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CBRE Group’s CBRE wide array of real estate products and services offerings, healthy outsourcing business, strategic buyouts, technology investments and solid balance sheet are expected to drive its performance.
Analysts also seem bullish on this stock, with the Zacks Consensus Estimate for CBRE Group’s current-year earnings per share (EPS) being revised 6% upward over the past three months to $4.75.
Shares of this Zacks Rank #2 (Buy) company have rallied 33.3% over the past three months, outperforming its industry’s growth of 15.4%. Given the strength of its fundamentals, there seems to be additional room for growth of this stock.
Factors That Make CBRE Group a Solid Pick
Market-Leading Position & Resilient Business Model: CBRE, the largest commercial real estate services and investment firm (based on 2023 revenues), holds extensive knowledge of domestic and international real estate markets. This helps it enjoy a robust scale. A market-leading position gives it a competitive edge in navigating through any challenging situations and capitalizing on compelling opportunities.
Over the past few years, CBRE has opted for a better-balanced and more resilient business model. In pursuit of this, the company has shifted toward a more diversified and contractual revenue base, which enables it to tide over market disruptions and other economic uncertainties. Our estimate indicates CBRE’s total revenues to increase 10.9% and 12.2% year over year in 2024 and 2025, respectively.
GWS Segment Growth: With occupiers of real estate increasingly opting for outsourcing and relying on the expertise of third-party real estate specialists to optimize their operations, CBRE Group’s Global Workplace Solutions (“GWS”) segment is well-placed to benefit. With significant growth from large first-generation outsourcers, the GWS business pipeline remains elevated, offering CBRE Group scope for growth. For the second quarter of 2024, the GWS segment delivered double-digit net revenue growth. Our estimate indicates a year-over-year rise of 15.3% for the segment’s net revenues in 2024.
Strategic Acquisitions: To widen its global reach and expand and reinforce its service offerings, CBRE Group has been focusing on strategic in-fill acquisitions by acquiring regional or specialty firms as well as independent affiliates. The company opts for larger, transformational deals driven by macro policies. In the second quarter of 2024, CBRE completed five in-fill business acquisitions, including one in the Advisory Services segment and four in the GWS segment, for approximately $290.9 million in cash and non-cash consideration. These opportunistic acquisitions and strategic investments will likely serve as growth drivers, supplementing its organic growth.
Solid Technology Platform: The company’s technology platform helps it develop and deliver superior analytical, research and client service tools to meet diverse client needs. Strategic reinvestment in its business, specifically on the technology front, is expected to differentiate CBRE Group from its peers. CBRE has also gained from its cost-cutting efforts and benefited from operational efficiencies, and this trend is expected to continue in the near term. We estimate the company’s core EBITDA to rise 10.5% and 19.6% in 2024 and 2025, respectively, on a year-over-year basis.
Balance Sheet Strength: CBRE had $3.7 billion in total liquidity as of June 30, 2024. The company’s net leverage ratio was 1.58 as of the same date. This is significantly less than CBRE’s primary debt covenant of 4.25X. With ample financial flexibility, CBRE is well-positioned to capitalize on growth opportunities. Its trailing 12-month return on equity is 12.74% compared with the industry’s average of 0.00%. This indicates that the company is more efficient in using shareholders’ funds than its peers.
Other Stocks to Consider
Some other top-ranked stocks from the real estate operations sector are Colliers International Group Inc. CIGI and Newmark Group, Inc. NMRK. Colliers International and Newmark Group each carry a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus estimate for Colliers International’s 2024 earnings per share (EPS) has increased 1.8% over the past two months to $6.12.
The Zacks Consensus Estimate for Newmark Group’s current-year EPS of $1.15 indicates a 9.52% rise year over year.
Zacks Investment Research
Jones Lang LaSalle Incorporated JLL, popularly known as JLL, is expected to benefit from the continued strength of its resilient lines of business and favorable outsourcing trends. However, persistent macroeconomic uncertainty remains a concern.
What’s Aiding JLL?
JLL has a broad range of real estate products and services as well as an extensive knowledge of domestic and international real estate markets, thus enabling it to operate as a single-source provider of real estate solutions. Its superior client services and strategic investment in technology and innovation are expected to help grow market share and win relationships. Strategic technology investments enable the company to navigate challenging times.
Moreover, JLL's diversified and resilient platform and cost-optimization efforts are expected to support its adjusted EBITDA. Given its strong performance in the first half of 2024, management projects 2024 adjusted EBITDA to be within the range of $1.0 - $1.2 billion, up from the earlier guided band of $950 - $1,150 million. We expect fee revenues to increase 3.7% and 8.1% year over year in 2024 and 2025, respectively. Adjusted EBITDA margin is projected to be 13.7% in 2024, 15.6% in 2025 and 17.4% in 2026.
