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5 Reasons to Add CBRE Group Stock to Your Portfolio Now
Zacks
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.
In October, CBRE Group reported third-quarter 2024 core earnings per share (EPS) of $1.20, ahead of the Zacks Consensus Estimate of $1.06. The reported figure also increased 66.7% year over year. Results reflected double-digit revenue and segment operating profit growth, with significant operating leverage in Advisory Services, Global Workplace Solutions (“GWS”), and Real Estate Investments business segments.
The company expects a strong fourth quarter across all three segments and increased its 2024 core EPS outlook. For 2024, CBRE projects its core EPS in the range of $4.95-$5.05, up from the previously guided range of $4.70-$4.90.
Analysts also seem bullish on this stock, with the Zacks Consensus Estimate for CBRE Group’s current-year earnings per share (EPS) being revised 2.1% upward over the past three months to $4.90.
Shares of this Zacks Rank #2 (Buy) company have rallied 22.7% over the past three months, outperforming its industry’s growth of 14.1%. 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. Third-quarter 2024 revenues were up 14.8% year over year to $9.04 billion, and this trend is expected to continue.
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 first-generation outsourcing wins and existing contract expansions, the GWS business is well-poised for growth. The GWS segment registered a year-over-year increase of 12.3% (13% in local currency) in revenues to $6.35 billion, and this positive momentum is anticipated to continue.
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 and independent affiliates. The company opts for larger, transformational deals driven by macro policies. In the first quarter of 2024, the company acquired J&J Worldwide Services, a leading provider of engineering services, base support operations and facilities maintenance for the U.S. federal government.
In the first nine months of 2024, CBRE Group completed six in-fill business acquisitions, including two in the Advisory Services segment and four in the GWS segment, with an aggregate purchase price of approximately $295 million in cash and non-cash consideration. These opportunistic acquisitions and strategic investments are likely to 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. Core EBITDA rose 57.8% (58.9% in local currency) to $688 million in the third quarter. We expect this positive trend to continue.
Balance Sheet Strength: CBRE had $4 billion in total liquidity as of Sept. 30, 2024. The company’s net leverage ratio was 1.26 as of the same date, significantly less than CBRE’s primary debt covenant of 4.25. With ample financial flexibility, CBRE is well-positioned to capitalize on growth opportunities. Its trailing 12-month return on equity is 13.91% compared with the industry’s average of 1.54%. 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 Jones Lang LaSalle Incorporated JLL and FirstService Corporation FSV. Jones Lang LaSalle and FirstService Corporation 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 Jones Lang LaSalle’s 2024 earnings per share (EPS) has increased 1.4% over the past two months to $13.17.
The Zacks Consensus Estimate for FirstService Corporation’s current-year EPS of $4.99 indicates a 4.2% rise year over year.
Zacks Investment Research
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