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Cushman & Wakefield

NYSE:CWK
Snowflake Description

Reasonable growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CWK
NYSE
$4B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Cushman & Wakefield plc provides commercial real estate services under the Cushman & Wakefield brand in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The last earnings update was 15 days ago. More info.


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CWK Share Price and Events
7 Day Returns
-3.1%
NYSE:CWK
-0.8%
US Real Estate
0.2%
US Market
1 Year Returns
-
NYSE:CWK
-16.5%
US Real Estate
2.9%
US Market
CWK Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cushman & Wakefield (CWK) -3.1% -4.4% -3.6% - - -
US Real Estate -0.8% -6.9% -9.9% -16.5% 14.5% 1%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • No trading data on CWK.
  • No trading data on CWK.
Price Volatility
Industry
5yr Volatility vs Market

CWK Value

 Is Cushman & Wakefield undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cushman & Wakefield to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cushman & Wakefield.

NYSE:CWK Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CWK
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.11
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.108 (1 + (1- 21%) (82.6%))
1.556
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.56
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.556 * 5.96%)
12.01%

Discounted Cash Flow Calculation for NYSE:CWK using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cushman & Wakefield is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:CWK DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.01%)
2019 323.00 Analyst x1 288.38
2020 360.00 Analyst x1 286.96
2021 392.00 Analyst x1 278.97
2022 418.58 Est @ 6.78% 265.95
2023 441.87 Est @ 5.57% 250.66
2024 462.71 Est @ 4.71% 234.34
2025 481.77 Est @ 4.12% 217.84
2026 499.60 Est @ 3.7% 201.69
2027 516.65 Est @ 3.41% 186.21
2028 533.21 Est @ 3.21% 171.58
Present value of next 10 years cash flows $2,382.56
NYSE:CWK DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $533.21 × (1 + 2.73%) ÷ (12.01% – 2.73%)
$5,904.86
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $5,904.86 ÷ (1 + 12.01%)10
$1,900.09
NYSE:CWK Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,382.56 + $1,900.09
$4,282.66
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,282.66 / 216.77
$19.76
NYSE:CWK Discount to Share Price
Calculation Result
Value per share (USD) From above. $19.76
Current discount Discount to share price of $18.01
= -1 x ($18.01 - $19.76) / $19.76
8.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cushman & Wakefield is available for.
Intrinsic value
9%
Share price is $18.01 vs Future cash flow value of $19.76
Current Discount Checks
For Cushman & Wakefield to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cushman & Wakefield's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Cushman & Wakefield's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cushman & Wakefield's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cushman & Wakefield's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CWK PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.60
NYSE:CWK Share Price ** NYSE (2019-05-22) in USD $18.01
United States of America Real Estate Industry PE Ratio Median Figure of 26 Publicly-Listed Real Estate Companies 15.11x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cushman & Wakefield.

NYSE:CWK PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CWK Share Price ÷ EPS (both in USD)

= 18.01 ÷ -0.60

-29.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cushman & Wakefield is loss making, we can't compare its value to the US Real Estate industry average.
  • Cushman & Wakefield is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Cushman & Wakefield's expected growth come at a high price?
Raw Data
NYSE:CWK PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -29.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
58.2%per year
United States of America Real Estate Industry PEG Ratio Median Figure of 12 Publicly-Listed Real Estate Companies 0.45x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Cushman & Wakefield, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cushman & Wakefield's assets?
Raw Data
NYSE:CWK PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $6.14
NYSE:CWK Share Price * NYSE (2019-05-22) in USD $18.01
United States of America Real Estate Industry PB Ratio Median Figure of 51 Publicly-Listed Real Estate Companies 1.51x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:CWK PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CWK Share Price ÷ Book Value per Share (both in USD)

= 18.01 ÷ 6.14

2.93x

* Primary Listing of Cushman & Wakefield.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cushman & Wakefield is overvalued based on assets compared to the US Real Estate industry average.
X
Value checks
We assess Cushman & Wakefield's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Cushman & Wakefield has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CWK Future Performance

