Intrinsic value of CBRE Group - CBG

Previous Close

$44.48

  Intrinsic Value

$39.85

stock screener

  Rating & Target

hold

-10%

Previous close

$44.48

 
Intrinsic value

$39.85

 
Up/down potential

-10%

 
Rating

hold

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of CBRE Group (CBG) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  13,072
  14,536
  16,074
  17,685
  19,368
  21,125
  22,954
  24,858
  26,839
  28,897
  31,036
  33,258
  35,568
  37,970
  40,467
  43,064
  45,767
  48,581
  51,512
  54,567
  57,753
  61,076
  64,544
  68,165
  71,948
  75,901
  80,034
  84,356
  88,878
  93,610
  98,564
Variable operating expenses, $m
 
  13,383
  14,768
  16,218
  17,734
  19,315
  20,962
  22,676
  24,458
  26,311
  28,236
  29,939
  32,019
  34,180
  36,428
  38,766
  41,199
  43,732
  46,371
  49,121
  51,989
  54,980
  58,102
  61,362
  64,767
  68,326
  72,046
  75,937
  80,008
  84,268
  88,727
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
  13,383
  14,768
  16,218
  17,734
  19,315
  20,962
  22,676
  24,458
  26,311
  28,236
  29,939
  32,019
  34,180
  36,428
  38,766
  41,199
  43,732
  46,371
  49,121
  51,989
  54,980
  58,102
  61,362
  64,767
  68,326
  72,046
  75,937
  80,008
  84,268
  88,727
Operating income, $m
  815
  1,153
  1,306
  1,467
  1,635
  1,810
  1,993
  2,183
  2,381
  2,586
  2,799
  3,319
  3,550
  3,790
  4,039
  4,298
  4,568
  4,849
  5,141
  5,446
  5,764
  6,096
  6,442
  6,803
  7,181
  7,575
  7,988
  8,419
  8,870
  9,343
  9,837
EBITDA, $m
  1,182
  1,612
  1,783
  1,961
  2,148
  2,343
  2,546
  2,757
  2,977
  3,205
  3,442
  3,689
  3,945
  4,211
  4,488
  4,776
  5,076
  5,388
  5,713
  6,052
  6,405
  6,774
  7,158
  7,560
  7,980
  8,418
  8,876
  9,356
  9,857
  10,382
  10,932
Interest expense (income), $m
  126
  106
  134
  163
  193
  224
  257
  292
  327
  364
  403
  443
  485
  528
  573
  620
  669
  719
  772
  827
  884
  944
  1,006
  1,071
  1,139
  1,210
  1,284
  1,362
  1,443
  1,528
  1,616
Earnings before tax, $m
  881
  1,046
  1,172
  1,304
  1,442
  1,586
  1,736
  1,891
  2,053
  2,221
  2,396
  2,876
  3,065
  3,261
  3,466
  3,678
  3,899
  4,129
  4,369
  4,619
  4,880
  5,152
  5,435
  5,732
  6,042
  6,365
  6,704
  7,057
  7,428
  7,815
  8,221
Tax expense, $m
  297
  282
  317
  352
  389
  428
  469
  511
  554
  600
  647
  777
  828
  881
  936
  993
  1,053
  1,115
  1,180
  1,247
  1,318
  1,391
  1,468
  1,548
  1,631
  1,719
  1,810
  1,906
  2,005
  2,110
  2,220
Net income, $m
  572
  764
  856
  952
  1,053
  1,158
  1,267
  1,381
  1,499
  1,622
  1,749
  2,100
  2,238
  2,381
  2,530
  2,685
  2,846
  3,014
  3,189
  3,372
  3,562
  3,761
  3,968
  4,184
  4,410
  4,647
  4,894
  5,152
  5,422
  5,705
  6,001

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
  11,139
  12,317
  13,552
  14,842
  16,188
  17,590
  19,049
  20,566
  22,143
  23,782
  25,485
  27,256
  29,096
  31,009
  32,999
  35,070
  37,227
  39,473
  41,814
  44,255
  46,801
  49,459
  52,234
  55,132
  58,162
  61,329
  64,641
  68,106
  71,732
  75,528
Adjusted assets (=assets-cash), $m
  10,017
  11,139
  12,317
  13,552
  14,842
  16,188
  17,590
  19,049
  20,566
  22,143
  23,782
  25,485
  27,256
  29,096
  31,009
  32,999
  35,070
  37,227
  39,473
  41,814
  44,255
  46,801
  49,459
  52,234
  55,132
  58,162
  61,329
  64,641
  68,106
  71,732
  75,528
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
  2,195
  2,427
  2,670
  2,925
  3,190
  3,466
  3,754
  4,053
  4,363
  4,686
  5,022
  5,371
  5,733
  6,110
  6,503
  6,911
  7,336
  7,778
  8,240
  8,721
  9,222
  9,746
  10,293
  10,864
  11,461
  12,085
  12,738
  13,421
  14,135
  14,883
Working capital, $m
  597
  1,206
  1,334
  1,468
  1,608
  1,753
  1,905
  2,063
  2,228
  2,398
  2,576
  2,760
  2,952
  3,151
  3,359
  3,574
  3,799
  4,032
  4,276
  4,529
  4,793
  5,069
  5,357
  5,658
  5,972
  6,300
  6,643
  7,002
  7,377
  7,770
  8,181
Total debt, $m
  3,803
  3,823
  4,647
  5,510
  6,411
  7,352
  8,332
  9,352
  10,413
  11,515
  12,661
  13,851
  15,089
  16,375
  17,712
  19,103
  20,551
  22,058
  23,629
  25,265
  26,971
  28,751
  30,609
  32,548
  34,575
  36,692
  38,906
  41,221
  43,643
  46,178
  48,831
Total liabilities, $m
  7,765
  7,786
  8,610
  9,473
  10,374
  11,315
  12,295
  13,315
  14,376
  15,478
  16,624
  17,814
  19,052
  20,338
  21,675
  23,066
  24,514
  26,021
  27,592
  29,228
  30,934
  32,714
  34,572
  36,511
  38,538
  40,655
  42,869
  45,184
  47,606
  50,141
  52,794
Total equity, $m
  3,014
  3,353
  3,707
  4,079
  4,467
  4,872
  5,294
  5,734
  6,190
  6,665
  7,158
  7,671
  8,204
  8,758
  9,334
  9,933
  10,556
  11,205
  11,881
  12,586
  13,321
  14,087
  14,887
  15,722
  16,595
  17,507
  18,460
  19,457
  20,500
  21,591
  22,734
Total liabilities and equity, $m
  10,779
  11,139
  12,317
  13,552
  14,841
  16,187
  17,589
  19,049
  20,566
  22,143
  23,782
  25,485
  27,256
  29,096
  31,009
  32,999
  35,070
  37,226
  39,473
  41,814
  44,255
  46,801
  49,459
  52,233
  55,133
  58,162
  61,329
  64,641
  68,106
  71,732
  75,528
Debt-to-equity ratio
  1.262
  1.140
  1.250
  1.350
  1.440
  1.510
  1.570
  1.630
  1.680
  1.730
  1.770
  1.810
  1.840
  1.870
  1.900
  1.920
  1.950
  1.970
  1.990
  2.010
  2.020
  2.040
  2.060
  2.070
  2.080
  2.100
  2.110
  2.120
  2.130
  2.140
  2.150
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
  764
  856
  952
  1,053
  1,158
  1,267
  1,381
  1,499
  1,622
  1,749
  2,100
  2,238
  2,381
  2,530
  2,685
  2,846
  3,014
  3,189
  3,372
  3,562
  3,761
  3,968
  4,184
  4,410
  4,647
  4,894
  5,152
  5,422
  5,705
  6,001
Depreciation, amort., depletion, $m
  367
  459
  477
  494
  513
  533
  553
  574
  596
  619
