Core Viewpoint - Cushman & Wakefield has successfully repriced approximately $840 million of its Term Loan, resulting in a reduction of the interest rate by 25 basis points [1] Group 1: Financial Details - The repriced Term Loan interest rate is now Term SOFR plus 2.50%, down from Term SOFR plus 2.75% [1] - The maturity of the Term Loan remains unchanged, due in January 2030 [1] - All other terms of the Term Loan are substantially unchanged following the repricing [1]

Core Viewpoint - Cushman & Wakefield plc has received a recommendation from Institutional Shareholder Services (ISS) for shareholders to vote "FOR" the proposals related to the company's redomiciliation from England and Wales to Bermuda [1] Group 1 - The independent proxy advisory firm ISS supports the company's intention to change its place of incorporation [1] - The company's board of directors is also recommending that shareholders vote in favor of the redomiciliation [1]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum if future growth does not justify high valuations [2] - Investing in bargain stocks with recent price momentum may be a safer approach [3] Group 2: Cushman & Wakefield (CWK) Analysis - CWK has shown a price increase of 2.6% over the past four weeks, indicating growing investor interest [4] - The stock gained 48.2% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [5] - CWK has a beta of 1.53, suggesting it moves 53% higher than the market in either direction [5] - CWK has a Momentum Score of B, indicating a favorable time to invest [6] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [7] - CWK is trading at a Price-to-Sales ratio of 0.39, indicating it is reasonably valued [7] Group 3: Investment Opportunities - CWK has significant potential for growth at a fast pace, and other stocks also meet the 'Fast-Paced Momentum at a Bargain' criteria [8] - There are over 45 Zacks Premium Screens available to help identify winning stock picks based on various investing styles [9]

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the strategy of buying high and selling higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps investors identify effective metrics for assessing momentum in stocks [2] Group 2: Cushman & Wakefield (CWK) Performance - Cushman & Wakefield currently holds a Momentum Style Score of A and a Zacks Rank of 2 (Buy), indicating strong potential for outperformance [3][4] - Over the past week, CWK shares increased by 5.41%, significantly outperforming the Zacks Real Estate - Operations industry, which rose by 1.08% [6] - In a longer timeframe, CWK shares have surged by 55.6% over the past quarter and 23.08% over the last year, compared to the S&P 500's gains of 10.77% and 17.6%, respectively [7] Group 3: Trading Volume and Earnings Outlook - CWK's average 20-day trading volume is 2,657,449 shares, indicating a bullish trend when combined with rising stock prices [8] - In the last two months, four earnings estimates for CWK have been revised upward, increasing the consensus estimate from $1.11 to $1.17 [10] - The positive earnings outlook, along with strong price performance, supports CWK's status as a 2 (Buy) stock with a Momentum Score of A [12]

Core Insights - Momentum investors focus on "buying high and selling higher" rather than traditional strategies of buying low and selling high [1] - Investing in fast-moving stocks can be risky if valuations exceed future growth potential [2] - A strategy that combines momentum with bargain stocks can be more effective [3] Company Analysis: Cushman & Wakefield (CWK) - CWK has shown significant price momentum with a four-week price change of 29.9% [4] - The stock has gained 55.6% over the past 12 weeks, indicating strong long-term momentum [5] - CWK has a beta of 1.5, suggesting it moves 50% more than the market in either direction [5] - The stock has a Momentum Score of A, indicating a favorable entry point for investors [6] - CWK has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investor interest [7] - The stock is trading at a low Price-to-Sales ratio of 0.38, suggesting it is undervalued [7] Investment Strategy - CWK is identified as a strong candidate for investment due to its combination of momentum and reasonable valuation [8] - There are additional stocks that meet the criteria of "Fast-Paced Momentum at a Bargain" that investors may consider [8] - Zacks offers over 45 Premium Screens to help identify potential winning stocks based on various investing styles [9]

Group 1 - The article focuses on value investing opportunities in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - The investment strategy emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) ratio stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates to assist investors in identifying potential investment opportunities [1]

