Intrinsic value of CBRE Group - CBG

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$37.13

  Intrinsic Value

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  Value-price divergence*

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$37.13

 
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Our model is not good at valuating stocks of financial companies, such as CBG.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CBG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  20.41
  3.40
  3.56
  3.70
  3.83
  3.95
  4.06
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.82
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
Revenue, $m
  13,072
  13,516
  13,998
  14,516
  15,073
  15,668
  16,303
  16,980
  17,699
  18,462
  19,271
  20,127
  21,032
  21,989
  22,999
  24,064
  25,188
  26,373
  27,621
  28,936
  30,320
  31,777
  33,310
  34,924
  36,620
  38,404
  40,281
  42,253
  44,326
  46,505
  48,796
Variable operating expenses, $m
 
  12,476
  12,920
  13,398
  13,912
  14,462
  15,048
  15,672
  16,336
  17,040
  17,787
  18,577
  19,413
  20,295
  21,228
  22,211
  23,249
  24,342
  25,494
  26,708
  27,986
  29,330
  30,746
  32,234
  33,800
  35,447
  37,179
  38,999
  40,913
  42,925
  45,038
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  12,256
  12,476
  12,920
  13,398
  13,912
  14,462
  15,048
  15,672
  16,336
  17,040
  17,787
  18,577
  19,413
  20,295
  21,228
  22,211
  23,249
  24,342
  25,494
  26,708
  27,986
  29,330
  30,746
  32,234
  33,800
  35,447
  37,179
  38,999
  40,913
  42,925
  45,038
Operating income, $m
  815
  1,041
  1,078
  1,118
  1,161
  1,206
  1,255
  1,307
  1,363
  1,422
  1,484
  1,550
  1,619
  1,693
  1,771
  1,853
  1,939
  2,031
  2,127
  2,228
  2,335
  2,447
  2,565
  2,689
  2,820
  2,957
  3,102
  3,253
  3,413
  3,581
  3,757
EBITDA, $m
  1,182
  1,259
  1,304
  1,352
  1,404
  1,460
  1,519
  1,582
  1,649
  1,720
  1,795
  1,875
  1,959
  2,048
  2,143
  2,242
  2,347
  2,457
  2,573
  2,696
  2,825
  2,960
  3,103
  3,253
  3,411
  3,578
  3,752
  3,936
  4,129
  4,332
  4,546
Interest expense (income), $m
  126
  106
  115
  124
  133
  144
  155
  167
  180
  193
  207
  223
  239
  256
  274
  292
  312
  334
  356
  379
  404
  430
  457
  486
  516
  548
  581
  616
  653
  692
  733
Earnings before tax, $m
  881
  934
  963
  994
  1,027
  1,063
  1,100
  1,141
  1,183
  1,228
  1,276
  1,327
  1,381
  1,438
  1,497
  1,560
  1,627
  1,697
  1,771
  1,849
  1,931
  2,017
  2,108
  2,203
  2,304
  2,409
  2,520
  2,637
  2,760
  2,889
  3,024
Tax expense, $m
  297
  252
  260
  268
  277
  287
  297
  308
  319
  332
  345
  358
  373
  388
  404
  421
  439
  458
  478
  499
  521
  545
  569
  595
  622
  651
  680
  712
  745
  780
  817
Net income, $m
  572
  682
  703
  726
  750
  776
  803
  833
  864
  897
  932
  969
  1,008
  1,049
  1,093
  1,139
  1,188
  1,239
  1,293
  1,350
  1,410
  1,473
  1,539
  1,608
  1,682
  1,759
  1,840
  1,925
  2,015
  2,109
  2,208

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  763
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,780
  10,357
  10,726
  11,123
  11,550
  12,006
  12,493
  13,011
  13,562
  14,147
  14,767
  15,423
  16,116
  16,849
  17,623
  18,440
  19,301
  20,209
  21,166
  22,173
  23,234
  24,350
  25,525
  26,761
  28,061
  29,429
  30,866
  32,378
  33,966
  35,636
  37,391
Adjusted assets (=assets-cash), $m
  10,017
  10,357
  10,726
  11,123
  11,550
  12,006
  12,493
  13,011
  13,562
  14,147
  14,767
  15,423
  16,116
  16,849
  17,623
  18,440
  19,301
  20,209
  21,166
  22,173
  23,234
  24,350
  25,525
  26,761
  28,061
  29,429
  30,866
  32,378
  33,966
  35,636
  37,391
Revenue / Adjusted assets
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
  1.305
Average production assets, $m
  1,976
  3,298
  3,415
  3,542
  3,678
  3,823
  3,978
  4,143
  4,319
  4,505
  4,702
  4,911
  5,132
  5,365
  5,612
  5,872
  6,146
  6,435
  6,740
  7,060
  7,398
  7,754
  8,128
  8,521
  8,935
  9,371
  9,828
  10,310
  10,816
  11,347
  11,906
Working capital, $m
  597
  703
  728
  755
  784
  815
  848
  883
  920
  960
  1,002
  1,047
  1,094
  1,143
  1,196
  1,251
  1,310
  1,371
  1,436
  1,505
  1,577
  1,652
  1,732
  1,816
  1,904
  1,997
  2,095
  2,197
  2,305
  2,418
  2,537
Total debt, $m
  3,803
  3,277
  3,535
  3,812
  4,110
  4,429
  4,770
  5,132
  5,517
  5,926
  6,359
  6,818
  7,302
  7,815
  8,356
  8,927
  9,529
  10,163
  10,832
  11,536
  12,277
  13,058
  13,879
  14,743
  15,652
  16,608
  17,613
  18,669
  19,780
  20,947
  22,174
Total liabilities, $m
  7,765
  7,240
  7,498
  7,775
  8,073
  8,392
  8,733
  9,095
  9,480
  9,889
  10,322
  10,781
  11,265
  11,778
  12,319
  12,890
  13,492
  14,126
  14,795
  15,499
  16,240
  17,021
  17,842
  18,706
  19,615
  20,571
  21,576
  22,632
  23,743
  24,910
  26,137
Total equity, $m
  3,014
  3,118
  3,229
  3,348
  3,477
  3,614
  3,760
  3,916
  4,082
  4,258
  4,445
  4,642
  4,851
  5,072
  5,305
  5,550
  5,810
  6,083
  6,371
  6,674
  6,993
  7,329
  7,683
  8,055
  8,446
  8,858
  9,291
  9,746
  10,224
  10,727
  11,255
Total liabilities and equity, $m
  10,779
  10,358
  10,727
  11,123
  11,550
  12,006
  12,493
  13,011
  13,562
  14,147
  14,767
  15,423
  16,116
  16,850
  17,624
  18,440
  19,302
  20,209
  21,166
  22,173
  23,233
  24,350
  25,525
  26,761
  28,061
  29,429
  30,867
  32,378
  33,967
  35,637
  37,392
Debt-to-equity ratio
  1.262
  1.050
  1.090
  1.140
  1.180
  1.230
  1.270
  1.310
  1.350
  1.390
  1.430
  1.470
  1.510
  1.540
  1.580
  1.610
  1.640
  1.670
  1.700
  1.730
  1.760
  1.780
  1.810
  1.830
  1.850
  1.870
  1.900
  1.920
  1.930
  1.950
  1.970
Adjusted equity ratio
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  572
  682
  703
  726
  750
  776
  803
  833
  864
  897
  932
  969
  1,008
  1,049
  1,093
  1,139
  1,188
  1,239
  1,293
  1,350
  1,410
  1,473
  1,539
  1,608
  1,682
  1,759
  1,840
  1,925
  2,015
  2,109
  2,208
Depreciation, amort., depletion, $m
  367
  218
  226
  235
  244
  253
  263
  274
  286
  298
  311
  325
  340
  355
  372
  389
  407
  426
  446
  468
  490
  513
  538
  564
  592
  621
  651
  683
  716
  751
  788
Funds from operations, $m
  225
  900
  929
  960
  993
  1,029
  1,067
  1,107
  1,150
  1,195
  1,243
  1,294
  1,348
  1,405
  1,465
  1,528
  1,595
  1,665
  1,739
  1,817
  1,899
  1,986
  2,077
  2,173
  2,273
  2,379
  2,491
  2,608
  2,731
  2,860
  2,996
Change in working capital, $m
  -225
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
  45
  47
  50
  53
  55
  58
  62
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  113
  119
Cash from operations, $m
  450
  2,083
  904
  933
  964
  998
  1,034
  1,072
  1,112
  1,155
  1,201
  1,250
  1,301
  1,355
  1,412
  1,473
  1,536
  1,604
  1,674
  1,749
  1,828
  1,910
  1,997
  2,089
  2,185
  2,287
  2,393
  2,505
  2,623
  2,747
  2,877
Maintenance CAPEX, $m
  0
  -211
  -218
  -226
  -235
  -244
  -253
  -263
  -274
  -286
  -298
  -311
  -325
  -340
  -355
  -372
  -389
  -407
  -426
  -446
  -468
  -490
  -513
  -538
  -564
  -592
  -621
  -651
  -683
  -716
  -751
New CAPEX, $m
  -191
  -112
  -117
  -127
  -136
  -145
  -155
  -165
  -175
  -186
  -197
  -209
  -221
  -233
  -246
  -260
  -274
  -289
  -305
  -321
  -338
  -356
  -374
  -394
  -414
  -435
  -458
  -481
  -506
  -532
  -559
Cash from investing activities, $m
  -7
  -323
  -335
  -353
  -371
  -389
  -408
  -428
  -449
  -472
  -495
  -520
  -546
  -573
  -601
  -632
  -663
  -696
  -731
  -767
  -806
  -846
  -887
  -932
  -978
  -1,027
  -1,079
  -1,132
  -1,189
  -1,248
  -1,310
Free cash flow, $m
  443
  1,760
  568
  581
  594
  609
  625
  643
  663
  683
  706
  729
  755
  782
  810
  841
  873
  907
  944
  982
  1,022
  1,065
  1,110
  1,157
  1,207
  1,259
  1,315
  1,373
  1,434
  1,499
  1,567
Issuance/(repayment) of debt, $m
  -149
  237
  258
  278
  298
  319
  340
  362
  385
  409
  433
  459
  485
  512
  541
  571
  602
  635
  669
  704
  741
  780
  821
  864
  909
  956
  1,005
  1,056
  1,111
  1,167
  1,227
Issuance/(repurchase) of shares, $m
  -27
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -200
  237
  258
  278
  298
  319
  340
  362
  385
  409
  433
  459
  485
  512
  541
  571
  602
  635
  669
  704
  741
  780
  821
  864
  909
  956
  1,005
  1,056
  1,111
  1,167
  1,227
Total cash flow (excl. dividends), $m
  222
  1,997
  826
  858
  892
  928
  966
  1,006
  1,048
  1,092
  1,139
  1,188
  1,240
  1,294
  1,351
  1,412
  1,475
  1,542
  1,612
  1,686
  1,764
  1,845
  1,931
  2,021
  2,116
  2,215
  2,320
  2,430
  2,545
  2,666
  2,793
Retained Cash Flow (-), $m
  -301
  -104
  -111
  -120
  -128
  -137
  -147
  -156
  -166
  -176
  -187
  -197
  -209
  -221
  -233
  -246
  -259
  -273
  -288
  -303
  -319
  -336
  -354
  -372
  -391
  -412
  -433
  -455
  -478
  -503
  -528
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,894
  715
  739
  764
  791
  819
  850
  882
  916
  952
  990
  1,031
  1,073
  1,118
  1,166
  1,216
  1,269
  1,324
  1,383
  1,444
  1,509
  1,577
  1,649
  1,724
  1,804
  1,887
  1,975
  2,067
  2,163
  2,265
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  1,763
  616
  584
  550
  514
  477
  438
  399
  360
  321
  283
  247
  212
  180
  150
  123
  100
  79
  61
  47
  35
  26
  18
  13
  9
  6
  4
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

CBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. It operates through Americas; Europe, Middle East and Africa; Asia Pacific; Global Investment Management; and Development Services segments. The company offers advisory services, such as strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing, disposition, and acquisition of property; integrated investment sales and debt/structured financing services under the CBRE Capital Markets brand; and valuation services, including market value appraisals, litigation support, discounted cash flow analyses, feasibility and fairness opinions, property condition reports, hotel advisory, and environmental consulting, as well as originates and services commercial mortgage loans. It also provides outsourcing services comprising facilities management, project management, advisory and transaction, and strategic consulting services to occupiers of real estate; and property management services consisting of construction management, marketing, building engineering, accounting, and financial services for owners/investors in office, industrial, and retail properties. In addition, the company offers investment management services to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors seeking to generate returns and diversification through investment in real estate. Further, the company develops and invests in commercial real estate, including industrial, office, and retail properties; healthcare facilities; and residential/mixed-use projects. CBRE Group, Inc. offers its commercial real estate services under the CBRE brand name; investment management services under the CBRE Global Investors brand name; and development services under the Trammell Crow brand name. The company was founded in 1906 and is headquartered in Los Angeles, California.

FINANCIAL RATIOS  of  CBRE Group (CBG)

Valuation Ratios
P/E Ratio 21.9
Price to Sales 1
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 27.8
Price to Free Cash Flow 48.4
Growth Rates
Sales Growth Rate 20.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 37.4%
Cap. Spend. - 3 Yr. Gr. Rate 4.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 84.5%
Total Debt to Equity 126.2%
Interest Coverage 8
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 9.4%
Return On Equity 20%
Return On Equity - 3 Yr. Avg. 21.8%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 30.2%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 10.5%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin 6.2%
Oper. Margin - 3 Yr. Avg. 7.5%
Pre-Tax Margin 6.7%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 4.4%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 33.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.7%
Payout Ratio 0%

CBG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CBG stock intrinsic value calculation we used $13072 million for the last fiscal year's total revenue generated by CBRE Group. The default revenue input number comes from 2016 income statement of CBRE Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CBG stock valuation model: a) initial revenue growth rate of 3.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.4%, whose default value for CBG is calculated based on our internal credit rating of CBRE Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of CBRE Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CBG stock the variable cost ratio is equal to 92.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CBG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for CBRE Group.

Corporate tax rate of 27% is the nominal tax rate for CBRE Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CBG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CBG are equal to 24.4%.

Life of production assets of 15.1 years is the average useful life of capital assets used in CBRE Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CBG is equal to 5.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $3014 million for CBRE Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 336.283 million for CBRE Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of CBRE Group at the current share price and the inputted number of shares is $12.5 billion.


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COMPANY NEWS

▶ CBREs Smart Building Solutions Garners Realcomm Digie Award   [Jun-27-17 08:15AM  Business Wire]
▶ [$$] CBRE Group to Buy Majority Stake in Caledon Capital Management   [Jun-09-17 11:53AM  The Wall Street Journal]
▶ ETFs with exposure to CBRE Group, Inc. : June 8, 2017   [Jun-08-17 01:28PM  Capital Cube]
▶ CBRE Group, Inc. Rises to #214 on the Fortune 500   [Jun-07-17 04:30PM  Business Wire]
▶ Exclusive: Salesforce, WeWork in talks for big leases at Salesforce Tower   [May-24-17 05:15PM  American City Business Journals]
▶ CBRE Group, Inc. Named to LinkedIn Top Companies List   [May-22-17 08:40AM  Business Wire]
▶ CBRE Group, Inc. Acquires Brenner Real Estate Group   [May-15-17 04:15PM  Business Wire]
▶ Former AT&T building to be converted into office space   [May-11-17 04:57PM  American City Business Journals]
▶ CBRE Group: Cramer's Top Takeaways   [06:29AM  TheStreet.com]
▶ Investor Slams Real-Estate Services Company JLL's Pay Practices   [May-09-17 08:08PM  The Wall Street Journal]
▶ SABJ announces 2017 Best in Commercial Real Estate Awards Top Brokers winners   [May-08-17 12:25PM  American City Business Journals]
▶ BY THE NUMBERS: Central Ohio industrial market cools after record year   [May-03-17 04:20PM  American City Business Journals]
▶ CBRE Group, Inc. Value Analysis (NYSE:CBG) : May 1, 2017   [May-01-17 04:50PM  Capital Cube]
▶ Gated Millenia-area apartment complex sold   [Apr-28-17 01:45PM  American City Business Journals]
▶ CBRE beats Street 1Q forecasts   [07:24AM  Associated Press]
▶ [$$] Concern Over Manhattan's One Vanderbilt Project Grows   [05:49PM  The Wall Street Journal]
▶ Industrial goes 3-D: KC ranks 7th in new cubic feet of warehouse   [Apr-17-17 03:50PM  American City Business Journals]
▶ More good than bad news in suburban office market, says CBRE   [Apr-14-17 02:42PM  American City Business Journals]
▶ HFF hires new director in Carolinas office   [Apr-13-17 03:20PM  American City Business Journals]
▶ Phoenix metro accounted for 8% of all suburban real estate deals in US   [Apr-12-17 12:25AM  American City Business Journals]
▶ Downtown office vacancy continues to plummet   [Apr-11-17 03:30PM  American City Business Journals]
▶ Real estate's tough run   [06:48AM  CNBC Videos]
▶ Chicago prime office space rents rose sharply in 2016   [Mar-20-17 12:15PM  at bizjournals.com]
▶ Sale-leaseback listing puts price on KC Star properties   [Mar-13-17 02:09PM  at bizjournals.com]
▶ Airbnb, Hotels Spar Over Multi-Unit Rentals   [02:05PM  at MarketWatch]
▶ In 2016, CBRE's KC team again moves $400M-plus in apartments   [Mar-03-17 04:10PM  at bizjournals.com]
▶ CBRE recruits tenant rep to lead D.C. tech practice   [12:02PM  at bizjournals.com]
▶ CBRE: DFW leads the nation in office leasing activity   [Feb-28-17 05:25PM  at bizjournals.com]
Stock chart of CBG Financial statements of CBG Annual reports of CBG
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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