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CBRE Group Inc Class A CBRE

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Morningstar’s Analysis

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CBRE Posted a Strong Set of Numbers in Q2 and Announced Acquisition of Turner & Townsend

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Narrow-moat-rated CBRE Group posted a strong set of numbers in the second quarter, comfortably beating the FactSet consensus estimate of $0.78 per share with reported adjusted EPS of $1.36. Companywide net revenue has fully recovered beyond prepandemic levels as the company reported second-quarter companywide net revenue of $3.91 billion, a 31% increase on a year-over-year basis and an 11% increase from the second quarter of 2019. Adjusted EBITDA also came in strong for the current quarter at $718 million, 53% higher than the second quarter of 2019. Despite the strong quarter, we currently don't anticipate making any significant changes to our long-term outlook for the company and thus reaffirm our $73 fair value estimate for CBRE.

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Company Profile

Business Description

CBRE Group provides a wide range of real estate services to owners, occupants, and investors worldwide, including leasing, property and project management, and capital markets advisory. Additionally, CBRE’s investment management arm manages over $100 billion for clients across diverse public and private real estate strategies.

400 South Hope Street, 25th Floor
Los Angeles, CA, 90071
T +1 213 613-3333
Sector Real Estate
Industry Real Estate Services
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 100,000