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GS initiated on the CRE brokers today
$CBRE $JLL $NMRK $CWK
Some of the interesting data points below
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$CBRE $JLL $NMRK $CWK
Some of the interesting data points below
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Well positioned for the rebound
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They're more diversified than people think. I didn't know Cushman was 46% property management?
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And this is a rare sector where fundamentals seem to matter (I know all of us are trying to find these unicorns where earnings and stock prices are actually correlated)
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The huge office exposure explains why they are trading at what seems like reasonable EV/EBITDA multiples
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Apparently they expect more allocation from institutions to CRE (cool chart)
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This makes sense. They are higher beta than the REITs, and pretty impressive growth
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Oh man. This office situation looks bleak
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Goldman doesn't sound super excited TBH (which is rare, they usually LOVE everything)
I don't know these names. But they generate FCF, and are fully integrated into the CRE ecosystem. There's probably room for activism/spin-offs/takeouts here, given the low multiples
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I don't know these names. But they generate FCF, and are fully integrated into the CRE ecosystem. There's probably room for activism/spin-offs/takeouts here, given the low multiples
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