CWK - Cushman & Wakefield: Weak Financial Position Remains Key Risk
- Cushman & Wakefield's fee revenue and EBITDA decreased by -14% YoY and -31% YoY in 3Q 2020, but the worst could be over with 2Q 2020 representing the trough.
- The company remains well-positioned to survive and thrive in the global commercial real estate services market in the medium term, thanks to the scale and scope of its operations.
- Cushman & Wakefield's weak financial position remains a concern, although there are limited risks associated with a breach of covenants.
- Cushman & Wakefield trades at consensus forward FY 2020 and FY 2021 P/E (normalized earnings per share) multiples of 21.7 times and 13.2 times, respectively.
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Cushman & Wakefield: Weak Financial Position Remains Key Risk