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CBRE Group Inc Class A CBRE

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Morningstar’s Analysis

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Shares of CBRE Jump 17% As It Reports Better-Than-Expected Third-Quarter Results

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

CBRE Group reported third-quarter results that vastly exceeded analyst estimates, sending shares sharply higher by around 17%. The company reported third-quarter companywide fee revenue of $2.52 billion, a 13% decrease compared with $2.9 billion during the third quarter of 2019. Third-quarter adjusted EBITDA showed a smaller decline of around 3% on a year-over-year basis. Although certainly not breathtaking, these results are encouraging amid the backdrop of the coronavirus crisis which caused activity in the commercial real estate industry to grind to a halt during the second quarter of 2020. To provide some perspective, second-quarter fee revenue declined by 21%, while adjusted EBITDA declined by 43%. Despite the dramatically improved performance, we are maintaining our $60 per share fair value estimate for narrow-moat 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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 100,000