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Sydnee Gatewood
Sydnee Gatewood
Articles (3539) 

Bill Nygren Comments on CBRE Group

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October 12, 2020 | About:
CBRE Group, Inc. Class A

CBRE Group (NYSE:CBRE) is the largest commercial real estate services firm in the U.S. The company has significant scale across its various service lines and geographies, enabling it to consistently invest more than its smaller peers into the research, tools and technology that customers value. This industry-leading value proposition has driven consistent share gains for CBRE in recent years as large clients have been attracted to the company's differentiated capabilities and the best brokers have been attracted by the steady stream of clients. We expect CBRE to continue to gain market share in this highly fragmented brokerage industry for many years to come while it further transitions away from transaction-driven commissions and toward contractual fee revenues. Outsized fears around work from home have caused the company to sell for less than 9x our estimate of mid-cycle earnings. We think this is a bargain price for this high-quality and well-managed business.

From Bill Nygren (Trades, Portfolio)'s Oakmark Fund third-quarter 2020 shareholder commentary.


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