$CBRE Group (CBRE.US)$🎯 2023.7.27 The current price is 85.7...

New data: 2022 full year data and 2023Q1

Revenue increased by 11.1%, operating profit declined 15.3% due to rapid increases in costs and expenses, and net profit declined sharply by 22.7% due to a sharp decline in equity income.

In 2023Q1, revenue increased by 1.1%, operating profit declined sharply by 91% due to continued rapid growth in costs and expenses, and net profit fell sharply by 68.4%.

Valuation errors caused by the cyclicality of the industry were not taken into account during the previous analysis. Currently, the price-earnings ratio is 19.9, and the price-earnings ratio has increased to 24. If you calculate the 5-year average net profit of 1.28 billion yuan, the corresponding price-earnings ratio is 21. Currently, the valuation is too high, and you can close the position and exit.