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: $18.40 DETAILS
HIGH: $19.00
LOW: $17.00
MEDIAN: $19.00
CONSENSUS: $18.40
UPSIDE: 42.75%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 75% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Overvalued Mild
Trading 14.0% above fair value
Current Price $12.89
Bear Case $9.04 29.9% downside ($9.04 - $12.89) / $12.89 = -29.9% $0.60 × 12x P/E
Fair Value $11.30 12.3% downside ($11.30 - $12.89) / $12.89 = -12.3% $0.60 × 15x P/E
Bull Case $13.56 5.2% upside ($13.56 - $12.89) / $12.89 = 5.2% $0.60 × 18x P/E

Adjust Assumptions

15.0x
0.6$

Key Value Driver

Normalized P/E multiple (15x base case)

Implied Market Multiple 21.6x

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 $18.40 from 16 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $11.30 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 $18.40 (from 16 analysts). Our estimate is 51% 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