Cushman & Wakefield Ltd (CWK) is undervalued and FirstService Corp (FSV) is overvalued.
Against our estimates of intrinsic value, CWK trades at the wider discount: a margin of safety of +25%, against -41% for FSV.
Values as of the 22 Sept 2026 close.
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
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 | CWK | FSV |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $12.86 | $133.34 |
| Intrinsic value | $17.06 | $94.25 |
| Margin of safety | +25% | -41% |
| Leak Score | 41/100 (3/12) | 14/100 (3/12) |
| Market cap | $3.0B | $6.1B |
| Revenue growth, 5 years | 5.6% | 14.7% |
| Operating margin | 3.8% | 6.2% |
| Net margin | 0.6% | 2.9% |
| Return on equity | 3.5% | 13.1% |
| Debt to equity | 1.50 | 1.28 |
| P/E | 44.3x | 37.8x |
| Forward P/E | 7.5x | 19.9x |
| P/B | 1.5x | 4.8x |
| Dividend yield | — | 0.9% |