JLL’s Work Dynamics segment is well-positioned to benefit from favorable trends in the outsourcing business. Corporations are looking for the company’s wide-ranging knowledge and the breadth of its services, including sustainability. In the post-pandemic period, the trend for organizations to outsource real estate services and seek strategic advice on reimagining their workspaces and workstyles to boost culture, attract talent and drive performance has gathered more strength.
Amid the rising trend of outsourcing real estate needs by companies, new contract wins and the expansion of services with existing clients are likely to aid JLL’s performance in the upcoming period. Considering its global platform capabilities, strong demand and a significant market opportunity, management remains confident about Work Dynamics’ revenue and profit growth opportunity over the coming years. We expect a year-over-year increase of 11.8% in Work Dynamics' total revenues in 2024.
JLL is focused on maintaining balance sheet strength and adequate liquidity to enjoy operational flexibility. The company exited the second quarter of 2024 with $2.45 billion of corporate liquidity and a net leverage of 1.7X. As of June 30, 2024, it had investment grade ratings of Baa1 from Moody’s and BBB+ from S&P Global, which highlight financial and balance-sheet strength, enabling it to borrow at a favorable rate. Hence, with a solid balance sheet, the company is well-poised to sail through challenging times and capitalize on solid opportunities.
Shares of this Zacks Rank #3 (Hold) company have gained 21.5% over the past three months, outperforming the industry’s 15.3% growth.
What’s Hurting JLL?
Persistent macroeconomic uncertainty and geopolitical unrest have resulted in an uneven recovery in the global economy. Capital markets have also slowed down due to restrictive underwriting assumptions and rising debt costs amid a high-interest rate environment.
Occupiers continue to adopt a cautious approach under present market circumstances, awaiting greater price discovery and causing a delay in the closing timeline for transactions. As a result, an industry-wide slowdown in investment sales and leasing activity across several asset types has led to an underperformance in JLL’s transaction-based businesses in recent years. With subdued consumer and business sentiment expected in the near term, the company’s transaction-based businesses are likely to remain choppy.
Competition from other real estate service providers and institutional players on the international, regional and local ground is a concern for JLL. Also, some of them are larger on a regional or local basis or have a stronger position in a specific market segment or service offering. This could curb JLL’s ability to raise fees, affecting profitability.
Stocks to Consider
Some better-ranked stocks from the real estate operations sector are CBRE Group CBRE and Colliers International Group Inc. CIGI. Both CBRE Group and Colliers International have a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for CBRE Group’s current-year earnings per share (EPS) of $4.75 indicates a 23.7% increase year over year.
The consensus estimate for Colliers International’s 2024 EPS has increased 1.8% over the past two months to $6.12.
Zacks Investment Research
CoStar Group, Inc. , headquartered in Washington, D.C., is a leading provider of commercial real estate information, analytics, and online marketplaces, serving clients globally. With a market cap of $32.21 billion, CoStar is at the forefront of the real estate sector, offering mission-critical data and technology solutions that empower clients to make informed decisions in property markets.
Companies valued at $10 billion or more are generally classified as "large-cap stocks," and CoStar Group rightly fits into this category as a dominant player in the commercial real estate sector.
CSGP shares are trading 21.4% below their 52-week high of $100.38, which they hit on Mar. 18. Also, the stock has gained 4.9% over the past three months, significantly underperforming the Dow Jones Industrial Average Index’s ($DOWI) 7.1% returns over the same time frame.
In the longer term, CSGP is down 9.8% on a YTD basis, and the shares have declined 2.7% over the past 52 weeks. The Dow has gained 9.8% in 2024 and 19.7% over the past year.
To confirm its bearish price trend, CSGP has been trading below its 200-day moving average since late May. However, it is trading above the 50-day moving average since mid-August.
On Jul. 23, CoStar Group reported its Q2 earnings, and its stock has outperformed CSGP and the border index, with a 50.1% gain over the 52 weeks.
Despite CSGP's recent underperformance compared to the Dow, analysts are moderately optimistic about its prospects. The stock has a consensus rating of "Moderate Buy" from 13 analysts in coverage. The mean price target is $94.58, which suggests a premium of 19.9% to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
Redfin RDFN shares soared 25.7% in the last trading session to close at $14.45. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 51.3% gain over the past four weeks.
The increased investor optimism in the stock can be attributed to the recent decline in mortgage rates, which is likely to provide an impetus to the United States’ second-home demand.
This real estate broker is expected to post quarterly loss of $0.18 per share in its upcoming report, which represents a year-over-year change of -5.9%. Revenues are expected to be $280.79 million, up 4.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Redfin, the consensus EPS estimate for the quarter has been revised 6% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on RDFN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold).
Redfin is a member of the Zacks Real Estate - Operations industry. One other stock in the same industry, Colliers International CIGI, finished the last trading session 2% higher at $146.63. CIGI has returned 5.2% over the past month.
Colliers International's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.49. Compared to the company's year-ago EPS, this represents a change of +25.2%. Colliers International currently boasts a Zacks Rank of #3.
Zacks Investment Research
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