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What this page is: Delvantic's full research page for Brookfield Asset Management Inc. (BAM) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Our current read (analysis of 2026-08-23): Designation Watch · Gem Score +12 (−100…+100 Quality+Value blend) · Quality 10 · Value 14 · Sentiment 54 (timing only, not weighted) · Composite fair value $77.11 vs $52.84 at analysis
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reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
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any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
Brookfield Asset Management Inc.
BAM NYSEBrookfield Asset Management Inc. is a global alternative asset manager headquartered in New York City, focused on providing institutional and individual investors access to real assets and specialized investment strategies. The firm oversees a diversified platform spanning infrastructure, renewable power and transition, private equity, real estate, and credit, with a mandate to manage and operate assets that underpin essential economic activity worldwide. Brookfield Asset Management structures its offerings through commingled funds, separately managed accounts, and customized mandates for clients such as pension plans, sovereign wealth funds, insurance companies, financial institutions, endowments, foundations, and private wealth investors. Its business model centers on fee-based asset management, generating recurring management and performance fees from long-duration capital commitments. Founded in 2022 in its current form and majority-owned by Brookfield Corporation, Brookfield Asset Management Inc. plays a significant role in private markets by channeling capital into large-scale, long-term investments across multiple geographies and sectors.
Price Overview
Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 1.52
Total Equity: $10.31B
Shares: 1,634,868,421
Total Debt: $0.00
Cash: $1.58B
EBITDA: $3.24B
Total Debt: $0.00
Cash: $1.58B
Revenue: $4.61B
Revenue: $4.61B
Revenue: $4.61B
Total Equity: $10.31B
Tax Rate: 18.0%
Equity: $10.31B
Total Debt: $0.00
Cash: $1.58B
Current Liabilities: N/A
Long-Term Debt: $0.00
Total Debt: $0.00
Total Equity: $10.31B
Shares: 1,634,868,421
Shares: 1,634,868,421
CapEx: $0.00
Shares: 1,634,868,421
Stock Price: $52.84
Net Income: $2.49B
Industry Benchmarks
Income Statement (Annual)
Last updated: Aug 7, 2026 4:17am (16d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.8B | $0 | $383.0M | $482.0M | $4.6B |
| Cost of Revenue | $703.0M | -$37.0M | $326.0M | $368.0M | $1.4B |
| Gross Profit | $2.1B | $37.0M | $57.0M | $114.0M | $3.2B |
| Operating Expenses | $18.0M | $36.0M | $5.0M | $7.0M | $201.0M |
| Operating Income | $2.1B | $1.0M | $52.0M | $107.0M | $3.0B |
| Net Income | $1.9B | -$931.0M | $449.0M | $541.0M | $2.5B |
| EBITDA | $3.7B | $35.0M | $522.0M | $677.0M | $3.2B |
| EPS | $4.64 | $4.83 | $1.15 | $1.33 | $1.54 |
| EPS (Diluted) | $4.64 | $4.83 | $1.13 | $1.33 | $1.52 |
Balance Sheet (Annual)
Last updated: Aug 7, 2026 12:06am (16d ago)| Metric | 2022 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | — | $1.0M | $9.0M | $12.0M | $1.6B |
| Total Current Assets | — | — | — | — | — |
| Total Assets | — | $3.2B | $3.2B | $4.4B | $17.0B |
| Current Liabilities | — | — | — | — | — |
| Long-Term Debt | — | — | — | — | — |
| Total Liabilities | — | $784.0M | $1.1B | $1.1B | $6.7B |
| Total Equity | $0 | $2.4B | $2.1B | $3.3B | $10.3B |
| Retained Earnings | — | $19.0M | -$35.0M | -$143.0M | -$851.0M |
Cash Flow (Annual)
Last updated: Aug 7, 2026 4:17am (16d ago)| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | $508.0M | $627.0M | $2.1B |
| Capital Expenditure | — | — | — |
| Free Cash Flow | — | — | — |
| Acquisitions (net) | $0 | $0 | $6.0M |
