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Cushman & Wakefield (CWK)

Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.

Company profile

Ticker
CWK
Exchange
CEO
Brett W. White
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
Cushman & Wakefield Ltd, DTZ Jersey Holdings Ltd
SEC CIK
Subsidiaries
American Management Services Central LLC • American Management Services Northwest LLC • American Management Services West LLC • AMS Central-Illinois LLC • AMS RE Services LLC • Aurora Europe • BPO EA Malaysia SDN. BHD. • Bre Otay, LLC • Brilliant Time Investment Limited • C&W Administración, S. de R.L. de C.V. ...
IRS number
981193584

CWK stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$25.00
Low target
$19.00
High target
$31.00
Raymond James
Maintains
Strong Buy
$31.00
22 Jul 22
Morgan Stanley
Maintains
Overweight
$19.00
6 Jul 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
16 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 582.7M 582.7M 582.7M 582.7M 582.7M 582.7M
Cash burn (monthly) 48.5M 49.75M (no burn) (no burn) 29.37M (no burn)
Cash used (since last report) 76.09M 78.05M n/a n/a 46.07M n/a
Cash remaining 506.61M 504.65M n/a n/a 536.63M n/a
Runway (months of cash) 10.4 10.1 n/a n/a 18.3 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jun 22 John Forrester Ordinary Shares Option exercise Acquire M No No 10 15,000 150K 253,470.1
15 Jun 22 John Forrester Employee Stock Option Ordinary Shares Option exercise Dispose M No No 10 15,000 150K 185,000
13 Jun 22 Mackay Michelle Ordinary Shares Buy Acquire P No No 14.64 3,500 51.24K 50,760
3 Jun 22 Nathaniel Robinson Ordinary Shares Sell Dispose S No No 17.58 15,231 267.76K 22,579.8
31 May 22 PAGAC Drone Holding GP I Ordinary Shares, $0.10 nominal value per share Sell Dispose S No No 18.39 2,156,391 39.66M 25,717,475
31 May 22 TPG GP A Ordinary Shares Sell Dispose S Yes No 18.385 2,920,717 53.7M 34,832,955
14.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 192 188 +2.1%
Opened positions 35 60 -41.7%
Closed positions 31 20 +55.0%
Increased positions 81 75 +8.0%
Reduced positions 58 36 +61.1%
13F shares Current Prev Q Change
Total value 5.79B 6.32B -8.4%
Total shares 213.12M 212.75M +0.2%
Total puts 1.9K 0 NEW
Total calls 46.2K 44.4K +4.1%
Total put/call ratio 0.0
Largest owners Shares Value Change
TPG GP A 37.75M $774.33M 0.0%
FMR 33.68M $690.82M +0.5%
PAGAC Drone Holding GP I 27.87M $619.92M 0.0%
Vanguard 21.49M $440.8M +4.9%
Vulcan Value Partners 10.88M $223.25M -9.4%
Ontario Teachers Pension Plan Board 10.46M $214.61M -6.1%
BLK Blackrock 9.62M $197.33M +2.5%
Harris Associates L P 6.57M $134.72M +12.2%
JPM JPMorgan Chase & Co. 5.32M $109.19M -11.4%
Victory Capital Management 5.16M $105.82M +3.3%
Largest transactions Shares Bought/sold Change
BEN Franklin Resources 3.06M +2M +188.4%
Capital Research Global Investors 1.86M +1.86M NEW
Norges Bank 0 -1.42M EXIT
Millennium Management 1.09M -1.26M -53.8%
Vulcan Value Partners 10.88M -1.13M -9.4%
Vanguard 21.49M +999.2K +4.9%
FHI Federated Hermes 1.09M +951.91K +703.1%
Glenmede Trust Co Na 821.03K +821.03K NEW
Voya Investment Management 918.75K -718.25K -43.9%
Harris Associates L P 6.57M +712.37K +12.2%

