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1. Company Snapshot

1.a. Company Description

Cushman & Wakefield plc, together with its subsidiaries, provides commercial real estate services under the Cushman & Wakefield brand in the United States, Australia, the United Kingdom, and internationally.The company operates through Americas; Europe, Middle East, and Africa; and Asia Pacific segments.It offers integrated facilities management, project and development, portfolio administration, transaction management, and strategic consulting services; property management services, including client accounting, engineering and operations, lease compliance administration, project and development, and sustainability services; and self-performed facilities services, which include janitorial, maintenance, critical environment management, landscaping, and office services.


The company also provides owner representation and tenant representation leasing services; capital market services, including investment sales and equity, and debt and structured financing for real estate purchase and sales transactions; and appraisal management, investment management, valuation advisory, portfolio advisory, diligence advisory, dispute analysis and litigation support, financial reporting, and property and/or portfolio valuation services on real estate debt and equity decisions.Cushman & Wakefield has strategic partnerships with Vanke Service (Hong Kong) Co., Limited.It serves real estate owners and occupiers, such as tenants, investors, and multi-national corporations.


Cushman & Wakefield plc was founded in 1784 and is based in London, the United Kingdom.

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1.b. Last Insights on CWK

Cushman & Wakefield's recent performance was driven by strong Q3 2025 earnings, beating estimates with $0.29 per share, and a 9% service line fee revenue growth. The company's leasing segment revenue growth accelerated to 9%, driving a 4% bottom-line outperformance. Management lifted the midpoint of FY2025 EPS growth guidance to 32.5%. Additionally, institutional investors, such as Campbell & CO Investment Adviser LLC, raised their holdings in the company by 20.6%. Cushman & Wakefield also earned the 2026 Military Friendly Employer designation, expanding its veteran initiatives.

1.c. Company Highlights

2. Cushman & Wakefield's Strong Q3 2025 Earnings: A Reflection of Operational Excellence

Cushman & Wakefield reported a robust third-quarter 2025 earnings, with revenue reaching $1.8 billion, an 8% year-over-year increase, and organic revenue growth of 9%. The company's adjusted EBITDA rose 11% to $160 million, with an adjusted EBITDA margin expansion of 23 basis points to 9%. The earnings per share (EPS) came in at $0.29, beating estimates of $0.28. The year-to-date adjusted EBITDA margin growth of roughly 70 basis points reflects the company's strong operating leverage and effective expense management.

Publication Date: Nov -03

📋 Highlights
  • Record Leasing Revenue: Achieved $1.8 billion in Q3, up 8% YoY with 9% organic growth, highest third-quarter leasing revenue in company history.
  • EBITDA Growth: Adjusted EBITDA rose 11% to $160 million, with margin expansion of 23 basis points to 9%, reflecting strong operational leverage.
  • Debt Reduction: Reduced total debt by $500 million over two years and prepaid $100 million, lowering net leverage to 3.4x (lowest since Q4 2022).
  • Capital Markets Surge: 20% YoY growth in capital markets revenue, with APAC seeing 84% growth and Americas/EMEA up 16% and 14%, respectively.
  • Services Momentum: Accelerated Services growth to 7% in Q3, with mid-single-digit growth expected, driven by global occupier services and project management in India/Europe.

Debt Reduction and Capital Allocation

The company has made significant progress in reducing its debt, with a total debt paydown of $500 million over a 2-year period, and recently prepaid an additional $100 million of debt. Its net leverage ratio has decreased to 3.4x, the lowest since Q4 2022. Cushman & Wakefield is balancing deleveraging and investing in organic growth and M&A opportunities, with a strong free cash flow conversion allowing it to invest in the business and pursue strategic opportunities.

Business Performance and Growth Drivers

The company's leasing revenue grew 9% in the quarter, driven by a flight to quality in office and industrial sectors. Capital markets revenue delivered 20% year-over-year growth, with the Americas growing 16%, EMEA up 14%, and APAC growing 84%. The company has invested in its services platforms, accelerating its third-quarter organic growth to 7%. The Services business has moved up the value chain into more technical services, with mid-single-digit growth expected to continue, driven by its global occupier services business.

Valuation and Outlook

With a P/E Ratio of 16.26 and an EV/EBITDA of 6.85, the company's valuation appears reasonable. Analysts estimate next year's revenue growth at 6.4%. The company's strong operational performance, combined with its strategic growth investments and improved operational performance, positions it well to capture the benefit of a "flight to quality" in office and industrial real estate. The company's focus on profitable growth, not growth for growth's sake, is expected to drive long-term value creation.

Regional Performance and Margin Expansion

In APAC, the company saw a $5 million headwind from the timing of a joint venture in China, but expects the full-year contribution to be flat versus last year. Excluding this headwind, APAC EBITDA would have increased year-over-year as Services and capital markets grew. The company expects margin expansion in Services to be driven by technology investments, moving up the value chain into higher-margin businesses, and cross-selling services to clients.

