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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.1x - 1.3x | 1.2x |
| Selected Fwd Ps Multiple | 1.0x - 1.1x | 1.1x |
| Fair Value | $114.34 - $126.37 | $120.36 |
| Upside | -7.5% - 2.2% | -2.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Newmark Group, Inc. | - | NasdaqGS:NMRK |
| International Workplace Group plc | - | OTCPK:IWGF.F |
| Marcus & Millichap, Inc. | - | NYSE:MMI |
| Zillow Group, Inc. | - | BMV:Z* |
| Cushman & Wakefield plc | - | NYSE:CWK |
| Colliers International Group Inc. | - | NasdaqGS:CIGI |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| NMRK | IWGF.F | MMI | Z * | CWK | CIGI | |||
| NasdaqGS:NMRK | OTCPK:IWGF.F | NYSE:MMI | BMV:Z* | NYSE:CWK | NasdaqGS:CIGI | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 4.3% | 1.0% | -2.9% | -4.0% | 1.5% | 9.6% | ||
| 3Y CAGR | -2.0% | 7.0% | -18.7% | 1.6% | 0.2% | 5.6% | ||
| Latest Twelve Months | 14.5% | 0.0% | 14.8% | 15.0% | 1.2% | 13.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 10.1% | -8.2% | 3.8% | -10.2% | 0.5% | 1.9% | ||
| Prior Fiscal Year | 1.7% | -7.3% | -5.3% | -8.1% | -0.4% | 1.5% | ||
| Latest Fiscal Year | 2.2% | 0.5% | -1.8% | -5.0% | 1.4% | 3.4% | ||
| Latest Twelve Months | 2.4% | 0.5% | -1.0% | -3.5% | 1.7% | 2.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 11.9x | 14.6x | -45.7x | -230.0x | 7.8x | 16.1x | ||
| Price / LTM Sales | 1.0x | 0.7x | 1.6x | 7.1x | 0.2x | 1.3x | ||
| LTM P/E Ratio | 29.5x | 125.1x | -170.9x | -201.7x | 14.6x | 43.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.2x | 1.0x | 7.1x | |||||
| Historical LTM P/S Ratio | 0.9x | 1.4x | 1.8x | |||||
| Selected Price / Sales Multiple | 1.1x | 1.2x | 1.3x | |||||
| (x) LTM Sales | 4,961 | 4,961 | 4,961 | |||||
| (=) Equity Value | 5,654 | 5,952 | 6,249 | |||||
| (/) Shares Outstanding | 50.6 | 50.6 | 50.6 | |||||
| Implied Value Range | 111.69 | 117.57 | 123.45 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 111.69 | 117.57 | 123.45 | 123.65 | ||||
| Upside / (Downside) | -9.7% | -4.9% | -0.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | NMRK | IWGF.F | MMI | Z * | CWK | CIGI | |
| Value of Common Equity | 2,025 | 2,492 | 1,162 | 14,345 | 2,373 | 6,260 | |
| (/) Shares Outstanding | 180.5 | 1,021.3 | 39.0 | 210.6 | 231.3 | 50.6 | |
| Implied Stock Price | 11.22 | 2.44 | 29.81 | 68.10 | 10.26 | 123.65 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.22 | 2.44 | 29.81 | 1,326.00 | 10.26 | 123.65 | |
| Trading Currency | USD | USD | USD | MXN | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.05 | 1.00 | 1.00 | |