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Cushman & Wakefield PLC CWK

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Morningstar’s Analysis

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Cushman & Wakefield Sees Brokerage Revenue Crater as Commercial Real Estate Transactions Dry Up

Yousuf Hafuda Equity Analyst

Analyst Note

| Yousuf Hafuda |

Cushman & Wakefield reported third-quarter financial results that echo the scale of cratering brokerage business we’ve seen from larger rivals CBRE and Jones Lang LaSalle, offset slightly by strength in the property and facilities management business. The company reported third-quarter fee revenue of $1.3 billion, a 14% decline from the third quarter of 2019. This is certainly a material decrease, but it compares favorably with the second quarter of 2020, which saw fee revenue decline 24%. All indications are that the second-quarter figures will represent the trough in terms of financial results for this current downturn. With third-quarter results largely reinforcing our view on the future financial results of narrow-moat-rated Cushman & Wakefield, we are maintaining our $21 fair value estimate.

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Company Profile

Business Description

Cushman & Wakefield is the third largest commercial real estate services firm in the world with a global headquarters in Chicago. The firm provides various real estate-related services to owners, occupiers and investors. These include brokerage services for leasing and capital markets sales, as well as advisory services such valuation, project management, and facilities management.

125 Old Broad Street
London, EC2N 1AR, United Kingdom
T +44 20132963000
Sector Real Estate
Industry Real Estate Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 53,000