BN raised its dividend 13% with the results. EPS of $1.01 beat estimates of 86c; revenue of $19.4B was lower the estimates. Revenue did fall 21%. Total assets were flat at $490B. Distributable earnings, a key measure, rose to $1.01 per share from 83 cents in the prior year quarter. Outlook commentary was quite positive, with the company stressing its mass of capital looking for deals currently. There was nothing overly noteworthy. Revenue declined but as deal activity picks up we expect this to change. Consensus estimates call for strong growth over the next two years. The stock is cheap on many metrics still. We think the stock will continue to do well, but we might not expect another 60% year as it has done in the past 52 weeks. It remains one of our overall favourites.
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