 How is Cushman & Wakefield expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
58.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cushman & Wakefield expected to grow at an attractive rate?
  • Cushman & Wakefield's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cushman & Wakefield's earnings growth is expected to exceed the United States of America market average.
  • Cushman & Wakefield's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CWK Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CWK Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 58.2%
NYSE:CWK Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts 5.8%
United States of America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 4.3%
United States of America Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CWK Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CWK Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 9,825 499 300 2
2020-12-31 9,357 461 223 3
2019-12-31 8,798 419 170 2
NYSE:CWK Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 8,355 -47 -114
2018-12-31 8,220 -2 -186
2018-09-30 7,871 207 -150
2018-06-30 7,504 64 -179
2018-03-31 7,230 8 -195
2017-12-31 6,924 4 -221
2016-12-31 6,216 -335 -434

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cushman & Wakefield's earnings are expected to grow significantly at over 20% yearly.
  • Cushman & Wakefield's revenue is expected to grow by 5.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CWK Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Cushman & Wakefield Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CWK Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.31 1.32 1.31 2.00
2020-12-31 0.98 1.13 0.91 3.00
2019-12-31 0.76 0.82 0.69 2.00
NYSE:CWK Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.60
2018-12-31 -1.09
2018-09-30 -0.96
2018-06-30 -1.24
2018-03-31 -1.35
2017-12-31 -1.54
2016-12-31 -3.07

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Cushman & Wakefield is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Cushman & Wakefield's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cushman & Wakefield has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CWK Past Performance

  How has Cushman & Wakefield performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cushman & Wakefield's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cushman & Wakefield does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Cushman & Wakefield's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Cushman & Wakefield's 1-year growth to the US Real Estate industry average as it is not currently profitable.
Earnings and Revenue History
Cushman & Wakefield's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cushman & Wakefield Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CWK Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 8,355.20 -113.80 1,266.10
2018-12-31 8,219.90 -185.80 1,274.30
2018-09-30 7,870.70 -149.50 1,242.40
2018-06-30 7,504.00 -179.40 1,211.00
2018-03-31 7,230.30 -194.50 1,180.10
2017-12-31 6,923.90 -221.30 1,167.10
2016-12-31 6,215.70 -434.20 1,152.50
2015-12-31 4,193.20 -473.70 810.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Cushman & Wakefield has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Cushman & Wakefield used its assets less efficiently than the US Real Estate industry average last year based on Return on Assets.
  • It is difficult to establish if Cushman & Wakefield improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Cushman & Wakefield's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cushman & Wakefield has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CWK Health

 How is Cushman & Wakefield's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cushman & Wakefield's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cushman & Wakefield is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cushman & Wakefield's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cushman & Wakefield's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cushman & Wakefield Company Filings, last reported 1 month ago.

NYSE:CWK Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,330.40 3,224.60 411.00
2018-12-31 1,360.10 2,709.20 895.30
2018-09-30 1,409.10 2,703.60 939.00
2018-06-30 440.60 3,042.50 382.40
2018-03-31 485.60 3,069.20 438.70
2017-12-31 499.40 2,843.90 405.60
2016-12-31 590.00 2,663.30 382.30
2015-12-31
  • Cushman & Wakefield's level of debt (242.4%) compared to net worth is high (greater than 40%).
  • Unable to establish if Cushman & Wakefield's debt level has increased without past 5-year debt data.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Cushman & Wakefield has sufficient cash runway for more than 3 years based on current free cash flow.
  • Cushman & Wakefield has sufficient cash runway for more than 3 years if free cash flow continues to reduce at historical rates of -108.2% each year.
X
Financial health checks
We assess Cushman & Wakefield's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cushman & Wakefield has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CWK Dividends

