CWK: Global Occupier Wins And New Share Class Will Drive Upside

Analysts have modestly raised their price target on Cushman & Wakefield to approximately $18.00 per share, reflecting slightly higher assumed future valuation multiples that more than offset minor trims to revenue growth and profit margin expectations amid a higher discount rate.

What's in the News

• Cushman & Wakefield UK Holdco (London) Limited filed Form 15 with the SEC to voluntarily deregister its ordinary shares, formally completing its delisting process (company filing).
• At its 2025 Investor Day, management reiterated plans to pursue tuck-in, capability-enhancing M&A that is accretive and supportive of the long-term growth plan (Investor Day remarks).
• The Global Occupier Services team secured an off-market, multi-year contract extension with BHP, expanding services across a 12-country, 19-office global portfolio totaling more than 1.4 million square feet (company announcement).
• Cushman & Wakefield was selected as preferred real estate advisor to VertiPorts by Atlantic, supporting site identification and long-term ground leases for vertiports across major US urban markets to enable future eVTOL infrastructure (company announcement).
• Shareholders approved amendments to the company’s articles of association, including provisions covering shares issued under equity incentive plans and the creation of a new class of B ordinary shares (general meeting results).

Valuation Changes

• The Fair Value Estimate has risen slightly to approximately $18.00 per share from about $17.99, reflecting modestly higher assumed valuation multiples.
• The Discount Rate has increased slightly to approximately 11.34 percent from about 11.18 percent, indicating a modestly higher required return.
• Revenue growth has edged down slightly to roughly 5.28 percent from about 5.30 percent, incorporating a marginally more conservative top line outlook.
• The net profit margin has decreased slightly to about 3.03 percent from roughly 3.07 percent, reflecting a modestly lower long term profitability assumption.
• The future P/E multiple has risen slightly to approximately 16.65 times from about 16.34 times, implying a modestly higher valuation on forward earnings.