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CBRE Group Inc Class A CBRE

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Morningstar’s Analysis

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CBRE Reports Solid Q1 Results as Commercial Real Estate Market Continues to Recover

Kevin Brown Equity Analyst

Analyst Note

| Kevin Brown |

Narrow-moat-rated CBRE Group reported solid first-quarter earnings, comfortably beating the FactSet consensus estimate of $0.67 in earnings per share with reported adjusted EPS of $0.86. The company reported first-quarter companywide net revenue of $3.35 billion, a 2% decrease from $3.43 billion during the first quarter of 2020, though adjusted EBITDA increased on a year-over-year basis to $491 million, 14% higher than the $430 million in the same period last year. These results are on the back of a rapidly recovering commercial real estate market that was essentially brought to a grinding halt a year ago. We are increasingly seeing evidence of a broad-based recovery in the commercial real estate sector as mass vaccination develops herd immunity in the public and the end of the pandemic appears to be in sight. We do not plan to materially change our $73 fair value estimate as we fully incorporate the first-quarter results.

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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 Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 100,000