Financial Performance - Revenue for Q2 2025 was $2.5 billion, a 9% increase from Q2 2024, with leasing revenue up 8% and capital markets revenue up 27%[137] - Net income for Q2 2025 was $57.3 million, an increase of $43.8 million compared to Q2 2024, with diluted earnings per share rising to $0.25 from $0.06[137] - Adjusted EBITDA for Q2 2025 was $161.7 million, reflecting a 16% increase from Q2 2024[137] - Revenue for the first half of 2025 was $4.8 billion, a 7% increase from the first half of 2024, with capital markets revenue up 20%[137] - Net income for the first half of 2025 improved to $59.2 million from a net loss of $15.3 million in the first half of 2024[137] - Total revenue for Q2 2025 was $2,483.9 million, representing a 9% increase compared to $2,288.0 million in Q2 2024[160] - Adjusted EBITDA for Q2 2025 was $161.7 million, a 16% increase from $138.9 million in Q2 2024[161] - Net income for Q2 2025 was $57.3 million, compared to $13.5 million in Q2 2024, indicating significant growth[160] - Operating income for Q2 2025 was $122.8 million, a 74% increase compared to $70.4 million in Q2 2024[160] - Net income for the three months ended June 30, 2025, was $57.3 million, an increase of $43.8 million compared to the same period in 2024, resulting in a net income margin of 2.3%[172] - Adjusted EBITDA for the three months ended June 30, 2025, was $161.7 million, an increase of $22.8 million or 16% compared to the same period in 2024, with an adjusted EBITDA margin of 9.5%[173] - Net income for the six months ended June 30, 2025, was $59.2 million, compared to a net loss of $15.3 million for the same period in 2024, resulting in a net income margin of 1.2%[181] - Adjusted EBITDA for the six months ended June 30, 2025, was $257.9 million, an increase of $40.9 million or 19% compared to the same period in 2024, with an adjusted EBITDA margin of 8.0%[182] Revenue Breakdown - Revenue from the Capital Markets segment increased by 27% to $207.0 million in Q2 2025, up from $163.2 million in Q2 2024[160] - Total service line fee revenue for the first half of 2025 was $3,239.0 million, a 5% increase from $3,081.3 million in the first half of 2024[160] - Americas revenue for Q2 2025 was $1.8 billion, a 5% increase from Q2 2024, driven by a 29% growth in Capital markets revenue[186] - Leasing revenue in the Americas grew by 9% in Q2 2025, attributed to higher tenant representation revenue in office and industrial sectors[186] - EMEA revenue for Q2 2025 was $259.8 million, a 17% increase from Q2 2024, with Services revenue up 11% on a local currency basis[194] - EMEA revenue for the first half of 2025 was $464.7 million, a 5% increase from the first half of 2024, with Capital markets revenue up 17% on a local currency basis[197] - APAC revenue for Q2 2025 was $420.0 million, a 19% increase from Q2 2024, with a 20% increase on a local currency basis[202] - Total revenue for the first half of 2025 reached $811.3 million, a 17% increase from the first half of 2024, with a 19% increase on a local currency basis[204] - Capital markets revenue increased by 35% in the first half of 2025, primarily due to several large transactions in Japan[204] Costs and Expenses - Costs and expenses for Q2 2025 totaled $2,361.1 million, a 6% increase from $2,217.6 million in Q2 2024[160] - Costs of services for the three months ended June 30, 2025, were $2.0 billion, an increase of $141.8 million or 8% compared to the same period in 2024, primarily due to higher employment costs[166] - Fee-based operating expenses in the Americas for Q2 2025 were $1.1 billion, a 7% increase due to higher commissions and cost inflation[187] - EMEA Fee-based operating expenses for Q2 2025 were $199.2 million, a 10% increase, primarily due to higher third-party consumables and sub-contractor costs[195] - Fee-based operating expenses for Q2 2025 were $256.5 million, a 3% increase, mainly due to higher employment costs[203] Liquidity and Financial Position - Liquidity as of June 30, 2025, was $1.7 billion, comprising $1.1 billion in undrawn revolving credit and $0.6 billion in cash[137] - As of June 30, 2025, the company had $1.7 billion in liquidity, including $0.6 billion in cash and cash equivalents[213] - The company prepaid a total of $200.0 million in principal under its Term Loans in 2025, reducing leverage[212] - Net cash used in operating activities for the first half of 2025 was $152.4 million, an increase of $49.1 million compared to the same period in 2024[216] Macroeconomic Factors - Macroeconomic uncertainty continues to impact demand for services, influenced by global trade policies and economic conditions[136] Foreign Exchange and Interest Rate Management - Approximately 31% of revenue for the three months ended June 30, 2025, was transacted in currencies other than USD, compared to 29% for the same period in 2024[225] - A hypothetical 10% increase in the value of the USD against the Singapore dollar, euro, and Australian dollar would have resulted in a revenue decrease of approximately $8.8 million, $12.7 million, and $11.9 million, respectively, for the three months ended June 30, 2025[225] - The foreign exchange risk management strategy includes establishing local operations, invoicing in local currencies, and using derivative financial instruments such as foreign currency forward contracts[226] - The company utilizes derivative activities to manage interest rate and foreign currency risks, as detailed in the financial statements[227]