| Net Debt Issued / (Repaid) | — | — | — |
| Dividends Paid | -$505.0M | -$630.0M | -$2.8B |
| Stock Buybacks | -$319.0M | — | — |
| Net Change in Cash | $8.0M | $3.0M | — |
Growth Trends (YoY %)
Last updated: Aug 7, 2026 4:17am (16d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -100.0% | — | +25.8% | +856.0% |
| Gross Profit Growth | -98.2% | +54.1% | +100.0% | +2,737.7% |
| Operating Income Growth | -100.0% | +5,100.0% | +105.8% | +2,735.5% |
| Net Income Growth | -149.8% | +148.2% | +20.5% | +359.3% |
| EBITDA Growth | -99.1% | +1,391.4% | +29.7% | +377.8% |
Dividend History (Last 20)
Last updated: Aug 9, 2026 12:03am (14d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-29 | $0.50 | — | — | — |
| 2026-02-27 | $0.50 | — | — | — |
| 2025-11-28 | $0.44 | — | — | — |
| 2025-08-29 | $0.44 | — | — | — |
| 2025-05-30 | $0.44 | — | — | — |
| 2025-02-28 | $0.44 | — | — | — |
| 2024-11-29 | $0.38 | — | — | — |
| 2024-08-30 | $0.38 | — | — | — |
| 2024-05-31 | $0.38 | — | — | — |
| 2024-02-28 | $0.38 | — | — | — |
| 2023-11-29 | $0.32 | — | — | — |
| 2023-08-30 | $0.32 | — | — | — |
| 2023-05-30 | $0.32 | — | — | — |
| 2023-02-27 | $0.32 | — | — | — |
Deep Analysis
Risk : Reward — if the last quarter repeats
Live · as of 2026-08-19 08:35Recovery pays +438%; another quarter like the worst recent one costs 73%. Ratio 6.0:1. Caveat: revenue-DCF fits financials poorly (reported revenue omits net interest) — treat the legs as rough.
| Case | Growth | Margin | Fair value | vs price ($52.84) |
|---|---|---|---|---|
| Bull — recovery | +150% | 35.0% | $284.18 | +438% |
| Base — stabilizes | +100% | 35.0% | $114.82 | +117% |
| Bear — keeps slipping | +50% | 35.0% | $38.40 | -27% |
| Stress — last quarter repeats | +12% | 35.0% | $14.05 | -73% |
Narrative Economics
market-narrative step).
AI Lens 4th lens · how AI reaches this business · 5-yr
2026-08-11AI's binding constraint is electricity and buildable data center capacity, and BAM monetizes capital deployed into precisely those assets - hydro, nuclear, transition and digital infrastructure - so an AI capex supercycle mechanically enlarges fee-bearing capital and lifts the value of already-owned power fleets toward premium hyperscaler contracts.
The monetized unit is a fee rate on capital, and a stampede of competing capital into AI infrastructure compresses that rate through mega-fund discounts, zero-fee co-invest and separate accounts, while entry prices for power and data center assets rise enough to hollow out carried interest on 2024-2026 vintages.
Whether AI-driven demand converts into fee-bearing capital raised at held fee rates AND realized carry, rather than only paper mark-ups; the observable is the closing size and blended fee rate of the next flagship infrastructure and transition vintages versus prior ones.
Multi-decade hydro and nuclear positions, interconnection queue and transmission rights, operating capability across hundreds of thousands of portfolio employees, and institutional LP relationships that let a single close absorb tens of billions - none of which cheap software creates.
AI Lens thesis
AI reaches BAM through the asset side, not the workflow side: the manager's own labor is a small, already high-margin cost base where AI trims diligence, fund administration and reporting effort, but the decisive channel is that machine intelligence turns power and shovel-ready capacity into the scarcest commodity in the economy, and BAM is the entity that assembles, operates and charges fees on that capacity for allocators who cannot buy it directly; the risk is not disintermediation but price - the same scarcity draws rival capital, so the durable question is whether BAM holds its fee rate and entry discipline while the boom lasts, and whether digital infrastructure terminal values behave like real assets or like depreciating technology shells.
