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Cushman & Wakefield PLC - Stock Quote CWK

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Morningstar's Cushman & Wakefield PLC Stock Analysis

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Strong Brokerage Activity Helped Drive Margins for Cushman & Wakefield in Q1

Suryansh Sharma Equity Analyst

Analyst Note

| Suryansh Sharma |

No-moat-rated Cushman & Wakefield posted a good set of numbers in the first quarter, comfortably beating the FactSet consensus estimate of $0.23 per share with a reported adjusted EPS of $0.48. Fee revenue came in strong as the company reported first-quarter fee revenue of $1.7 billion, a 27% increase on a year-over-year basis. Fee revenue growth reflects strong brokerage activity in the first quarter with all segments reporting brokerage revenue higher than prepandemic levels. The company reported first-quarter adjusted EBITDA of $214 million, a 115% increase compared with last year. This resulted in adjusted EBITDA margins being reported at 12.6% in the first quarter, up 512 basis points compared with the previous year. The margin expansion over the past year is mainly a result of significant operating leverage in the company’s business model, and it reflects the buoyant transaction activity in the market. We are impressed by the company's ability to deliver in a favorable environment, however, we would like to point out that the increasing interest rate environment can pressure the transactional businesses of the company resulting in lower fee revenue growth and margin compression in the upcoming years. We are maintaining our $25.00 fair value estimate after incorporating the first-quarter results. 

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Cushman & Wakefield PLC's 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 Mar 31, 2022
Fiscal Year End Dec 31, 2021
Stock Type
Employees 50,000