Company: Cushman & Wakefield plc
Symbol: CWK
Description: They are a top three global commercial real estate services firm with an iconic brand and approximately 48,000 employees led by an experienced executive team.
Trade Date: 8/2
Shares: 45 million
Price Range: $16.00-$18.00
Underwriter(s): Morgan Stanley, J.P. Morgan, Goldman Sachs, UBS
Co-Manager(s): Barclays, BofA Merrill Lynch, Citigroup, Credit Suisse, William Blair, TPG Capital BD
Terms Added: 7-23-18
Business: They operate from approximately 400 offices in 70 countries, managing approximately 3.5 billion square feet of commercial real estate space on behalf of institutional, corporate and private clients. They serve the world’s real estate owners and occupiers, delivering a broad suite of services through their integrated and scalable platform. Their business is focused on meeting the increasing demands of their clients across multiple service lines including property, facilities and project management, leasing, capital markets, valuation and other services. In 2017 and 2016, they generated revenues of $6.9 billion and $6.2 billion, and fee revenues of $5.3 billion and $4.8 billion. For the three months ended March 31, 2018, they generated revenue of $1.8 billion and fee revenue of $1.2 billion.
Financials: Their revenue was $4.19 billion, $6.22 billion, and $6.92 billion and their net loss was $410.4 million, $313.4 million, and $220.5 million in 2015, 2016, and 2017, respectively. In the first quarter of 2018, their revenue increased 21.0% to $1.77 billion and their net loss decreased 23.1% to $92.0 million, compared to the same period in the previous year.
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