What the market may be underestimating
Upside The existing generation fleet is a repricing option, not just a yield asset - contracts signed years ago against merchant power can be rolled into long-dated hyperscaler offtakes at materially higher prices, and that uplift lands in carry and in the value of perpetual affiliate vehicles rather than in headline fee revenue.
Downside Data center assets may be far less bond-like than the real-asset label implies; chip generation turnover, cooling retrofits and single-tenant concentration can strand shells, so residual values and carry on the newest digital vintages could disappoint even while fee-bearing capital keeps rising.
Outcome range spread 38
Claude Reading
The annual revenue series is essentially unusable and the models have partially absorbed the garbage: $0 in 2022, $383M in 2023, $482M in 2024, then $4.61B in 2025 is not a business trajectory — it's the accounting artifact of the 2022 spin-off from BN and the subsequent up-C/consolidation that brought the full asset management P&L on-shore in 2025. The "revenue_cagr 246.9%" and "recent_revenue_yoy 856%" figures are noise; any model leaning on them is compromised. The quarterly series is the honest window: $916M → $1,120M → $1,060M → $1,080M → $1,090M → $1,250M → $1,390M → $1,340M. That's roughly 40–45% YoY on comparable quarters and a sequential dip in the March 2026 print — solid but decelerating, not hyper-growth. Net margins have oscillated 44–55% (ex the one -83% quarter tied to a non-cash mark), which is credible for a pure-play fee manager with modest carry contribution.
On valuation, 34.8x earnings, 18.7x sales, 25.9x EBITDA, and 8.4x book for a fee-based compounder with ~24% ROE and a 3.6% yield is priced like a high-quality alt manager, not a bargain. The synthesis "fair value $61–71" is doing a lot of work; I'd want to see the method mix, because a DCF on a business with two clean quarters of comparable data has enormous error bars. The 113% payout ratio flagged in the metrics is a red flag on paper but almost certainly reflects the mismatch between GAAP NI (depressed by the 2024 -$887M quarter) and distributable earnings — BAM guides on fee-related earnings and DE, and the dividend is covered on that basis. Still, a model that ingests payout_ratio 1.134 uncritically will misclassify the dividend as at-risk; it isn't, but the metric is a landmine.
The contrarian case is the thesis-evaluation model's, and it's the strongest bear argument on the page: at $84B market cap and 18x sales, the market is embedding a fee-AUM trajectory from ~$550B today toward $1.5–2T over a decade, and no alt manager has scaled from this base at that pace — Blackstone took 15+ years to reach ~$1.1T. If fundraising slows because rates stay elevated, LP allocations to private markets plateau (the denominator effect is real for pensions still overweight illiquids), or fee rates compress from mega-fund competition (Apollo, KKR, BX, Ares all fishing the same pond), the multiple compresses fast. The "steady compounder" narrative is durable only while net inflows stay positive; a single soft fundraising year re-rates this to 25x, i.e. ~$40. Meanwhile the insider "transactions" are ten identical 314,545-share J-Other entries on the same day — these are almost certainly administrative reclassifications or exchange/redemption mechanics from the BN/BAM structure, not signal. The "No Insider Transactions" secondary signal is closer to correct than the raw feed suggests.
I dissent partially from the synthesis undervalued call. The composite fair value of $61–71 assumes clean historical growth math that doesn't exist here, and the thesis-evaluation score of -8 is directionally more honest: the stock is priced for a scale-up that requires flawless execution against a macro backdrop the same models flag as headwinds. On the other hand, BAM is genuinely high quality — 24% ROE, ~66% operating margins, sticky institutional capital, no balance sheet debt at the ManCo level, and a 3.6% yield that's covered on DE. Calling it "overvalued" outright ignores that alt managers deserve premium multiples for capital-light fee streams. My read: fairly valued to modestly rich at $53, with fair value in the $48–58 range depending on whether you credit near-term fundraising momentum. The asymmetric setup favors waiting: if rates cut and fundraising re-accelerates, you'll get confirmation and can pay $60 with better visibility; if allocations stall, you'll buy this at $42 within 18 months. Starter position acceptable for yield-plus-compounding accounts, but the +35% upside claim in the synthesis is not supported by the underlying quarterly trajectory or comparable-manager scaling history.
