CBRE CBRE Group

reit · 2026-10-02

N/A

too hard · 51

Owner-earnings value$57.29

Price$130.53

Margin of safety -56.1%

Returns on capital 4.7/30

Consistency 19.7/22

Margins / pricing power 6.0/16

Balance sheet 5.7/16

Cash conversion 9.6/10

Capital allocation 5.6/6

⚠ sub-hurdle returns (median roic 8% < 9%)

Median ROIC7.8%

Gross margin18.4%

Net debt / EBITDA4.0x

FCF conversion92%

Share count / yr-1.7%

Profitable years4/4

Owner earnings (TTM)	938.00M
Owner-earnings yield	2.5%
Free-cash-flow yield	2.5%
Growth used (normalized)	9.6%
Market-implied growth (reverse DCF)	25.0%
Terminal growth	3.0%
Discount rate (hurdle)	10.6%

Yr	Owner earnings	Growth	PV
1	1.03B	9.6%	929.39M
2	1.12B	8.8%	914.72M
3	1.21B	8.1%	894.25M
4	1.30B	7.4%	868.33M
5	1.38B	6.6%	837.44M
6	1.47B	5.9%	802.12M
7	1.54B	5.2%	762.99M
8	1.61B	4.5%	720.74M
9	1.67B	3.7%	676.07M
10	1.72B	3.0%	629.71M

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · Price pays for ~25%/yr owner-earnings growth over 10y (reverse DCF); model credits 10%.

Date	Quality	Price	Value	MoS	Rating
2026-10-02	51	$130.53	$57.29	-56.1%	N/A
2026-08-21	51	$151.79	$61.66	-59.4%	N/A
2026-07-09	51	$139.94	$58.95	-57.9%	N/A
2026-07-02	51	$138.30	$59.14	-57.2%	N/A
2026-06-25	51	$133.94	$59.79	-55.4%	N/A
2026-06-23	51	$133.21	$58.98	-55.7%	N/A