CBRE market cap is $16.8 b, and annual revenue was $21.34 b in FY 2018

CBRE Gross profit (Q2, 2019)1.3 B

CBRE Gross profit margin (Q2, 2019), %22.2%

CBRE Net income (Q2, 2019)223.4 M

CBRE EBIT (Q2, 2019)284.4 M

CBRE Cash, 30-Jun-2019535.6 M

CBRE EV16.2 B

CBRE revenue breakdown by business segment: 55.3% from Americas, 29.3% from EMEA, 12.2% from Asia Pacific and 3.2% from Other

CBRE revenue breakdown by geographic segment: 52.2% from United States, 14.8% from United Kingdom and 32.9% from All other countries

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|

## Revenue | 7.2b | 9.0b | 10.9b | 13.1b | 14.2b | 21.3b |

| 26% | 20% | 20% | 9% | ||

## Cost of goods sold | 4.2b | 5.6b | 7.1b | 9.9b | 16.4b | |

## Gross profit | 3.0b | 3.4b | 3.8b | 4.3b | 4.9b | |

| 42% | 38% | 35% | 30% | 23% | |

## General and administrative expense | 2.9b | |||||

## Operating expense total | 2.9b | 20.3b | ||||

## Depreciation and amortization | 406.1m | 452.0m | ||||

## EBIT | 616.1m | 792.3m | 835.9m | 352.8m | 1.1b | 1.1b |

| 9% | 9% | 8% | 3% | 8% | 5% |

## Interest expense | 135.1m | 112.0m | 118.9m | 136.8m | 107.3m | |

## Interest income | 6.3m | 6.2m | 6.3m | 9.9m | 8.6m | |

## Pre tax profit | 1.2b | 1.4b | ||||

## Income tax expense | 187.2m | 263.8m | 320.9m | 466.1m | 313.1m | |

## Net Income | 348.8m | 513.5m | 558.9m | 584.1m | 697.9m | 1.1b |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 1.7b | 1.9b | 2.1b | 2.3b | 2.1b | 2.4b | 2.7b | 2.8b | 3.2b | 3.2b | 3.0b | 3.3b | 3.5b | 4.7b | 9.8b | 5.3b | 5.1b | 5.7b |

## Cost of goods sold | 1.0b | 1.2b | 1.3b | 1.4b | 1.3b | 1.5b | 1.8b | 2.0b | 2.3b | 2.3b | 2.1b | 2.3b | 2.5b | 3.6b | 7.6b | 4.1b | 4.0b | 4.4b |

## Gross profit | 701.5m | 699.4m | 812.3m | 846.1m | 761.7m | 902.5m | 938.9m | 833.1m | 953.3m | 940.7m | 894.1m | 1.0b | 1.0b | 1.1b | 2.2b | 1.2b | 1.1b | 1.3b |

| 40% | 38% | 38% | 37% | 37% | 38% | 35% | 29% | 30% | 29% | 30% | 31% | 29% | 23% | 23% | 22% | 22% | 22% |

## Operating expense total | 1.6b | 1.8b | 1.9b | 2.1b | 1.9b | 2.2b | 2.5b | 2.7b | 3.0b | 3.0b | 2.8b | 3.1b | 3.3b | 4.5b | 9.4b | 5.1b | 5.0b | 5.4b |

## Depreciation and amortization | 63.3m | 102.6m | 108.2m | 221.6m | 113.5m | 105.8m | 106.5m | |||||||||||

## EBIT | 158.1m | 112.5m | 206.0m | 185.1m | 160.1m | 228.8m | 240.1m | 107.6m | 182.6m | 172.5m | 195.2m | 222.2m | 235.3m | 213.6m | 438.9m | 189.7m | 145.0m | 284.4m |

| 9% | 6% | 10% | 8% | 8% | 10% | 9% | 4% | 6% | 5% | 7% | 7% | 7% | 5% | 4% | 4% | 3% | 5% |

## Interest expense | 27.8m | 28.0m | 28.5m | 27.8m | 26.2m | 26.2m | 30.7m | 34.8m | 37.0m | 37.3m | 34.0m | 35.4m | 34.5m | 28.9m | 55.7m | 26.7m | 22.7m | |

## Interest income | 1.5m | 1.6m | 1.1m | 1.6m | 2.3m | 1.4m | 1.2m | 1.5m | 3.1m | 1.0m | 2.4m | 1.4m | 3.1m | 3.6m | 5.1m | 1.2m | 1.5m | |

## Pre tax profit | 194.3m | 150.0m | 209.6m | 222.9m | 182.8m | 266.8m | 273.5m | 196.3m | 496.2m | 386.7m | 214.7m | 286.0m | ||||||