GPT Reading
The first thing I do here is throw out the simplistic growth labels. The annual series is structurally broken by the post-spin reporting history: 2024 revenue of $482M against quarterly revenue that already totals over $4.1B across the last four reported quarters tells you the annual dataset is not comparable, and 2022 showing zero revenue makes the 247% “CAGR” statistic close to useless. The quarterly numbers are the cleaner signal, and those show a business that is actually performing well: revenue rose from $916M in 2024-06 to $1.39B in 2025-12 before a normal step down to $1.34B in 2026-03, while net income stayed remarkably high at $507M-$692M in five of the last six positive quarters. Even after the ugly 2024-12 loss of $887M, the trailing earnings power looks real, not optical. On 2025 annual numbers, $4.61B of revenue, $3.03B of operating income, $2.49B of net income, and $2.10B of operating cash flow is an elite asset-management profile.
What stands out is not fragility but how much of the current valuation already assumes this run-rate is durable and scalable. At $84.4B market cap, investors are paying about 18.7x sales, 34.8x earnings, and 8.4x book for a manager whose reported net margin was 54% in 2025. Those are premium multiples even before giving any haircut for the fact that Brookfield’s earnings mix can include lumpy realizations and non-cash marks. If I take the latest four quarters of revenue, I get roughly $5.07B annualized; against that, today’s valuation still implies a very rich revenue multiple for a company whose quarterly top line has grown, yes, but not in a straight line and not at the sort of pace that justifies paying software-like multiples for an asset manager. The rule-based “high growth profitable” label catches the profitability but overstates the dependability of the growth record.
The balance sheet does help the bull case: $1.58B of cash, no debt shown, and $10.31B of equity means this is not a levered story needing perfect markets to survive. ROE of 24.1% and ROIC of 28.5% are excellent. But for BAM specifically, high quality does not automatically mean cheap. A 3.6% dividend yield is attractive, yet the listed payout ratio of 1.134 says the dividend is not comfortably covered by accounting earnings if taken literally, and in an asset manager with episodic carry, distribution safety should be judged conservatively. Also, the insider tape is not helpful; the repeated “J-Other” transactions are too opaque to count as bullish insider buying. So when the valuation model says undervalued at $61-$71, I think it is leaning too heavily on normalized or narrative-friendly assumptions and not enough on the reality that the market already capitalizes BAM like a top-tier compounder.
The best case against my caution is straightforward: this is exactly the sort of business that often screens “expensive” all the way up. If fee-bearing capital keeps compounding and Brookfield continues converting that into 45%-55% net margins, then 35x earnings is not crazy. The quarterly trend since mid-2024 is undeniably strong: revenue up from $916M to $1.34B in seven quarters, and net income excluding one anomalous quarter mostly sitting north of $500M. On a forward run-rate, the P/E could compress quickly without the stock moving. Brookfield also deserves some premium because alternatives managers benefit from sticky institutional capital, operating leverage, and secular tailwinds from pensions and insurers reallocating to infrastructure, credit, and real assets. If you believe 2024-12 was a one-off accounting/event-driven distortion and that 2025 is the true base, then the stock at $52.84 is not obviously stretched.
What would change my mind is evidence that the growth is fee-based, repeatable, and still early. Concretely, if quarterly revenue can stay above $1.3B for the next few quarters while net income remains above roughly $550M without another mark-to-market air pocket, I’d be more willing to underwrite the current multiple. A materially lower entry point would matter too: at around $42-$45, the stock would be closer to 27x-30x 2025 earnings and offer better compensation for reporting complexity. Conversely, if revenue slips back toward the $1.0B-$1.1B range or another quarter like 2024-12 appears, the market will stop granting “premium alt manager” treatment very quickly.
