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Cushman & Wakefield PLC CWK

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Morningstar’s Analysis

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Cushman & Wakefield's Recovery Continues in Q3; Announces Strategic Partnership with Greystone

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Narrow-moat rated Cushman & Wakefield posted a solid set of numbers in the third quarter, comfortably beating the FactSet consensus estimate of $0.28 per share with reported adjusted EPS of $0.48. Fee revenue came in strong as the company reported third-quarter fee revenue of $1.7 billion, a 27% increase on a year-over-year basis and a 10% increase from the third quarter of 2019. The company reported third quarter adjusted EBITDA of $219 million, an 85% increase compared to last year and 30% higher than the third quarter of 2019. The adjusted EBITDA margin calculated on a fee-revenue basis was 12.9%, up 405 basis points when compared with third quarter of 2020 and up 200 basis points from third quarter of 2019. The margin expansion in the recent quarters is a result of significant operating leverage in the company’s business model and is positively impacted by strong brokerage activity and savings generated from cost reduction initiatives that the company has taken over the past two years. These results are largely in line with our expectations and we do not plan to materially change our $20.50 fair value estimate for the company as we fully incorporate the third-quarter results.

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Company Profile

Business Description

Cushman & Wakefield is the third largest commercial real estate services firm in the world with a global headquarters in Chicago. The firm provides various real estate-related services to owners, occupiers and investors. These include brokerage services for leasing and capital markets sales, as well as advisory services such valuation, project management, and facilities management.

125 Old Broad Street
London, EC2N 1AR, United Kingdom
T +44 20132963000
Sector Real Estate
Industry Real Estate Services
Most Recent Earnings Sep 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 50,000