CBRE Group Inc (CBRE) is overvalued and FirstService Corp (FSV) is overvalued.
Both trade above our estimate of their intrinsic value. CBRE is the closer of the two: -25%, against -41% for FSV.
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 8.7% (average of 3 methods) values the shares at $94.25; the price of $133.34 is 41% above that value, and 78% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | CBRE | FSV |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $141.05 | $133.34 |
| Intrinsic value | $112.47 | $94.25 |
| Margin of safety | -25% | -41% |
| Leak Score | 44/100 (10/12) | 14/100 (3/12) |
| Market cap | $40.8B | $6.1B |
| Revenue growth, 5 years | 11.2% | 14.7% |
| Operating margin | 2.8% | 6.2% |
| Net margin | 3.0% | 2.9% |
| Return on equity | 15.6% | 13.1% |
| Debt to equity | 1.29 | 1.28 |
| P/E | 32.3x | 37.8x |
| Forward P/E | 15.7x | 19.9x |
| P/B | 4.9x | 4.8x |
| Dividend yield | — | 0.9% |