 What is Cushman & Wakefield's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Cushman & Wakefield dividends. Estimated to be 0% next year.
If you bought $2,000 of Cushman & Wakefield shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Cushman & Wakefield's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Cushman & Wakefield's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CWK Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CWK Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.00 5.00
2020-12-31 0.00 5.00
2019-12-31 0.00 5.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Cushman & Wakefield has not reported any payouts.
  • Unable to verify if Cushman & Wakefield's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Cushman & Wakefield's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Cushman & Wakefield has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Cushman & Wakefield's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Cushman & Wakefield's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cushman & Wakefield afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cushman & Wakefield has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CWK Management

 What is the CEO of Cushman & Wakefield's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Brett White
COMPENSATION $49,239,960
AGE 58
TENURE AS CEO 4.3 years
CEO Bio

Mr. Brett White serves as Executive Chairman and Chief Executive Officer at DTZ Jersey Holdings Limited and he also serves as its Director. Mr. White served as President of DTZ Jersey Holdings Limited. He has served as Executive Chairman and Chief Executive Officer of Cushman & Wakefield since 2015. Prior to joining Cushman & Wakefield, Mr. White had a 28-year career with CBRE, serving as Chief Executive Officer from 2005 to 2012 and President from 2001 to 2005. He was also a member of CBRE’s Board of Directors from 1998 to 2013. He currently serves as a member of the board of directors of Edison International and Southern California Edison. Previously, he served as a trustee of the University of San Francisco and as a member of the board of directors for Realogy Holdings Corporation and Mossimo, Inc. Mr. White holds a B.A. in Biology from the University of California, Santa Barbara.

CEO Compensation
  • Brett's compensation has increased whilst company is loss making.
  • Brett's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cushman & Wakefield management team in years:

2.3
Average Tenure
53
Average Age
  • The tenure for the Cushman & Wakefield management team is about average.
Management Team

Brett White

TITLE
Executive Chairman & CEO
COMPENSATION
$49M
AGE
58
TENURE
4.3 yrs

John Forrester

TITLE
Executive VP & Global President
COMPENSATION
$8M
AGE
55
TENURE
1.4 yrs

Duncan Palmer

TITLE
Executive VP & CFO
COMPENSATION
$6M
AGE
53
TENURE
5.3 yrs

Brett Soloway

TITLE
Executive VP
COMPENSATION
$2M
AGE
49
TENURE
5.3 yrs

Michelle Hay

TITLE
Executive VP & Chief Human Resources Officer
COMPENSATION
$2M
AGE
49
TENURE
2.3 yrs

Nate Robinson

TITLE
Executive VP of Strategic Planning & Chief Investment Officer
TENURE
1.3 yrs

Adam Stanley

TITLE
Chief Information Officer & Chief Digital Officer

Bill Knightly

TITLE
Executive VP of Investor Relations & Treasurer

Brad Kreiger

TITLE
Chief Marketing & Communications Officer
TENURE
1.3 yrs

Matthew Bouw

TITLE
Chief Executive Officer of Asia Pacific
COMPENSATION
$807K
Board of Directors Tenure

Average tenure and age of the Cushman & Wakefield board of directors in years:

1.8
Average Tenure
52
Average Age
  • The average tenure for the Cushman & Wakefield board of directors is less than 3 years, this suggests a new board.
Board of Directors