Core Insights - Cushman & Wakefield reported $2.48 billion in revenue for Q2 2025, an 8.6% year-over-year increase, with EPS of $0.30 compared to $0.20 a year ago, exceeding Zacks Consensus Estimates for both revenue and EPS [1] - The company achieved a revenue surprise of +4.18% and an EPS surprise of +36.36% compared to analyst expectations [1] Financial Performance - Total service line fee revenue reached $1.7 billion, surpassing the average estimate of $1.63 billion from four analysts [4] - Geographical fee revenue breakdown includes: - Americas: $1.2 billion vs. $1.16 billion estimated [4] - APAC: $269.8 million vs. $275.24 million estimated [4] - EMEA: $223.7 million vs. $202.02 million estimated [4] - Specific service line revenue includes: - Leasing: $486.9 million vs. $472.02 million estimated [4] - Valuation and other: $114.2 million vs. $109.33 million estimated [4] - Services: $890.2 million vs. $878.56 million estimated [4] - Capital markets: $207 million vs. $173.12 million estimated [4] Stock Performance - Shares of Cushman & Wakefield have returned +6.2% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported a 7% increase in fee revenue for the second quarter, reaching $1.7 billion, with organic revenue growth of 8% [13] - Adjusted EBITDA rose by 15% to $162 million, and the adjusted EBITDA margin expanded by 75 basis points to 9.5% [13] - Adjusted earnings per share (EPS) increased by 50% to $0.30 from $0.20 a year ago [13] Business Line Data and Key Metrics Changes - The capital markets business experienced a 26% revenue growth in the second quarter, marking a significant acceleration [8] - Leasing revenue grew by 8% in the second quarter, with a 9% increase in The Americas [14] - The services segment achieved 6% fully organic growth in the quarter, an acceleration from the first quarter [10] Market Data and Key Metrics Changes - In The Americas, capital markets revenue grew by 30%, driven by strong fundamentals and increased activity in multifamily and office transactions [16] - EMEA capital markets revenue increased by 16%, with notable strength in Spain and Germany [17] - APAC capital markets grew by 4%, supported by performance in India and Australia [17] Company Strategy and Development Direction - The company is focused on three pillars: protecting core strengths, operating with discipline, and cultivating growth avenues [6] - A significant emphasis is placed on talent expansion, with new hires in capital markets brokers showing 200% higher average revenue than in 2024 [8][63] - The company aims to reduce debt while investing in growth, with a commitment to achieving a net leverage target of two to three times [20] Management's Comments on Operating Environment and Future Outlook - Management noted that leaders are making long-term strategic decisions despite macroeconomic uncertainties, with a positive outlook for global leasing markets and capital markets activity [11][50] - The company raised its full-year EPS guidance, expecting adjusted EPS growth of 30% to 35% [21] - Management expressed confidence in the operational performance and market share gains, anticipating continued momentum into 2026 and beyond [23] Other Important Information - The company prepaid an additional $150 million in debt, reducing gross debt from $3.2 billion to $2.8 billion [10] - The company achieved a 96% annualized retention rate in its Global Occupier Services (GOS) business year to date, indicating strong client retention [10][32] - The company ended the quarter with net leverage of 3.7 times and a trailing twelve months free cash flow of $126 million [18][19] Q&A Session Summary Question: How much of the EMEA improvement is due to operational changes versus market conditions? - Management indicated that while operational improvements are starting to show results, there is also a general improvement in market conditions across several countries in EMEA [28][29] Question: Will services return to mid-single-digit growth in Q3 and Q4? - Management confirmed that guidance assumes a return to mid-single-digit growth in the services segment for the latter half of the year [30] Question: How does the retention rate in GOS compare historically? - Management noted that the current retention rate of 96% is a significant improvement over historical figures, indicating a more stable client environment [31][32] Question: What is the outlook for leasing growth in the back half of the year? - Management expressed optimism about leasing growth, particularly in the industrial sector, despite facing tough comparisons from the previous year [36][59] Question: What are the trends in capital markets for July? - Management reported that capital markets activity in July remained strong, with no significant disruptions from tariffs observed [47][50] Question: How is the company addressing profitability in the services segment? - Management highlighted a focus on improving margins through operational efficiency and restructuring, particularly in project management [41][42] Question: What is the company's approach to talent expansion? - Management described a broad-based hiring strategy across various business lines, emphasizing the recruitment of high-performing brokers [62][63]