Grok Reading
The quarterly run-rate is the cleanest window into post-spin BAM. Revenue has climbed from $1.08B in Q1 2025 to $1.34B in Q1 2026—roughly 24% year-over-year—while net margins have settled in a 44–55% band after the one-time Q4 2024 loss. Annualizing the last four quarters puts the franchise near $5.1B of revenue and about $2.5B of net income, which is consistent with the reported 2025 full-year $4.61B revenue and $2.49B NI. Operating cash flow of $2.10B against a debt-free balance sheet and $1.58B of cash is the real story: this is a high-ROE (24%), high-ROIC (28.5%) fee engine throwing off cash at a 65%+ operating margin. The multi-year income statement is largely noise—2022’s zero revenue and the 2024/2025 discontinuity are restructuring artifacts from the Brookfield Corporation separation, not operating collapse and rebirth. Once you ignore the base-effect CAGRs (246% revenue, 135% earnings), what remains is a mid-teens-to-low-twenties growth asset manager with fortress economics.
At $52.84 and an $84B market cap the stock screens at 34.8x trailing earnings, 18.7x sales, and 8.4x book. Those are premium multiples, but they sit below Blackstone’s typical band and are supported by 70% gross margins and a 3.6% dividend yield. The payout ratio above 113% is the clearest quantitative blemish—distributions are running ahead of reported earnings, which either means management is signaling durable fee-related earnings power above GAAP NI or the dividend is vulnerable if carry is light. Book value of $10.3B is almost irrelevant for a capital-light manager; the market is underwriting AUM compounding and carry optionality, not liquidation value. The valuation composite’s $61–$71 fair-value range implies 15–35% upside, but that range leans on growth and multiple assumptions that the same briefing’s thesis layer flags as aggressive: the market is already embedding a path toward multi-fold fee-revenue scale that has no recent precedent from this base.
The strongest case against a constructive read is straightforward. A 35x earnings multiple on a business whose cleanest recent growth print is ~24% leaves little room for AUM deceleration, fee-rate pressure, or a dry carry year; the top bear weights in the briefing (scale-up skepticism and circular multiple-on-growth) are correctly placed. Macro headwinds for illiquid alternatives, a payout that exceeds earnings, and the conglomerate-complexity discount that still clings to Brookfield entities all justify why the stock has not closed the gap to model fair value. If allocators slow commitments or refinancing markets stay tight, both fee growth and realizations compress simultaneously, and 35x becomes an exit multiple rather than an entry one. I weigh this less heavily than the bears because the balance sheet carries no debt, cash conversion is excellent, margins have proven resilient across the last six clean quarters, and the stock already embeds skepticism rather than euphoria—the narrative layer is anchored and cult coefficient is low.
What would flip the verdict is concrete: two consecutive quarters of revenue growth below 10% year-over-year, a cut or freeze in the dividend that confirms the payout was unsustainable, or fee-related earnings guidance that implies the run-rate stalls below ~$5B. Conversely, a clean print showing AUM inflows re-accelerating and carry realizations that drop the payout ratio under 80% while holding margins above 45% would push me from modestly constructive to outright bullish.
Big-3 Panel — where each AI stands
Advanced Analysis Forensic deep-dive · separate lenses
BAM is the fee-earning arm of the Brookfield complex, and the underlying business signature is strong: 2025 shows $4.61B revenue at 70.2% gross margin and 65.8% operating margin, $2.49B net income, and Altman Z of 8.3 with an OCF/NI ratio of 1.05x and slightly negative accruals (-0.5% of assets) - all consistent with high earnings integrity. FCF of $2.10B against $1.58B cash gives clear self-funding capacity with no reliance on external capital. Classification as high-growth-profitable is supported by the margin structure typical of a pure-play alternatives manager.
