top of page
Search

CBRE: EPS has bottomed

Writer's picture: Abacus ResearchAbacus Research

We like the commercial real estate brokers as a way to play expected normalizing in the CRE market aided by falling rates

  • Q2’24 was the confirmation that the bottom is in.

  • After two years of earnings declines, Q2’24 was the first quarter when earnings were flat yoy and CBRE beat in all segments

  • 60% of Profit comes from a relatively high-quality compounding service business, which differentiates it from peers JLL and CWK

  • We find M&A and capital deployment an attractive part of CBRE giving compounding returns and estimate an 18-20% EPS CAGR over the next 4 years.


Potential Upside:     $145 (+29%)

Sensible Downside: $90 (-20%)


0 comments

Recent Posts

See All

Tesla FSD inflection

The bet is that FSD learning has gone exponential and Tesla is entering the ‘golden age of robotics.’ We believe that FSD learning has...

Global-e

GLBE is an under-appreciated, leader in the high growth cross-border and D2C eCommerce market. The cross-border subset of e-commerce is...

Comments


bottom of page