Earnings
July 9, 2020 - PBH
New! Premium Brands Holding Corp. Q1-2020 Earnings, Price Target Update .....
July 8, 2020 - EIF
New! Exchange Income Corp. Q1-2020 Earnings, Price Target Update .....
July 5, 2020 - EXE
Extendicare Inc. Q1-2020 Earnings, Price Target Update .....
July 3, 2020 - SIA
Sienna Senior Living Inc. Q1-2020 Earnings, Price Target Update .....
July 2, 2020 - CSH.UN
Chartwell Retirement Residences, Q1-2020 Earnings, Price Target Update .....
July 1, 2020 - IAG
iA Financial Corporation Inc. Q1-2020 Earnings, Price Target .....
June 27, 2020 - T
Telus Corporation - Q1-2020 Earnings, Price Target Update .....
June 26, 2020 - BEP.UN
Brookfield Renewable Partners - Q1-2020 Earnings, Price Target Update .....
Recommendation Changes
NWC, CPX, H, QBR.B, AW.UN, more...

Bridgemarq Real Estate Services Inc. Q2-2019 Earnings, Price Target Update

This is only a sample of the article, please login to view the entire article

Bridgemarq Real Estate Services Inc.(BRE), (formerly Brookfield Real Estate Services In. is a leading Canadian provider of services to residential real estate brokers and their realtors. Cash flow is generated from franchise royalties and service fees derived from a national network of real estate brokers and agents in Canada operating under the Royal LePage, Via Capitale Real Estate Network and Johnston & Daniel brand names. Effective May-1-2019 the name was changed to Bridgemarq to differentiate them from the Brookfield owned group of companies and the terms of the management agreement were changed to increase the management fee and to potentially decrease the cost of acquisitions. The ticker symbol remains the same at BRE. Bridgemarq continues to own approximately 72% of the operating company. BRE's board is comprised of five persons. Brookfield Business Partners who are controlled by Brookfield Asset Management (BAM.A) designate two of the five directors,

At Jun-30-2019, their network consisted of about 18,725 realtors operating under 291 franchise agreements and from 673 locations, with an approximate 20% share of the Canadian real estate market. Revenue from royalties is comprised of both fixed and variable components. Approximately 90% of royalties are comprised of fixed franchise fee per realtor, the 1% variable franchise fee and premium franchise fees. The remaining royalty stream is made up of franchise fees generated from warranty fees, technology fees and other fees. Approximately 70% of annual royalties were partly insulated from the fluctuations in the Canadian Market as they were not directly driven by transaction volumes. BRE's revenues are earnings from a network of franchisees operating under the Royal LePage and Johnston and Daniel brands and 5% from the Via Capitale brand.

They generate revenues by both fixed and variable fee components with approximately 71% of the revenue based on fees that are fixed in nature. Variable fees are primarily driven by the total transactional dollar volume from the sales commissions of realtors, fixed fees are based on the number of agents and sales representatives in the network. By revenue, approximately 57% is from the Greater Toronto Area, 18% from BC, approximately 10% each from Quebec and Alberta with the balance split between the Prairies and Maritimes. Compared to the distribution of realtors across Canada, they are under-represented in British Columbia and Alberta. They have a relatively strong presence in Ontario (as a result of a historical base there) and Quebec (due in part to the acquisitions of the Via Capitale Network).

You must be a member to view the entire article, please subscribe or login


Login
Username
Password
New Issues & Acquisition
July 7, 2020
New! Cineplex Inc(CGX) - 5.75% Convertible Debenture New Issue
July 4, 2020
New! Coverage Universe - Weekly Price Change: June 26 - July 3, 2020
June 29, 2020
Premium Brands Holdings Corp. 4.2% Convertible Debenture New Issue
June 29, 2020
StorageVault Canada Inc. 5.75 Unsecured Debenture New Issue
June 29, 2020
Park Lawn Corp. 5.75% Debenture New Issue
June 26, 2020
Coverage Universe - Weekly Price Change: June 19-6, 2020
June 19, 2020
Coverage Universe - Weekly Price Change: June 12-19, 2020
June 12, 2020
Coverage Universe - Weekly Price Change: June 5-12, 2020