## Income tax expense | 56.1m | 37.9m | 64.1m | 69.3m | 56.9m | 76.5m | 72.9m | 50.1m | 64.0m | 51.4m | 51.3m | 68.4m | 76.2m | 46.2m | 116.5m | 95.0m | 43.9m | 62.5m |

## Net Income | 94.2m | 67.9m | 130.2m | 109.7m | 93.1m | 133.2m | 150.0m | 84.6m | 123.4m | 110.9m | 131.5m | 198.4m | 197.4m | 150.1m | 379.8m | 291.7m | 170.8m | 223.4m |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|

## Cash | 491.9m | 740.9m | 540.4m | 762.6m | 751.8m | 777.2m |

## Accounts Receivable | 3.2b | |||||

## Prepaid Expenses | 215.3m | |||||

## Inventories | 928.0m | |||||

## Current Assets | 2.9b | 3.5b | 5.3b | 5.1b | 5.5b | 6.8b |

## PP&E | 458.6m | 497.9m | 529.8m | 560.8m | 617.7m | 721.7m |

## Goodwill | 2.3b | 2.3b | 3.1b | 3.0b | 3.3b | 3.7b |

## Total Assets | 7.0b | 7.6b | 11.0b | 10.8b | 11.5b | 13.5b |

## Accounts Payable | 817.5m | 827.5m | 1.5b | 1.4b | 1.7b | 1.9b |

## Short-term debt | 910.8m | 3.1m | ||||

## Current Liabilities | 2.6b | 2.9b | 5.0b | 4.5b | 4.6b | 5.8b |

## Long-term debt | 2.0b | |||||

## Total Debt | 2.9b | 3.1m | ||||

## Total Liabilities | 7.4b | 8.4b | ||||

## Common Stock | 3.4m | |||||

## Additional Paid-in Capital | 982.0m | 1.0b | 1.1b | 1.1b | 1.2b | 1.1b |

## Retained Earnings | 3.3b | 4.5b | ||||

## Total Equity | 1.9b | 2.3b | 2.8b | 3.1b | 4.1b | 5.0b |

## Financial Leverage | 3.6 x | 3.3 x | 4 x | 3.5 x | 2.8 x | 2.7 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 502.6m | 428.2m | 381.9m | 615.4m | 379.0m | 336.4m | 440.4m | 489.2m | 431.8m | 446.3m | 533.3m | 535.7m | 955.6m | 642.9m | 531.5m | 550.5m | 605.0m | 535.6m |

## Current Assets | 2.6b | 2.8b | 3.3b | 3.5b | 3.6b | 3.3b | 4.0b | 4.1b | 4.2b | 5.1b | 4.2b | 4.8b | 5.8b | 5.8b | 6.1b | 6.4b | 7.0b | 6.9b |

## PP&E | 394.3m | 446.7m | 455.3m | 455.9m | 479.8m | 484.0m | 503.7m | 528.4m | 533.6m | 550.8m | 551.6m | 556.5m | 574.3m | 633.7m | 705.5m | 702.4m | 730.5m | 746.5m |

## Goodwill | 1.9b | 2.3b | 2.3b | 2.3b | 2.3b | 2.3b | 3.0b | 3.1b | 3.1b | 3.0b | 3.0b | 3.1b | 3.1b | 3.3b | 3.4b | 3.6b | 3.7b | 3.7b |

## Total Assets | 6.2b | 6.8b | 7.5b | 7.5b | 7.6b | 7.5b | 9.6b | 9.8b | 9.9b | 10.8b | 9.9b | 10.6b | 11.7b | 11.9b | 12.5b | 13.0b | 14.7b | 14.7b |

## Accounts Payable | 536.7m | 734.1m | 770.5m | 710.4m | 702.1m | 764.5m | 1.3b | 1.4b | 1.4b | 1.4b | 1.3b | 1.4b | 1.5b | 1.5b | 1.6b | 1.7b | 1.8b | 2.1b |

## Short-term debt | 42.3m | 10.0k | 51.0k | 1.5m | 4.0m | 2.6m | 2.3m | |||||||||||

## Current Liabilities | 1.8b | 2.4b | 2.9b | 2.7b | 3.0b | 2.6b | 3.6b | 3.7b | 3.7b | 4.6b | 3.5b | 3.8b | 4.6b | 4.9b | 5.4b | 5.5b | 6.0b | 5.9b |

## Total Debt | 42.3m | 10.0k | 51.0k | 1.5m | 4.0m | 2.6m | 2.3m | |||||||||||

## Total Liabilities | 4.3b | 4.8b | 5.3b | 5.3b | 5.3b | 5.0b | 7.0b | 7.0b | 7.0b | 7.8b | 6.7b | 7.0b | 7.8b | 7.5b | 8.0b | 8.2b | 9.5b | 9.3b |

