KE Holdings Inc ADR (BEKE) is slightly overvalued and Cushman & Wakefield Ltd (CWK) is undervalued.
Against our estimates of intrinsic value, CWK trades at the wider discount: a margin of safety of +25%, against -17% for BEKE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.2% (average of 3 methods) values the shares at $13.98; the price of $16.38 is 17% above that value, and 79% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
Discounting its cash flows at 8.5% (average of 2 methods) values the shares at $17.06; the price of $12.86 is 25% below that value, and 78% of that value comes from beyond year five.
Leak Score 41/100 on 3 of 12 signals
| Metric | BEKE | CWK |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $16.38 | $12.86 |
| Intrinsic value | $13.98 | $17.06 |
| Margin of safety | -17% | +25% |
| Leak Score | 27/100 (3/12) | 41/100 (3/12) |
| Market cap | $17.3B | $3.0B |
| Revenue growth, 5 years | 5.2% | 5.6% |
| Operating margin | 5.6% | 3.8% |
| Net margin | 5.4% | 0.6% |
| Return on equity | 7.1% | 3.5% |
| Debt to equity | 0.22 | 1.50 |
| P/E | 27.0x | 44.3x |
| Forward P/E | 12.9x | 7.5x |
| P/B | 1.9x | 1.5x |
| Dividend yield | 2.5% | — |