Discounted Cash Flow

Cbre Group, Inc.

CBRE · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $13.1b $572.0m $259.1m 4.4% $1.71
2017 $14.2b (8.8%) $691.5m (20.9%) $532.5m (105.5%) 4.9% (11.1%) $2.05 (19.9%)
2018 $20.7b (45.3%) $1.1b (53.8%) $903.4m (69.7%) 5.1% (5.8%) $3.13 (52.7%)
2019 $23.9b (15.7%) $1.3b (20.6%) $929.9m (2.9%) 5.4% (4.3%) $3.82 (22.0%)
2020 $23.8b (-0.3%) $752.0m (-41.4%) $1.6b (68.2%) 3.2% (-41.2%) $2.24 (-41.4%)
2021 $27.7b (16.5%) $1.8b (144.2%) $2.2b (37.7%) 6.6% (109.7%) $5.48 (144.6%)
2022 $30.2b (8.7%) $1.4b (-23.4%) $1.4b (-36.5%) 4.7% (-29.5%) $4.36 (-20.4%)
2023 $31.4b (4.1%) $986.0m (-29.9%) $175.0m (-87.2%) 3.1% (-32.7%) $3.20 (-26.6%)
2024 $35.1b (11.8%) $968.0m (-1.8%) $1.4b (700.6%) 2.8% (-12.2%) $3.16 (-1.3%)
2025 $40.5b (15.5%) $1.2b (19.5%) $1.2b (-14.8%) 2.9% (3.5%) $3.88 (22.8%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model