CWK - Cushman & Wakefield: Brokerage Business Weakness And Potential M&A Draw Attention
- Cushman & Wakefield's 4Q 2020 financial performance continued to be weak, with fee revenue and adjusted EBITDA down -13% and -34% YoY, respectively.
- The brokerage business remained a drag on Cushman & Wakefield's financial results in 4Q 2020, with fee revenue for the Leasing and Capital Markets service lines decreasing YoY.
- Cushman & Wakefield's high financial gearing is a potential obstacle in the company's hunt for good M&A targets.
- Cushman & Wakefield trades at consensus forward FY 2021 and FY 2022 P/E multiples of 13.5 times and 10.5 times, respectively.
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Cushman & Wakefield: Brokerage Business Weakness And Potential M&A Draw Attention