  643
  369
  395
  422
  449
  478
  508
  539
  572
  606
  641
  678
  717
  757
  799
  843
  889
  937
  987
  1,039
  1,094
Funds from operations, $m
  225
  1,223
  1,332
  1,447
  1,566
  1,690
  1,820
  1,955
  2,095
  2,241
  2,392
  2,469
  2,632
  2,802
  2,979
  3,163
  3,354
  3,554
  3,761
  3,978
  4,203
  4,439
  4,685
  4,941
  5,209
  5,489
  5,782
  6,089
  6,409
  6,744
  7,096
Change in working capital, $m
  -225
  122
  128
  134
  140
  146
  152
  158
  164
  171
  178
  184
  192
  199
  207
  216
  224
  234
  243
  254
  264
  276
  288
  301
  314
  328
  343
  359
  375
  393
  411
Cash from operations, $m
  450
  1,102
  1,205
  1,313
  1,426
  1,545
  1,668
  1,797
  1,931
  2,070
  2,215
  2,284
  2,441
  2,603
  2,772
  2,948
  3,130
  3,320
  3,518
  3,724
  3,939
  4,163
  4,397
  4,641
  4,895
  5,161
  5,439
  5,730
  6,034
  6,352
  6,684
Maintenance CAPEX, $m
  0
  -145
  -161
  -178
  -196
  -215
  -235
  -255
  -276
  -298
  -321
  -345
  -369
  -395
  -422
  -449
  -478
  -508
  -539
  -572
  -606
  -641
  -678
  -717
  -757
  -799
  -843
  -889
  -937
  -987
  -1,039
New CAPEX, $m
  -191
  -219
  -232
  -243
  -254
  -265
  -276
  -288
  -299
  -311
  -323
  -336
  -349
  -363
  -377
  -392
  -408
  -425
  -443
  -461
  -481
  -502
  -524
  -547
  -571
  -597
  -624
  -653
  -683
  -715
  -748
Cash from investing activities, $m
  -7
  -364
  -393
  -421
  -450
  -480
  -511
  -543
  -575
  -609
  -644
  -681
  -718
  -758
  -799
  -841
  -886
  -933
  -982
  -1,033
  -1,087
  -1,143
  -1,202
  -1,264
  -1,328
  -1,396
  -1,467
  -1,542
  -1,620
  -1,702
  -1,787
Free cash flow, $m
  443
  738
  811
  891
  976
  1,064
  1,157
  1,254
  1,356
  1,461
  1,571
  1,604
  1,723
  1,846
  1,973
  2,106
  2,244
  2,387
  2,536
  2,691
  2,852
  3,020
  3,195
  3,377
  3,567
  3,765
  3,972
  4,188
  4,414
  4,650
  4,897
Issuance/(repayment) of debt, $m
  -149
  783
  824
  863
  902
  941
  980
  1,020
  1,061
  1,102
  1,146
  1,191
  1,237
  1,286
  1,337
  1,391
  1,448
  1,507
  1,570
  1,636
  1,706
  1,780
  1,858
  1,940
  2,026
  2,117
  2,214
  2,315
  2,422
  2,535
  2,653
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
  783
  824
  863
  902
  941
  980
  1,020
  1,061
  1,102
  1,146
  1,191
  1,237
  1,286
  1,337
  1,391
  1,448
  1,507
  1,570
  1,636
  1,706
  1,780
  1,858
  1,940
  2,026
  2,117
  2,214
  2,315
  2,422
  2,535
  2,653
Total cash flow (excl. dividends), $m
  222
  1,520
  1,635
  1,754
  1,877
  2,005
  2,137
  2,274
  2,416
  2,563
  2,716
  2,795
  2,960
  3,132
  3,311
  3,497
  3,692
  3,894
  4,106
  4,327
  4,558
  4,800
  5,052
  5,317
  5,593
  5,883
  6,186
  6,504
  6,836
  7,185
  7,551
Retained Cash Flow (-), $m
  -301
  -339
  -355
  -372
  -388
  -405
  -422
  -439
  -457
  -475
  -493
  -513
  -533
  -554
  -576
  -599
  -623
  -649
  -676
  -705
  -735
  -766
  -800
  -835
  -873
  -912
  -953
  -997
  -1,043
  -1,092
  -1,143
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
 
  1,182
  1,280
  1,382
  1,489
  1,600
  1,715
  1,835
  1,959
  2,089
  2,223
  2,282
  2,427
  2,578
  2,735
  2,898
  3,068
  3,245
  3,430
  3,623
  3,824
  4,033
  4,253
  4,482
  4,721
  4,971
  5,233
  5,507
  5,793
  6,094
  6,408
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
 
  1,100
  1,102
  1,093
  1,072
  1,040
  998
  947
  887
  821
  750
  653
  581
  509
  439
  373
  311
  255
  204
  161
  124
  93
  69
  49
  35
  24
  16
  10
  6
  4
  2
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 26.2
Price to Sales 1.1
Price to Book 5
Price to Tangible Book
Price to Cash Flow 33.3
Price to Free Cash Flow 57.9
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 11.2% 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 344.493 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 $15.3 billion.

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COMPANY NEWS

▶ CBRE Names Three Group Presidents   [Feb-14-18 09:15AM  Business Wire]
▶ CBRE to Webcast 2018 Investor Day   [08:00AM  Business Wire]
▶ Are volatile stocks a black swan moment after another big drop for Dow?   [05:40PM  American City Business Journals]
▶ CBRE beats Street 4Q forecasts   [07:41AM  Associated Press]
▶ Whats behind Carlyles Higher Valuation   [07:31AM  Market Realist]
▶ Broadcasters' headquarters sold, being primed for a major makeover   [Jan-24-18 06:13PM  American City Business Journals]
▶ Carlyle Wraps Up the Sale of Companeo   [09:01AM  Market Realist]
▶ Whats Happening in Carlyles Real Assets Division   [Jan-23-18 02:50PM  Market Realist]
▶ [$$] CBRE to Offer App for Office Design and Amenities   [Jan-09-18 08:10PM  The Wall Street Journal]
▶ D.C. regains standing among top U.S. cities for foreign investors, with a catch   [Jan-08-18 10:03AM  American City Business Journals]
▶ ETFs with exposure to CBRE Group, Inc. : January 1, 2018   [Jan-01-18 11:29AM  Capital Cube]
▶ CBRE Group, Inc. Named to Forbes JUST 100   [Dec-13-17 08:00AM  Business Wire]
▶ [$$] Demand for New Jersey Warehouse Space Skyrockets   [Dec-11-17 12:27AM  The Wall Street Journal]
▶ [$$] Demand for New Jersey Warehouse Space Skyrockets   [Dec-09-17 11:47AM  The Wall Street Journal]
▶ More than 650 acres being offered for sale by Dulles International   [Dec-08-17 11:10AM  American City Business Journals]
▶ Plots & Ploys   [Nov-28-17 08:56PM  The Wall Street Journal]
▶ Exclusive: CBRE names successor to John Germano as head of the D.C. region   [Nov-21-17 02:44PM  American City Business Journals]
▶ Five Companies Hit 52-Week Highs   [10:36AM  GuruFocus.com]
▶ Sanjiv Yajnik Joins CBRE Group, Inc. Board of Directors   [Nov-16-17 05:00PM  Business Wire]
▶ [$$] Spanish business builds on hard-won recovery   [Nov-15-17 11:00PM  Financial Times]
▶ Streetsense enters joint venture with CBRE, sells brokerage   [01:52PM  American City Business Journals]
▶ [$$] Manhattan Retail Landlords Slash Rents to Lure Tenants   [12:06AM  The Wall Street Journal]
▶ [$$] Manhattan Retail Landlords Slash Rents to Lure Tenants   [Nov-08-17 06:58PM  The Wall Street Journal]
▶ CBRE Sees Its Composite Rating Rise To 96   [03:00AM  Investor's Business Daily]
▶ Company News For Nov 6, 2017   [Nov-06-17 10:04AM  Zacks]
▶ CBRE tops Street 3Q forecasts   [07:09AM  Associated Press]
Financial statements of CBG
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