Cushman & Wakefield PLC

CWK: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$15.00	Yfpn	Pcrlmrg

Cushman & Wakefield Earnings: Leasing Starts to Recover but Capital Markets Remain Depressed

Suryansh Sharma

Feb 21, 2024

No-moat-rated Cushman & Wakefield reported a middling set of numbers for the fourth quarter as leasing revenue recovered reasonably well but capital markets revenue remained depressed. Given our macroeconomic outlook and rising interest rates, we think the firm's capital markets business will continue to be pressured in the near term. Management noted that maintained capital markets growth seems unlikely in the first half of the current year.

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