DCF
DIFFERENCE CAPITAL FINANCIAL I
stock TSE

BN share price has nothing to do with the restructuring and everything to do with the fact that for this company valuations in 5-year DCF model will vary wildly depending on assumptions about interest rates. Note that in his February 2026 letter to shareholders Flatt explicitly stated that in the company's view interest rates would continue to trend downward and that future projections should be based on a 'new normal' - 3% short term and 4% long term interest rates. Lo and behold US 5-year is approaching 4.5% and the 30-year is well above 5. I.e. rates are up 50 to 80 basis points since he forecast falling rates and his 'New Normal' baseline has vanished over the horizon. Unless interest rates fall markedly the share price is still badly overvalued.

BN share price has nothing to do with the restructuring and everything to do with the fact that for this company valuations in 5-year DCF model will vary wildly depending on assumptions about interest rates. Note that in his February 2026 letter to shareholders Flatt explicitly stated that in the company's view interest rates would continue to trend downward and that future projections should be based on a 'new normal' - 3% short term and 4% long term interest rates. Lo and behold US 5-year is approaching 4.5% and the 30-year is well above 5. I.e. rates are up 50 to 80 basis points since he forecast falling rates and his 'New Normal' baseline has vanished over the horizon. Unless interest rates fall markedly the share price is still badly overvalued.