Lincoln Pan

TITLE
Director
AGE
41
TENURE
2.3 yrs

Brett White

TITLE
Executive Chairman & CEO
COMPENSATION
$49M
AGE
58
TENURE
4.3 yrs

Tim Dattels

TITLE
Lead Director
AGE
54

Billie Williamson

TITLE
Director
COMPENSATION
$183K
AGE
66
TENURE
1.3 yrs

Raju Ruparelia

TITLE
Director
AGE
42
TENURE
5.3 yrs

Jonathan Coslet

TITLE
Independent Director
AGE
54
TENURE
1.3 yrs

Elaine Qi

TITLE
Independent Director
AGE
41
TENURE
5.3 yrs

Jodie McLean

TITLE
Independent Director
COMPENSATION
$110K
AGE
49
TENURE
0.6 yrs

Michelle MacKay

TITLE
Independent Director
COMPENSATION
$92K
AGE
52
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • Cushman & Wakefield insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
16. Apr 19 Sell TPG Capital, L.P. Company 12. Apr 19 12. Apr 19 -1,909,557 $17.08 $-32,623,636
16. Apr 19 Sell Ontario Teachers' Pension Plan Board Company 12. Apr 19 12. Apr 19 -233,682 $17.08 $-3,992,317
16. Apr 19 Sell W. White Individual 12. Apr 19 12. Apr 19 -13,575 $17.08 $-231,921
26. Mar 19 Sell TPG Capital, L.P. Company 22. Mar 19 22. Mar 19 -14,499,822 $17.08 $-247,720,759
26. Mar 19 Sell PAGAC Drone Holding GP I Ltd Company 22. Mar 19 22. Mar 19 0 $17.08 $0
26. Mar 19 Sell PAG Asia Capital Company 22. Mar 19 22. Mar 19 -74,660 $17.08 $-1,275,521
26. Mar 19 Sell Dtz Investment Holdings Genpar Llp Company 22. Mar 19 22. Mar 19 -26,080 $17.08 $-445,561
26. Mar 19 Sell Ontario Teachers' Pension Plan Board Company 22. Mar 19 22. Mar 19 -1,762,266 $17.08 $-30,107,257
26. Mar 19 Sell DTZ Investment Holdings LP Company 22. Mar 19 22. Mar 19 -200,000 $17.08 $-3,416,880
26. Mar 19 Sell W. White Individual 22. Mar 19 22. Mar 19 -103,645 $17.08 $-1,770,713
X
Management checks
We assess Cushman & Wakefield's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cushman & Wakefield has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CWK News

Simply Wall St News

A Look At The Fair Value Of Cushman & Wakefield plc (NYSE:CWK)

Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model. … We're using the 2-stage growth model, which simply means we take in account two stages of company's growth … In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate.

Simply Wall St -

What Kind Of Investor Owns Most Of Cushman & Wakefield plc (NYSE:CWK)?

The big shareholder groups in Cushman & Wakefield plc (NYSE:CWK) have power over the company. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Cushman & Wakefield has a market capitalization of US$3.8b, so it's too big to fly under the radar.

Simply Wall St -

Analysts Expect Breakeven For Cushman & Wakefield plc (NYSE:CWK)

Cushman & Wakefield plc provides commercial real estate services in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. … With the latest financial year loss of -US$220m and a trailing-twelve month of -US$178m, the US$3.7b market-cap alleviates its loss by moving closer towards its target of breakeven. … I’ve put together a brief outline of industry analyst expectations for CWK, its year of breakeven and its implied growth rate

Simply Wall St -

Estimating The Intrinsic Value Of Cushman & Wakefield plc (NYSE:CWK)

Does the share price for Cushman & Wakefield plc (NYSE:CWK) reflect it's really worth? … by taking the expected future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

CWK Company Info

Description

Cushman & Wakefield plc provides commercial real estate services under the Cushman & Wakefield brand in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. 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 janitorial, maintenance, critical environment management, landscaping, and office services. The company also provides owner representation and tenant representation leasing services; capital market services, such as 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. It serves real estate owners and occupiers. Cushman & Wakefield plc was founded in 1784 and is headquartered in Chicago, Illinois.

Details
Name: Cushman & Wakefield plc
CWK
Exchange: NYSE
Founded: 1784
$3,904,096,011
216,773,793
Website: http://www.cushmanwakefield.com
Address: Cushman & Wakefield plc
225 West Wacker Drive,
Suite 3000,
Chicago,
Illinois, 60606,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CWK New Ordinary shares New York Stock Exchange US USD 02. Aug 2018
Number of employees
Current staff
Staff numbers
51,000
Cushman & Wakefield employees.
Industry
Real Estate Services
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 06:48
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/15
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.