MeritValue

Brookfield Property Partners L.P.

BPYPPdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Brookfield Property Partners L.P. earns about 0% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.1B1$7.37B2$9.48B3$9.11B3$7.15B3
Net income$3.5B4$996M5−$1.85B6−$2B6−$305M6
Operating cash flow$606M7−$53M8−$670M9$1.02B9−$595M9
Capital expenditure$156M10$207M11$529M12$403M12$758M12
Free cash flow (derived)$450M7−$260M8−$1.2B9$615M9−$1.35B9
Total debt$55.3B13$58.6B14$68.7B15$51.5B15$46.3B15
Cash & equivalents$2.58B16$4.02B17$2.34B17$2.21B17$1.86B17
Diluted shares00000

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

0
iii. Is this a good business?
Moat signal · return on invested capital
0% avg · 5y
FY21 4%FY22 1%FY23 -2%FY24 -2%FY25 -0%

It earned an average 0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has fallen 16% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001545772-24-000004 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001545772-25-000008 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001545772-26-000006 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001545772-24-000004 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001545772-25-000008 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001545772-26-000006 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001545772-24-000004 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001545772-25-000008 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001545772-26-000006 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001545772-24-000004 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001545772-25-000008 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001545772-26-000006 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001545772-23-000003 (Borrowings)
  14. 20-F · period ending 2022-12-31 · accession 0001545772-25-000008 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001545772-26-000006 (Borrowings)
  16. 20-F · period ending 2021-12-31 · accession 0001545772-25-000008 (CashAndCashEquivalents)
  17. 20-F · period ending 2022-12-31 · accession 0001545772-26-000006 (CashAndCashEquivalents)