Cushman & Wakefield Ends the Year With a Strong Quarter; Increasing FVE to $25.00

No-moat rated Cushman & Wakefield ended the year with a strong set of numbers in the fourth quarter as it reported adjusted earnings per share of $0.94, more than double the $0.43 reported in the previous year. Fee revenue for the quarter was at $2.2 billion, a 35% increase on a year-over-year basis and a 17% increase from the fourth quarter of 2019. The strong growth in revenue reflects record-setting volume in capital markets and continued momentum in non-office leasing resulting in brokerage revenue exceeding prepandemic levels.