Across-the-Board Fee Revenue Improvement Leads Solid Quarter For CBRE; Maintaining FVE
CBRE's third-quarter results were roughly within management's guidance and our expectations. We plan to maintain our $37.50 per share fair value estimate and wide moat rating. Overall fee revenue grew 9% for the quarter in local currency, year-over-year, and was strong across the board. Growth across geographies was slightly more balanced than last quarter, with the Americas; Europe, the Middle East, and Africa (EMEA); and Asia-Pacific contributing 9%, 8%, and 18% fee revenue growth in local cur...CBRE Group is a holding company. Through its subsidiaries, the company is a commercial real estate services and investment firm. The company's segments include: Advisory Services, which provides a range of services globally, including property leasing and capital markets; Global Workplace Solutions, which provides a suite of integrated, contractually-based outsourcing services globally for occupiers of real estate; and Real Estate Investments, which is comprised of investment management services provided globally, development services in the United States and United Kingdom and a service designed to help property occupiers and owners meet the demand for flexible office space solutions on a global basis.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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