## Additional Paid-in Capital | 969.7m | 995.5m | 1.0b | 1.0b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.1b | 1.2b | 1.2b | 1.2b | 1.2b | 1.3b | 1.3b | 1.1b | 1.2b |

## Retained Earnings | 1.2b | 3.2b | 4.1b | 4.7b | 4.9b | |||||||||||||

## Total Equity | 1.8b | 2.0b | 2.2b | 2.2b | 2.3b | 2.5b | 2.6b | 2.9b | 2.9b | 3.0b | 3.3b | 3.6b | 3.9b | 4.4b | 4.5b | 4.8b | 5.2b | 5.4b |

## Debt to Equity Ratio | 0 x | 0 x | 0 x | |||||||||||||||

## Debt to Assets Ratio | 0 x | 0 x | 0 x | |||||||||||||||

## Financial Leverage | 3.4 x | 3.4 x | 3.4 x | 3.4 x | 3.3 x | 3 x | 3.7 x | 3.4 x | 3.4 x | 3.6 x | 3 x | 3 x | 3 x | 2.7 x | 2.8 x | 2.7 x | 2.8 x | 2.7 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 | FY, 2018 |
---|---|---|---|---|---|---|

## Net Income | 348.8m | 513.5m | 558.9m | 584.1m | 697.9m | 1.1b |

## Depreciation and Amortization | 406.1m | 452.0m | ||||

## Accounts Receivable | (483.7m) | |||||

## Cash From Operating Activities | 745.1m | 661.8m | 651.9m | 450.3m | 710.5m | 1.1b |

## Cash From Investing Activities | (465.0m) | (151.6m) | (1.6b) | (7.4m) | (141.4m) | (560.7m) |

## Short-term Borrowings | (1.8m) | |||||

## Long-term Borrowings | (2.3b) | |||||

## Cash From Financing Activities | (866.3m) | (232.1m) | 789.5m | (199.6m) | (603.7m) | (506.6m) |

## Net Change in Cash | (10.8m) | |||||

## Interest Paid | 117.2m | 118.7m | 88.1m | 125.8m | 117.2m | 104.2m |

## Income Taxes Paid | 357.0m | 375.8m | ||||

## Free Cash Flow | 588.8m | 490.5m | 512.4m | 259.1m | 532.5m | 903.4m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 | Q1, 2019 | Q2, 2019 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 230.3m | 67.9m | 198.1m | 307.8m | 93.1m | 226.3m | 376.3m | 84.6m | 208.1m | 318.9m | 131.5m | 329.9m | 527.3m | 150.1m | 379.8m | 671.4m | 170.8m | 394.3m |

## Depreciation and Amortization | 138.3m | 65.2m | 128.5m | 195.7m | 69.8m | 140.5m | 215.5m | 87.0m | 177.3m | 270.0m | 94.0m | 194.4m | 297.0m | 108.2m | 221.6m | 335.0m | 105.8m | 212.3m |

## Cash From Operating Activities | 234.6m | (270.0m) | (224.0m) | 68.5m | (179.8m) | (42.2m) | 142.4m | (328.6m) | (210.0m) | (53.2m) | (342.0m) | (190.7m) | 247.3m | (250.0m) | (92.1m) | 502.3m | (401.9m) | (316.8m) |

## Cash From Investing Activities | 26.3m | (3.5m) | (2.0m) | (114.5m) | (106.8m) | (170.8m) | (1.6b) | 1.3m | (39.5m) | (39.6m) | (20.5m) | (38.9m) | (33.8m) | (64.2m) | (376.6m) | (454.1m) | (64.6m) | (124.6m) |

## Cash From Financing Activities | (839.6m) | 208.3m | 110.7m | 182.2m | (60.4m) | (180.5m) | 1.2b | 272.3m | 141.5m | (839.0k) | 117.8m | (14.6m) | (44.2m) | 181.3m | 266.0m | (213.5m) | 300.0m | 186.0m |

## Interest Paid | 96.2m | 29.4m | 51.2m | 80.6m | 37.2m | 43.1m | 80.8m | 54.2m | 63.4m | 118.3m | 52.0m | 59.5m | 111.8m | 49.0m | 59.3m | 95.8m | 33.6m | 46.5m |

## Income Taxes Paid | 204.2m | 37.2m | 159.8m | 235.3m | 54.2m | 208.9m | ||||||||||||

## Free Cash Flow | 155.9m | (283.6m) | (277.6m) | (24.1m) | (198.5m) | (92.6m) | 57.1m | (362.1m) | (289.1m) | (187.5m) | (365.8m) | (250.6m) | 145.7m | (296.7m) | (199.5m) | 350.4m | (449.6m) | (417.5m) |

USD | Y, 2019 |
---|---|

## EV/EBIT | 62.8 x |

## EV/CFO | -56.4 x |

## EV/FCF | -42.8 x |

## Financial Leverage | 2.7 x |