3. NewsRoom

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Cushman & Wakefield Forecasts U.S. CRE Market Shift “From Resilience to Optimism” in 2026

Dec -04

Source: businesswire.com

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Cushman & Wakefield Secures Global Contract Extension with BHP

Dec -03

Source: businesswire.com

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Cushman & Wakefield Completes Redomiciliation to Bermuda

Nov -28

Source: businesswire.com

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Elizabeth Warren Accuses Trump's DOJ Of 'Endorsing' RealPage's Alleged Rent Price-Fixing: Says It Lets Landlords 'Rip Off Renters'

Nov -26

Source: feeds.benzinga.com

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Cushman & Wakefield Expands Retail Expertise with Appointments of Jessica Gangoso and Kristen Pash

Nov -24

Source: businesswire.com

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Cushman & Wakefield and Greystone Close Sale and Financing of Multifamily Acquisition in Alabama

Nov -18

Source: globenewswire.com

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Cushman & Wakefield PLC $CWK Shares Purchased by Campbell & CO Investment Adviser LLC

Nov -17

Source: defenseworld.net

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Cushman & Wakefield Earns 2026 Military Friendly® Employer Designation, Expands Veteran Initiatives Nationwide

Nov -11

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.91%)

6. Segments

Property, Facilities and Project Management

Expected Growth: 4.82%

Cushman & Wakefield's 4.82% growth in Property, Facilities and Project Management is driven by increasing demand for outsourced real estate services, strategic acquisitions, and expansion into high-growth markets. Additionally, the company's focus on technology-enabled services, such as facility management and project management, has contributed to its growth.

Leasing

Expected Growth: 4.6%

Cushman & Wakefield's 4.6% leasing growth driven by increasing demand for commercial spaces, particularly in e-commerce and logistics sectors. Strong economic growth, urbanization, and low vacancy rates in key markets also contribute to growth. Additionally, the company's strategic expansion into new markets and service offerings, such as flexible workspace solutions, further boost leasing activity.

Capital Markets

Expected Growth: 4.65%

Cushman & Wakefield plc's Capital Markets segment growth of 4.65% is driven by increasing demand for commercial real estate services, expansion into new markets, and strategic acquisitions. Additionally, the segment benefits from a strong advisory platform, robust research capabilities, and a talented team of professionals. These factors, combined with a favorable economic environment, contribute to the segment's growth.

Valuation and Other

Expected Growth: 7.92%

Cushman & Wakefield plc's 7.92% growth is driven by increasing demand for commercial real estate services, expansion into new markets, and strategic acquisitions. The company's valuation is supported by its diversified revenue streams, strong brand recognition, and cost savings initiatives. Additionally, the growing trend of outsourcing real estate services and the need for companies to optimize their property portfolios also contribute to the company's growth.

7. Detailed Products

Property and Portfolio Valuation

Cushman & Wakefield provides independent valuation services for property owners, investors, and lenders, helping them make informed decisions about their real estate assets.

Leasing and Capital Markets

Cushman & Wakefield's leasing and capital markets teams help clients buy, sell, and lease commercial properties, providing strategic advice and transaction execution.

Occupier Services

Cushman & Wakefield's occupier services team helps corporate occupiers optimize their real estate portfolios, providing strategic planning, transaction management, and facilities management services.

Project and Development Services

Cushman & Wakefield's project and development services team provides project management, construction management, and development management services for clients across various sectors.

Global Supply Chain and Logistics

Cushman & Wakefield's global supply chain and logistics team helps clients optimize their logistics and supply chain operations, providing strategic consulting, site selection, and implementation services.

Research and Insights

Cushman & Wakefield's research and insights team provides market-leading research, data, and analytics to help clients make informed real estate decisions.

8. Cushman & Wakefield plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Cushman & Wakefield plc operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's strong brand recognition and diversified service offerings.

Bargaining Power Of Customers

Cushman & Wakefield plc's customers have significant bargaining power due to the availability of alternative service providers and the company's dependence on a few large clients.

Bargaining Power Of Suppliers

Cushman & Wakefield plc has a diverse supplier base, and the company's scale and global presence give it significant bargaining power over its suppliers.

Threat Of New Entrants

While there are barriers to entry in the commercial real estate services industry, new entrants can still disrupt the market, and Cushman & Wakefield plc must continue to innovate to stay competitive.

Intensity Of Rivalry

The commercial real estate services industry is highly competitive, with several large players competing for market share, and Cushman & Wakefield plc must differentiate itself through its service offerings and expertise.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 68.01%
Debt Cost 6.68%
Equity Weight 31.99%
Equity Cost 10.63%
WACC 7.95%
Leverage 212.60%

11. Quality Control: Cushman & Wakefield plc passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
VGP

A-Score: 5.8/10

Value: 3.1

Growth: 6.2

Quality: 7.0

Yield: 5.6

Momentum: 6.0

Volatility: 7.0

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Akelius Residential Property

A-Score: 4.8/10

Value: 4.6

Growth: 2.4

Quality: 5.2

Yield: 2.5

Momentum: 7.5

Volatility: 6.7

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Cushman & Wakefield

A-Score: 4.3/10

Value: 6.4

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 7.5

Volatility: 2.3

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Wihlborgs Fastigheter

A-Score: 4.2/10

Value: 4.3

Growth: 4.8

Quality: 5.8

Yield: 7.5

Momentum: 1.0

Volatility: 2.0

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Kojamo

A-Score: 3.8/10

Value: 3.0

Growth: 2.8

Quality: 5.0

Yield: 0.0

Momentum: 6.5

Volatility: 5.7

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Wallenstam

A-Score: 3.6/10

Value: 2.6

Growth: 4.3

Quality: 5.5

Yield: 1.9

Momentum: 1.5

Volatility: 6.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

15.77$

Current Price

15.77$

Potential

-0.00%

Expected Cash-Flows