Financials Cushman & Wakefield plc

Equities

CWK

GB00BFZ4N465

Real Estate Services

Market Closed - Nyse 04:00:02 2024-04-26 pm EDT 5-day change 1st Jan Change
9.72 USD +1.57% Intraday chart for Cushman & Wakefield plc +4.18% -10.00%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,479 3,287 4,970 2,813 2,454 2,226 - -
Enterprise Value (EV) 1 6,325 5,487 7,462 5,430 4,933 4,681 4,675 4,564
P/E ratio - -14.8 x 20.2 x 14.5 x -67.5 x 12.2 x 9.72 x 7.56 x
Yield - - - - - - - -
Capitalization / Revenue 0.51 x 0.42 x 0.53 x 0.28 x 0.26 x 0.23 x 0.22 x 0.21 x
EV / Revenue 0.72 x 0.7 x 0.79 x 0.54 x 0.52 x 0.48 x 0.46 x 0.43 x
EV / EBITDA 8.73 x 10.9 x 8.42 x 6.04 x 8.65 x 7.62 x 6.67 x 5.86 x
EV / FCF 33.5 x -69.3 x 15.1 x -3,394 x 48.7 x 25.6 x 21.2 x 18.2 x
FCF Yield 2.99% -1.44% 6.64% -0.03% 2.05% 3.91% 4.73% 5.5%
Price to Book 3.45 x 3.01 x 3.44 x 1.69 x 1.46 x 1.23 x 1.22 x 1.06 x
Nbr of stocks (in thousands) 219,127 221,630 223,469 225,757 227,253 228,992 - -
Reference price 2 20.44 14.83 22.24 12.46 10.80 9.720 9.720 9.720
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/20/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,751 7,844 9,389 10,106 9,494 9,734 10,133 10,660
EBITDA 1 724.4 504.3 886.4 898.8 570.1 614 700.5 779.3
EBIT 1 427.7 240.7 714.3 535.1 205.6 398.5 475.9 545.6
Operating Margin 4.89% 3.07% 7.61% 5.3% 2.17% 4.09% 4.7% 5.12%
Earnings before Tax (EBT) 1 42.8 -176.6 339.9 338 -30 237.7 269.1 301.2
Net income 1 0.2 -220.5 250 196.4 -35.4 184.6 231.7 295.8
Net margin 0% -2.81% 2.66% 1.94% -0.37% 1.9% 2.29% 2.77%
EPS 2 - -1.000 1.100 0.8600 -0.1600 0.7999 1.000 1.286
Free Cash Flow 1 189 -79.2 495.7 -1.6 101.2 183 221 251
FCF margin 2.16% -1.01% 5.28% -0.02% 1.07% 1.88% 2.18% 2.35%
FCF Conversion (EBITDA) 26.09% - 55.92% - 17.75% 29.81% 31.55% 32.21%
FCF Conversion (Net income) 94,500% - 198.28% - - 99.13% 95.37% 84.86%
Dividend per Share 2 - - - - - - - -
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/20/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 2,333 2,884 2,331 2,613 2,515 2,647 2,249 2,406 2,286 2,552 2,172 2,340 2,348 2,665 2,392
EBITDA 1 219.1 347.7 214.4 262.8 201.9 219.7 60.9 146.1 150 213.1 74.1 153.2 169.7 229.2 88
EBIT 1 176.4 303.9 173.8 223.1 112.1 111.1 -18.3 56.3 57.6 110 19.41 93.98 111.6 175.2 46
Operating Margin 7.56% 10.54% 7.46% 8.54% 4.46% 4.2% -0.81% 2.34% 2.52% 4.31% 0.89% 4.02% 4.75% 6.57% 1.92%
Earnings before Tax (EBT) 1 91.6 197.6 76.1 123 50.1 88.8 -89.2 6.4 -17.3 70.1 -24.38 52.29 63.11 146.6 -
Net income 1 68.7 145.8 45.5 97.2 23.9 29.8 -76.4 5.1 -33.9 69.8 -23.61 38.06 47.97 102.8 -
Net margin 2.94% 5.06% 1.95% 3.72% 0.95% 1.13% -3.4% 0.21% -1.48% 2.73% -1.09% 1.63% 2.04% 3.86% -
EPS 2 0.3000 0.6400 0.2000 0.4300 0.1100 0.1300 -0.3400 0.0200 -0.1500 0.3000 -0.1014 0.1658 0.2070 0.4460 -0.0400
Dividend per Share 2 - - - - - - - - - - - - - - -
Announcement Date 11/4/21 2/24/22 5/5/22 8/4/22 11/3/22 2/23/23 5/4/23 7/31/23 10/30/23 2/20/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,846 2,201 2,492 2,617 2,479 2,456 2,449 2,338
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.549 x 4.364 x 2.812 x 2.912 x 4.348 x 4 x 3.497 x 3 x
Free Cash Flow 1 189 -79.2 496 -1.6 101 183 221 251
ROE (net income / shareholders' equity) 27.6% 15.1% 36.3% 29.3% 11.5% 10.6% 13.6% 15.6%
ROA (Net income/ Total Assets) 5.37% 2.5% 6.06% 5.75% 2.44% 2.68% 3.68% 4.67%
Assets 1 3.727 -8,828 4,127 3,419 -1,453 6,901 6,293 6,328
Book Value Per Share 2 5.930 4.930 6.470 7.360 7.380 7.870 7.980 9.140
Cash Flow per Share 1.200 -0.1700 2.430 0.2200 - - - -
Capex 1 80.3 41 53.8 50.7 51 67.2 70.9 74.9
Capex / Sales 0.92% 0.52% 0.57% 0.5% 0.54% 0.69% 0.7% 0.7%
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/20/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
9.72 USD
Average target price
12.29 USD
Spread / Average Target
+26.40%
Consensus
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