Financial Data and Key Metrics Changes - The company achieved a 95% increase in adjusted earnings per share to $0.39, marking the strongest first half earnings growth since going public in 2018 [6][19] - Adjusted EBITDA margin improved by over 90 basis points year-to-date compared to the previous year [6] - Fee revenue for the second quarter reached $1.7 billion, growing by 7%, with organic revenue up 8% [12] Business Line Data and Key Metrics Changes - Capital markets revenue grew by 26% in the second quarter, with a significant increase in talent recruitment [7][12] - Leasing revenue increased by 8% in the second quarter, with strong demand across all asset classes, particularly in The Americas [8][13] - Services segment achieved 6% fully organic growth in the quarter, with a 96% annualized retention rate in the Global Occupier Services (GOS) business [9][15] Market Data and Key Metrics Changes - The Americas capital markets experienced a 30% growth, driven by strong fundamentals and increased deal sizes [14] - EMEA leasing revenue grew by 8%, with notable strength in Germany and Ireland [13] - APAC region saw a 3% decline in revenue, but growth in India and Australia helped offset challenges in Greater China [14] Company Strategy and Development Direction - The company is focused on protecting core strengths, operating with discipline, and cultivating growth avenues, achieving most of its three-year targets ahead of schedule [5] - There is an intensified focus on client retention and leveraging the full suite of capabilities of the Cushman platform [9] - The company aims to continue reducing debt while investing in growth, targeting a net leverage of two to three times [18] Management's Comments on Operating Environment and Future Outlook - Management noted that leaders are making long-term strategic decisions despite market volatility, with expectations of continued growth in global leasing and capital markets [10][49] - The company raised its full-year EPS guidance, expecting adjusted EPS growth of 25% to 35% [19] - Management expressed confidence in the operational performance and market share gains, anticipating further momentum into 2026 and beyond [21] Other Important Information - The company prepaid an additional $150 million in debt, reducing gross debt from $3.2 billion to $2.8 billion [9][18] - The company has a strong liquidity position of $1.7 billion, with no material debt maturities until 2028 [18] Q&A Session Summary Question: How much of the EMEA improvement is due to operational changes versus market conditions? - Management indicated that both operational improvements and favorable market conditions contributed to the growth, with notable activity in Ireland, Netherlands, Germany, and Spain [27][28] Question: Will services return to mid-single-digit growth in Q3 and Q4? - Management confirmed that guidance assumes a return to mid-single-digit growth in the services segment for the latter half of the year [29] Question: How does the 96% retention rate in GOS compare historically? - Management noted that the current retention rate is a significant improvement over historical figures, indicating a more stable client environment [30] Question: What is the outlook for leasing growth in the back half of the year? - Management expressed optimism for continued growth in leasing, particularly in the industrial sector, despite facing tough comparisons from the previous year [36][57] Question: How are investments impacting margins and growth? - Management acknowledged that while investments may slightly impact margins in the short term, they expect overall margin expansion for the full year [45][46] Question: What are clients considering regarding leasing needs amid macro uncertainty? - Management reported that clients are still making leasing and capital markets deals, indicating strong pipelines heading into the second half of the year [48][50] Question: How is the turnaround in EMEA services progressing? - Management highlighted improvements in project management and overall services in EMEA, with a focus on growth and efficiency [53][54]