Intrinsic value of CBRE Group - CBG

Previous Close

$40.01

  Intrinsic Value

$29.45

stock screener

  Rating & Target

sell

-26%

  Value-price divergence*

-65%

Previous close

$40.01

 
Intrinsic value

$29.45

 
Up/down potential

-26%

 
Rating

sell

 
Value-price divergence*

-65%

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 13.3

 

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
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  13,072
  13,621
  14,204
  14,822
  15,477
  16,169
  16,902
  17,675
  18,491
  19,352
  20,259
  21,216
  22,223
  23,284
  24,401
  25,577
  26,813
  28,114
  29,482
  30,921
  32,434
  34,024
  35,695
  37,452
  39,298
  41,238
  43,276
  45,417
  47,667
  50,030
  52,513
Variable operating expenses, $m
 
  12,560
  13,084
  13,641
  14,230
  14,854
  15,513
  16,209
  16,943
  17,718
  18,535
  19,098
  20,005
  20,960
  21,966
  23,024
  24,137
  25,308
  26,540
  27,835
  29,197
  30,628
  32,133
  33,714
  35,376
  37,122
  38,957
  40,884
  42,910
  45,037
  47,272
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
  12,560
  13,084
  13,641
  14,230
  14,854
  15,513
  16,209
  16,943
  17,718
  18,535
  19,098
  20,005
  20,960
  21,966
  23,024
  24,137
  25,308
  26,540
  27,835
  29,197
  30,628
  32,133
  33,714
  35,376
  37,122
  38,957
  40,884
  42,910
  45,037
  47,272
Operating income, $m
  815
  1,061
  1,120
  1,181
  1,247
  1,316
  1,389
  1,466
  1,547
  1,633
  1,724
  2,117
  2,218
  2,324
  2,435
  2,553
  2,676
  2,806
  2,942
  3,086
  3,237
  3,396
  3,563
  3,738
  3,922
  4,116
  4,319
  4,533
  4,757
  4,993
  5,241
EBITDA, $m
  1,182
  1,511
  1,575
  1,644
  1,716
  1,793
  1,875
  1,960
  2,051
  2,146
  2,247
  2,353
  2,465
  2,582
  2,706
  2,837
  2,974
  3,118
  3,270
  3,429
  3,597
  3,773
  3,959
  4,154
  4,358
  4,574
  4,800
  5,037
  5,287
  5,549
  5,824
Interest expense (income), $m
  126
  106
  117
  128
  139
  151
  164
  178
  193
  208
  224
  241
  259
  278
  298
  319
  341
  364
  388
  414
  441
  469
  499
  530
  563
  598
  634
  673
  713
  755
  799
Earnings before tax, $m
  881
  955
  1,003
  1,054
  1,107
  1,164
  1,224
  1,288
  1,355
  1,425
  1,500
  1,876
  1,959
  2,046
  2,138
  2,234
  2,335
  2,442
  2,554
  2,672
  2,796
  2,926
  3,063
  3,207
  3,359
  3,518
  3,685
  3,860
  4,045
  4,238
  4,442
Tax expense, $m
  297
  258
  271
  284
  299
  314
  331
  348
  366
  385
  405
  507
  529
  552
  577
  603
  631
  659
  690
  721
  755
  790
  827
  866
  907
  950
  995
  1,042
  1,092
  1,144
  1,199
Net income, $m
  572
  697
  732
  769
  808
  850
  894
  940
  989
  1,040
  1,095
  1,370
  1,430
  1,494
  1,560
  1,631
  1,705
  1,783
  1,865
  1,951
  2,041
  2,136
  2,236
  2,341
  2,452
  2,568
  2,690
  2,818
  2,953
  3,094
  3,243

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
  10,438
  10,884
  11,358
  11,860
  12,390
  12,951
  13,544
  14,169
  14,829
  15,524
  16,257
  17,029
  17,842
  18,698
  19,599
  20,547
  21,543
  22,592
  23,694
  24,853
  26,072
  27,353
  28,699
  30,113
  31,600
  33,162
  34,803
  36,527
  38,338
  40,240
Adjusted assets (=assets-cash), $m
  10,017
  10,438
  10,884
  11,358
  11,860
  12,390
  12,951
  13,544
  14,169
  14,829
  15,524
  16,257
  17,029
  17,842
  18,698
  19,599
  20,547
  21,543
  22,592
  23,694
  24,853
  26,072
  27,353
  28,699
  30,113
  31,600
  33,162
  34,803
  36,527
  38,338
  40,240
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
  2,057
  2,145
  2,238
  2,337
  2,442
  2,552
  2,669
  2,792
  2,922
  3,059
  3,204
  3,356
  3,516
  3,685
  3,862
  4,049
  4,245
  4,452
  4,669
  4,897
  5,138
  5,390
  5,655
  5,934
  6,227
  6,535
  6,858
  7,198
  7,555
  7,929
Working capital, $m
  597
  1,131
  1,179
  1,230
  1,285
  1,342
  1,403
  1,467
  1,535
  1,606
  1,682
  1,761
  1,845
  1,933
  2,025
  2,123
  2,225
  2,333
  2,447
  2,566
  2,692
  2,824
  2,963
  3,109
  3,262
  3,423
  3,592
  3,770
  3,956
  4,153
  4,359
Total debt, $m
  3,803
  3,333
  3,645
  3,976
  4,327
  4,698
  5,090
  5,504
  5,941
  6,402
  6,889
  7,401
  7,941
  8,509
  9,107
  9,737
  10,399
  11,096
  11,829
  12,599
  13,410
  14,261
  15,157
  16,097
  17,086
  18,125
  19,217
  20,364
  21,569
  22,835
  24,165
Total liabilities, $m
  7,765
  7,296
  7,608
  7,939
  8,290
  8,661
  9,053
  9,467
  9,904
  10,365
  10,852
  11,364
  11,904
  12,472
  13,070
  13,700
  14,362
  15,059
  15,792
  16,562
  17,373
  18,224
  19,120
  20,060
  21,049
  22,088
  23,180
  24,327
  25,532
  26,798
  28,128
Total equity, $m
  3,014
  3,142
  3,276
  3,419
  3,570
  3,730
  3,898
  4,077
  4,265
  4,463
  4,673
  4,893
  5,126
  5,371
  5,628
  5,899
  6,185
  6,485
  6,800
  7,132
  7,481
  7,848
  8,233
  8,638
  9,064
  9,512
  9,982
  10,476
  10,994
  11,540
  12,112
Total liabilities and equity, $m
  10,779
  10,438
  10,884
  11,358
  11,860
  12,391
  12,951
  13,544
  14,169
  14,828
  15,525
  16,257
  17,030
  17,843
  18,698
  19,599
  20,547
  21,544
  22,592
  23,694
  24,854
  26,072
  27,353
  28,698
  30,113
  31,600
  33,162
  34,803
  36,526
  38,338
  40,240
Debt-to-equity ratio
  1.262
  1.060
  1.110
  1.160
  1.210
  1.260
  1.310
  1.350
  1.390
  1.430
  1.470
  1.510
  1.550
  1.580
  1.620
  1.650
  1.680
  1.710
  1.740
  1.770
  1.790
  1.820
  1.840
  1.860
  1.890
  1.910
  1.930
  1.940
  1.960
  1.980
  2.000
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
  697
  732
  769
  808
  850
  894
  940
  989
  1,040
  1,095
  1,370
  1,430
  1,494
  1,560
  1,631
  1,705
  1,783
  1,865
  1,951
  2,041
  2,136
  2,236
  2,341
  2,452
  2,568
  2,690
  2,818
  2,953
  3,094
  3,243
Depreciation, amort., depletion, $m
  367
  449
  456
  463
  470
  478
  486
  494
  503
  513
  523
  236
  247
  259
  271
  284
  298
  312
  327
  343
  360
  378
  396
  416
  436
  458
  480
  504
  529
  555
  583
Funds from operations, $m
  225
  1,146
  1,188
  1,232
  1,278
  1,328
  1,380
  1,434
  1,492
  1,553
  1,618
  1,605
  1,677
  1,752
  1,831
  1,915
  2,002
  2,095
  2,192
  2,294
  2,401
  2,514
  2,633
  2,757
  2,888
  3,026
  3,170
  3,322
  3,482
  3,649
  3,826
Change in working capital, $m
  -225
  46
  48
  51
  54
  57
  61
  64
  68
  71
  75
  79
  84
  88
  93
  98
  103
  108
  114
  119
  126
  132
  139
  146
  153
  161
  169
  178
  187
  196
  206
Cash from operations, $m
  450
  1,101
  1,140
  1,181
  1,224
  1,270
  1,319
  1,370
  1,425
  1,482
  1,543
  1,526
  1,593
  1,664
  1,739
  1,817
  1,900
  1,987
  2,078
  2,175
  2,276
  2,382
  2,494
  2,611
  2,735
  2,865
  3,001
  3,145
  3,295
  3,453
  3,620
Maintenance CAPEX, $m
  0
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
  -327
  -343
  -360
  -378
  -396
  -416
  -436
  -458
  -480
  -504
  -529
  -555
New CAPEX, $m
  -191
  -81
  -88
  -93
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -160
  -169
  -177
  -187
  -196
  -207
  -217
  -228
  -240
  -252
  -265
  -279
  -293
  -308
  -323
  -340
  -357
  -375
Cash from investing activities, $m
  -7
  -226
  -239
  -251
  -264
  -277
  -291
  -305
  -319
  -335
  -352
  -369
  -388
  -407
  -428
  -448
  -471
  -494
  -519
  -544
  -571
  -600
  -630
  -661
  -695
  -729
  -766
  -803
  -844
  -886
  -930
Free cash flow, $m
  443
  875
  900
  929
  961
  994
  1,029
  1,066
  1,105
  1,147
  1,191
  1,157
  1,205
  1,257
  1,311
  1,369
  1,429
  1,493
  1,560
  1,630
  1,704
  1,782
  1,864
  1,950
  2,040
  2,136
  2,236
  2,341
  2,451
  2,567
  2,689
Issuance/(repayment) of debt, $m
  -149
  293
  312
  331
  351
  371
  392
  414
  437
  461
  486
  512
  540
  568
  598
  630
  662
  697
  733
  771
  810
  852
  895
  941
  989
  1,039
  1,092
  1,147
  1,205
  1,266
  1,330
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
  293
  312
  331
  351
  371
  392
  414
  437
  461
  486
  512
  540
  568
  598
  630
  662
  697
  733
  771
  810
  852
  895
  941
  989
  1,039
  1,092
  1,147
  1,205
  1,266
  1,330
Total cash flow (excl. dividends), $m
  222
  1,168
  1,213
  1,261
  1,311
  1,365
  1,421
  1,480
  1,542
  1,608
  1,677
  1,669
  1,745
  1,825
  1,910
  1,998
  2,092
  2,189
  2,292
  2,401
  2,514
  2,634
  2,759
  2,891
  3,029
  3,175
  3,327
  3,488
  3,656
  3,833
  4,019
Retained Cash Flow (-), $m
  -301
  -128
  -134
  -143
  -151
  -160
  -169
  -178
  -188
  -199
  -209
  -221
  -232
  -245
  -258
  -271
  -285
  -300
  -316
  -332
  -349
  -367
  -386
  -405
  -426
  -447
  -470
  -494
  -519
  -545
  -573
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
 
  1,040
  1,078
  1,118
  1,160
  1,205
  1,252
  1,302
  1,354
  1,409
  1,467
  1,448
  1,513
  1,581
  1,652
  1,727
  1,806
  1,889
  1,977
  2,069
  2,165
  2,267
  2,373
  2,486
  2,603
  2,727
  2,857
  2,994
  3,137
  3,288
  3,446
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
 
  968
  928
  884
  835
  783
  728
  671
  613
  554
  495
  414
  362
  312
  265
  222
  183
  148
  118
  92
  70
  53
  38
  27
  19
  13
  9
  5
  3
  2
  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. is a holding company that conducts all of its operations through its subsidiaries. The Company operates as a commercial real estate services and investment company. The Company operates through the segments: The Americas; Europe, Middle East and Africa (EMEA); Asia Pacific; Global Investment Management, and Development Services. The Company provides 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 Company brand name. The Company's business is focused on commercial property, corporate facilities, project and transaction management, tenant/occupier and property/agency leasing, capital markets solutions (property sales, commercial mortgage brokerage, loan origination and servicing) real estate investment management, valuation, development services and proprietary research.

FINANCIAL RATIOS  of  CBRE Group (CBG)

Valuation Ratios
P/E Ratio 23.6
Price to Sales 1
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow 30
Price to Free Cash Flow 52.1
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 4.2% 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 15.1%.

Life of production assets of 13.6 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 8.3%. 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 333.428 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 $13.3 billion.

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COMPANY NEWS

▶ CBRE report: Charlotte tracking for record high absorption   [Oct-19-17 03:30PM  American City Business Journals]
▶ Colliers International acquires one of Greater Washington's largest tenant-rep firms   [Oct-18-17 06:54PM  American City Business Journals]
▶ CBRE Group snaps up tech-focused San Francisco brokerage   [04:05PM  American City Business Journals]
▶ Crowdfund a downpayment for a home   [Oct-12-17 01:40PM  Yahoo Finance Video]
▶ ETFs with exposure to CBRE Group, Inc. : October 5, 2017   [Oct-05-17 10:54AM  Capital Cube]
▶ Report names Charlotte an 'emerging' data center market   [Oct-02-17 02:35PM  American City Business Journals]
▶ Data Center Spending Is Off The Charts This Year   [Sep-29-17 02:44PM  Fortune]
▶ Triad firm buys 29-acre South Elm Business Center in Greensboro   [Sep-25-17 03:15PM  American City Business Journals]
▶ IBD Rating Upgrades: CBRE Flashes Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ 5 Top ROE Stocks to Buy as Irma Threats Ebb   [Sep-13-17 09:33AM  Zacks]
▶ Stocks Generating Improved Relative Strength: CBRE   [03:00AM  Investor's Business Daily]
▶ [$$] European Warehouse Owners Loving Online Shopping Growth   [Sep-06-17 12:19AM  The Wall Street Journal]
▶ [$$] European Warehouse Owners Loving Online Shopping Growth   [Sep-05-17 03:21PM  The Wall Street Journal]
▶ CBRE's top local exec to step down after nearly 15 years   [12:36PM  American City Business Journals]
▶ Online Shopping Drives Changes in Real Estate Values in First Half   [Aug-22-17 04:30PM  The Wall Street Journal]
▶ Another Tysons auto dealership being primed for redevelopment   [Aug-17-17 01:23PM  American City Business Journals]
▶ CBRE Buys Medical Buildings in a Bid for Safety   [12:28AM  The Wall Street Journal]
▶ National Association of Broadcasters seeking buyers for longtime home   [Aug-08-17 09:45AM  American City Business Journals]
▶ CBRE Group: Cramer's Top Takeaways   [06:29AM  TheStreet.com]
▶ New Jersey Has a Millennials Problem   [Jul-31-17 12:40AM  The Wall Street Journal]
▶ New Jersey Has a Millennials Problem   [Jul-30-17 11:00AM  The Wall Street Journal]
▶ CBRE beats 2Q profit forecasts   [Jul-28-17 01:24AM  Associated Press]
▶ Cutting-edge shipping container apartments for sale   [Jul-25-17 04:25PM  American City Business Journals]
▶ [$$] Drop in Manhattan Retail Rents Has Retailers Looking   [Jul-24-17 12:11AM  The Wall Street Journal]
▶ See how Phoenix ranks in latest CBRE Scoring Tech Talent report   [Jul-19-17 03:20AM  American City Business Journals]
Financial statements 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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