Verify before trusting this (6)
- Whether the 2025 diluted share count of 1.63B reflects the BN/BAM reorganization (share exchange/re-consolidation) versus true dilution
- Fee-related earnings, fee-bearing capital, and organic AUM growth from the latest 10-K/supplemental
- Actual SBC dollar amount and vesting mechanics, and whether buybacks fully neutralize net share issuance
- Distributable earnings payout ratio and dividend coverage
- Nature of the recurring J-Other intercompany transfers among Brookfield entities and any economic transfer to public holders
- Customer/LP concentration and duration of fee-bearing capital (perpetual vs. finite-life funds)
The e2e composite fair value of $61.16 implies ~16% upside from $52.84, with a signal-adjusted FV of $71.32 (~35% upside). I discount the signal-adjusted number given the anchored-PE method at $77 is doing most of the heavy lifting and the EPV-floor at $5.73 is clearly a runaway low-end artifact (ignore it). The reasonable deserved-value band for a high-quality alternatives manager with sticky fee streams and embedded carry is roughly $58-$68, putting today's price 5-15% below fair. That's a modest discount, not deep value. What's priced in: some AUM growth deceleration, fee compression concerns, and skepticism on carry realizations in a stressed credit cycle - the bear case is partially reflected. What's NOT priced in for a bull: durable fee-related earnings compounding at low-teens and eventual carry harvest. The high earnings quality score (2) means I don't need to haircut deserved value, but the 41.9% diluted share CAGR flagged by the quality lens is a genuine per-share overhang that keeps me from stretching deserved value higher. Net: a good business at a fair-to-slightly-cheap price.
Verify before trusting this (4)
- Reconciliation of the diluted share count trajectory - is the 41.9% CAGR a 2022 reorg spin artifact or ongoing dilution?
- Fee-related earnings growth guidance and AUM inflow pace in latest quarterly release
- Carry realization schedule and unrealized carry balance disclosed in supplementals
- SBC as % of FRE and net buyback capacity
The dominant force on BAM right now is the Nvidia-led 500B AI infrastructure financing consortium announced today, naming Brookfield alongside Apollo, Blackstone, BlackRock, Goldman and KKR as the anointed underwriters of AI as a new investable asset class. For a steady-compounder alt manager whose narrative was moderate-intensity and lacked a growth hook, this is a material story upgrade: it drops BAM into the AI trade via the back door, adds a long-duration, usage-linked revenue vector, and validates the platform with the market's hottest counterparty. Expect analyst tone and flows to lean positive over the next several sessions as the sell-side re-rates the AUM growth runway.
Verify before trusting this (4)
- Sell-side notes over next 1-2 weeks lifting BAM targets citing the Nvidia consortium
- Whether BAM management quantifies the AI-infra fee/AUM opportunity on next call
- Peer action in Apollo, Blackstone, KKR - if the group rerates together, this is a durable cohort trade
- Any credit-market stress that would undercut the leveraged AI-infra financing thesis
AI reaches BAM through the asset side, not the workflow side: the manager's own labor is a small, already high-margin cost base where AI trims diligence, fund administration and reporting effort, but the decisive channel is that machine intelligence turns power and shovel-ready capacity into the scarcest commodity in the economy, and BAM is the entity that assembles, operates and charges fees on that capacity for allocators who cannot buy it directly; the risk is not disintermediation but price - the same scarcity draws rival capital, so the durable question is whether BAM holds its fee rate and entry discipline while the boom lasts, and whether digital infrastructure terminal values behave like real assets or like depreciating technology shells.
None surfaced.
Verify before trusting this (8)
- interconnection queue wait times
- power purchase agreement pricing
- land and transmission right acquisitions
- fee rate on newest vintages
- fee-bearing capital net growth
- fee holiday and discount terms
- portfolio company operating margin trends
- AI-linked power contract announcements
This lens hasn't been run for this ticker yet.
When we made this prediction on Aug 11, 2026, BAM was $52.84. We expect it to be $59.50 by Feb 2027, and we consider it great value under $48.00. This is an early model (v0.6.0) — the direction is more reliable than the exact price. Made Aug 11, 2026.
Blue is our prediction, starting the day we made it. Grey is a slower route to the same place — the same destination, taking longer. Black is the actual price, so you can see how we are doing.