Financial report summary

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Competition
Jones Lang LasalleCBRECbre
Risks
  • The success of our business is significantly related to general economic conditions and, accordingly, our business, operations and financial condition could be adversely affected by economic slowdowns, liquidity pressure, fiscal or political uncertainty and possible subsequent declines in commercial real estate asset values, property sales and leasing activities in one or more of the geographies or industry sectors that we or our clients serve.
  • Our results of operations have been adversely affected and may continue to be materially adversely impacted by the coronavirus pandemic (COVID-19).
  • Our success depends upon the retention of our senior management, as well as our ability to attract and retain qualified and experienced employees.
  • Our growth has benefited significantly from acquisitions and joint ventures, which may not perform as expected, and similar opportunities may not be available in the future.
  • Our brand and reputation are key assets of our company and will be affected by how we are perceived in the marketplace.
  • The concentration of business with corporate clients can increase business risk, and our business can be adversely affected due to the loss of certain of these clients.
  • A failure to appropriately address actual or perceived conflicts of interest could adversely affect our service lines.
  • Failure to maintain and execute information technology strategies and ensure that our employees adapt to changes in technology could materially and adversely affect our ability to remain competitive in the market.
  • Failure to maintain the security of our information and technology networks, including personally identifiable and client information, intellectual property and proprietary business information, could significantly adversely affect us.
  • Interruption or failure of our information technology, communications systems or data services could impair our ability to provide our services effectively, which could damage our reputation and materially harm our operating results.
  • A material breach in security relating to our information systems and regulation related to such breaches could adversely affect us.
  • Infrastructure disruptions may disrupt our ability to manage real estate for clients or may adversely affect the value of real estate investments we make on behalf of clients.
  • Our goodwill and other intangible assets could become impaired, which may require us to take significant non-cash charges against earnings.
  • Our service lines, financial condition, results of operations and prospects could be adversely affected by new laws or regulations or by changes in existing laws or regulations or the application thereof. If we fail to comply with laws and regulations applicable to us, or make incorrect determinations in complex tax regimes, we may incur significant financial penalties.
  • Any failure by us to execute on our strategy for operational efficiency successfully could result in total costs and expenses that are greater than expected.
  • Significant portions of our revenue and cash flow are seasonal, which could cause our financial results and liquidity to fluctuate significantly.
  • We face risks associated with the effects of climate change.
  • We may be subject to environmental liability as a result of our role as a property or facility manager or developer of real estate.
  • We have numerous local, regional and global competitors across all of our service lines and the geographies that we serve, and further industry consolidation, fragmentation or innovation could lead to significant future competition.
  • Adverse developments in the credit markets may harm our business, results of operations and financial condition.
  • Our operations are subject to social, political and economic risks in different countries as well as foreign currency volatility.
  • We rely on our Principal Shareholders.
  • The Principal Shareholders have significant influence over us and decisions that require the approval of shareholders, which could limit your ability to influence the outcome of key transactions, including a change of control, and which may result in conflicts with us or you in the future.
  • Certain of our directors have relationships with the Principal Shareholders, which may cause conflicts of interest with respect to our business.
  • Certain of our shareholders have the right to engage or invest in the same or similar businesses as us.
  • The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation organized in Delaware.
  • If we or our existing investors sell additional ordinary shares, the market price of our ordinary shares could decline.
  • Future offerings of debt or equity securities by us may adversely affect the market price of our ordinary shares.
  • Because we do not currently intend to pay cash dividends on our ordinary shares for the foreseeable future, you may not receive any return on investment unless you sell your ordinary shares for a price greater than that which you paid for it.
  • Cushman & Wakefield plc, the parent company, is a holding company with nominal net worth. We do not have any assets apart from investment in subsidiaries or conduct any business operations. Our business operations are conducted primarily out of our indirect operating subsidiary, DTZ Worldwide Limited and its subsidiaries.
  • If securities or industry analysts do not publish, cease publishing or publish inaccurate or unfavorable research about our business, or if they adversely change their recommendations regarding our ordinary shares, our ordinary share price and trading volume could decline.
  • Our 2018 First Lien Credit Agreement imposes operating and financial restrictions on us, and in an event of a default, all of our borrowings would become immediately due and payable.
  • We have a substantial amount of indebtedness, which may adversely affect our available cash flow and our ability to operate our business, remain in compliance with debt covenants and make payments on our indebtedness.
  • Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage.
  • To service our indebtedness, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control, and any failure to meet our debt service obligations could have a material adverse effect on our business, prospects, results of operations and financial condition.
  • We are subject to various litigation risks and may face financial liabilities and/or damage to our reputation as a result of litigation.
  • U.S. investors may have difficulty enforcing civil liabilities against our company, our directors or members of senior management.
  • English law and provisions in our articles of association may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our shareholders, and may prevent attempts by our shareholders to replace or remove our current management.
  • Provisions in the U.K. City Code on Takeovers and Mergers may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our shareholders.
  • As a public limited company incorporated in England and Wales, certain capital structure decisions will require shareholder approval, which may limit our flexibility to manage our capital structure.
  • Our articles of association provide that the courts of England and Wales will be the exclusive forum for the resolution of all shareholder complaints other than complaints asserting a cause of action arising under the Securities Act, and that the U.S. federal district courts will be the exclusive forum for the resolution of any shareholder complaint asserting a cause of action arising under the Securities Act.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • As discussed in “Cautionary Note Regarding Forward-Looking Statements” elsewhere in this Quarterly Report, the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may materially differ from those discussed in such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified below and those discussed in “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 and Part II, Item 1A in this Quarterly Report. Our fiscal year ends December 31.
  • Cushman & Wakefield is a leading global commercial real estate services firm with an iconic brand and approximately 50,000 employees led by an experienced executive team. We operate from over 400 offices in approximately 60 countries, managing over 4.8 billion square feet of commercial real estate space on behalf of institutional, corporate and private clients. We serve the world's real estate owners and occupiers, delivering a broad suite of services through our integrated and scalable platform. Our business is focused on meeting the increasing demands of our clients through a comprehensive offering of services including Property, facilities and project management, Leasing, Capital markets and Valuation and other services.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. freshman Avg
New words: demonstrate, iii, iv, macroeconomic, realized, SOFR, steady
Removed: basic, computation, diluted, dilutive, encouraging, February, federal, March, potentially, recovery, Setting, state, stock