CBRE Group Inc (CBRE) is 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 -25% for CBRE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.9% (average of 3 methods) values the shares at $112.47; the price of $141.05 is 25% above that value, and 73% of that value comes from beyond year five.
Leak Score 44/100 on 10 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 | CBRE | CWK |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $141.05 | $12.86 |
| Intrinsic value | $112.47 | $17.06 |
| Margin of safety | -25% | +25% |
| Leak Score | 44/100 (10/12) | 41/100 (3/12) |
| Market cap | $40.8B | $3.0B |
| Revenue growth, 5 years | 11.2% | 5.6% |
| Operating margin | 2.8% | 3.8% |
| Net margin | 3.0% | 0.6% |
| Return on equity | 15.6% | 3.5% |
| Debt to equity | 1.29 | 1.50 |
| P/E | 32.3x | 44.3x |
| Forward P/E | 15.7x | 7.5x |
| P/B | 4.9x | 1.5x |