Cushman & Wakefield Ltd. (CWK)

Real Estate

Latest Price

$12.52

TTM P/E

43.17

Normalized P/E

22.76

Div Yield

Book Value

8.65

P/B Ratio

1.45

Valuation metrics

EPS: $0.38

Book value / share: $8.44

Formula: √(22.5 × EPS × BVPS)

Graham Number

$8.49

32% downside

Norm. op. income: $339M (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$1.84

85% downside

Base FCF: $230M (median of recent 5yr)

Growth: 25%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$64.88

+418% upside

EPS: $0.38

Target P/E: 23×

Formula: EPS × P/E

P/E Fair Value

$8.74

30% downside