Initiating At Hold - Capital Compounding In The AI Age; $34 Price Target

Research evidence excerpt

Initiating At Hold - Capital Compounding In The AI Age; $34 Price Target

Asset Managers: Alternative Asset Managers

Brookfield Business Corporation

Global Research INITIATING COVERAGE

June 9, 2026

Price: $31.78 (06/8/2026) Initiating At Hold - Capital Compounding In The AI Age; $34 Price

Price Target: $34.00 Target

HOLD (2)

ESG SCORE: 61/100

Bill Katz THE TD COWEN INSIGHT

212 468 7802 We initiate at Hold and with a $34 12-month price target. What's different in our note: 1) we leverage our Canadian research and market

bill.katz@tdsecurities.com structure counterparts to help us frame our views; 2) we have a comprehensive, bottom-up SOTP valuation framework; 3) we look at recent

Bradley Hays successful "case studies" reflecting BBUC/BAM ecosystem; and 4) BBUC is predominantly followed by Canada-based Sell Side.

646 562 1487

bradley.hays@tdsecurities.com What Is BBUC? - A publicly-traded LP that is ~69% owned by BN, and invests in PE funds managed by BAM - both of which are covered by

our TD Cowen counterpart, Ms. Cherilyn Radbourne. The shares recently consolidated under a single ticker enhancing trading liquidity andRobin Holby, CFA

646 562 1401 setting the stage for index rebalancing. BBUC is essentially a "look through" opportunity into three key sectors, including: Industrials, Business

robin.holby@tdsecurities.com Services, and Infrastructure Services.

Sergio Ferreira How We Leveraged TD Cowen Counterparts - We worked with Ms. Radbourne to understand economic waterfalls, leverage to BAM's

646 562 1465 differentiated PE platform, including examining several successful case studies, & get directional sense of nascent realization cycle via BN.