeal(5 Feb 2025)Alternative Asset Mgrs:Digging into the DPI Drought(27 Jun 2025)Alternative Asset Managers: