Cushman & Wakefield: Takeaways from Toronto NDR

Research evidence excerpt

Cushman & Wakefield: Takeaways from Toronto NDR

Equity Research

U.S. REITs

22 May 2026

Cushman & Wakefield

Takeaways from Toronto NDR

We recently hosted meetings with CFO Neil Johnston and SVP

of Investor Relations Megan McGrath.

CWK EQUAL WEIGHT

U.S. REITs NEUTRALOur view: Management expressed confidence in hitting both its 2026 and long term targets.

Price Target USD 15.00Based on where shares currently trade (~8x our 2027 adjusted EPS), the market seems to be

Price (21-May-26) USD 12.82implying skepticism. We think some caution is prudent, given CWK has ambitious targets in a

Potential Upside/Downside +17.0%business with some cyclical components (notably 15-20% adjusted EPS growth per year through

Source: Bloomberg, Barclays Research

2028). But we also think the company has been unduly punished on the AI disintermediation

narrative. All indications are that office capital markets and leasing demand remain strong (and

benefiting from AI company expansion). U.S. REITs

Brendan Lynch, CFA

Meanwhile, CWK is making progress on a number of other fronts – many of which investors can +1 212 526 9428

monitor. With the 2Q26 earnings release, management plans to give an interim update on the brendan.lynch@barclays.com

initiatives it laid out at its December 2025 Investor Day. Commentary will likely focus on 1) BCI, US

capturing more capital markets volume from the top 100 global institutional real estate firms, 2) Annabelle Ayer

incentivizing employees to achieve the 200% cross-sell fee revenue target by 2028, 3) achieving +1 212 526 7387

96% service client retention, 4) ~50bp of margin expansion per year, and 5) pursuing ~2.0x annabelle.ayer@barclays.com

leverage/IG status. As the company displays progress, we anticipate the trading gap to peers will BCI, US

narrow. Eileen Gao