Cushman & Wakefield plc logo CWK - Cushman & Wakefield plc

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 7
HOLD 8
SELL 1
STRONG
SELL
0
| PRICE TARGET: $18.00 DETAILS
HIGH: $19.00
LOW: $17.00
MEDIAN: $18.00
CONSENSUS: $18.00
UPSIDE: 31.77%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 75% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Overvalued Moderate
Trading 21.9% above fair value
Current Price $13.66
Bear Case $8.96 34.4% downside ($8.96 - $13.66) / $13.66 = -34.4% $0.60 × 12x P/E
Fair Value $11.21 18.0% downside ($11.21 - $13.66) / $13.66 = -18.0% $0.60 × 15x P/E
Bull Case $13.44 1.6% downside ($13.44 - $13.66) / $13.66 = -1.6% $0.60 × 18x P/E

Adjust Assumptions

15.0x
0.6$

Key Value Driver

Normalized P/E multiple (15x base case)

Implied Market Multiple 22.9x

Plain-Language Summary

Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $18.00 from 16 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $11.21 per share.

Warnings

The company's reported profits differ from official accounting profits by 57%. Check what costs are being left out of the adjusted number.
Wall Street's average price target is $18.00 (from 16 analysts). Our estimate is 50% below the consensus -- consider that gap carefully.

Key Risks

  • Growth DCF inappropriate — terminal value assumptions dominate
  • EV/EBITDA misleading for regulated businesses where capex is mandated
  • Regulatory risk is a fat tail not visible in normal multiples